All Forum Posts by: David Lehane

Hello Wayne, I just requested to connect with you to discuss this outside of the forum. 

Hi, I am also an investor in Kalamazoo, one thing I have found challenging with this city is (what was mentioned earlier) permitting. Here converting retail space into residential can be a lot of hard and expensive work.

I am about to launch into this with another property we are working on, the red tape can be a real long process. 

Hope it helps.

Hello Mark, are you able to send me more details about this property?

We would like to see the books for the last few years so we can review the numbers. 

Hello Fellow investors,

Just a heads up, I have bought a property from Mark, if anyone would like to find out how it went please feel free to contact me.

We are looking for a person to provide hands-on support for our Properties we have in Columbus Ohio, we manage the properties from Michigan but have the need to have a person in Columbus who can conduct Move in & out inspections, periodic inspections, manage apartment keys, post notices, proved Project/contractor inspections and management as well as other general functions that cannot be done remotely.

If you are interested in this please contact us and lets talk. 

Hello everyone, thank you for the good advice, by not being incorporated @Natalie Kolodij do you mean who is not a company?

Sorry if this seems obvious but I am new to the states and am still getting my head around your legal terms.

I think you are saying, in essence, anyone who is self-employed, but does not have a company and I pay them more than $600 during the year, I would need to create a 1099 form for them ?

Other wise I do not need to do this. 

Hello, I want to know do I need to create 1099 forms for every contractor I use when rehabbing a property or having repairs done on one of my Apartment complexes?

I am referring to the following?

• The Large company who is supplying and installing the new HVAC 
• The individual contractor who mows the lawns but has a LLC?
• The Plumber who supplies and installs items that need replacing?
• The service company who reads our Sub meters and invoices my tenants on my behalf?

I have been trying to work it via the internet but there seems to be a lot of gray, which stands to reason in the field of Tax.

I am not sure if it matters but we are an LLC.

Sounds like a good deal, pitty your not in Michigan. 

Hello Jarrod

I purchase Multi family properties and look with 4 or more in them, I wonder if any of your properties are this type or are they all singles?

Cheers

David Lehane

I currently have this place under contract and was purchasing it for myself but since I just settled a 7 plex and a 14 plex plus a flipper I dont have the time to settle this one in, so I decided to offer it up as a Wholesale to anyone wanting an easy value for money deal.

The Duplex need a new shingle roof, you could get it repaired but I was budgeting to replace it and be done with it but its your choice.

I have people quoting the roof and around 6K it can be done, I have also allowed some small change for other tweaks, the property is under rented, currently renting at $550 per apartment, this should be up around the $600 to 650 mark. The area is a C-+ area that is changing, I currently own in this area and found that with a quality place, a good landlord you can get higher rents as I listed with very little problems with tenants.

It has individual Power and Gas meters, owner pays Water.

The address is 1129 Mills Street Kalamazoo MI 49001, if you drive by please respect the tenants and DO NOT enter or disturb.

http://www.zillow.com/homedetails/1129-Mills-St-Ka...

Here are the numbers I am working with, if your interested please contact me and we can discuss, and please CASH only, no Land contract on this one.

Purchase Price:$33,500.00

Purchase Closing Costs:$500.00

Estimated Repairs:$8,700.00

Total Project Cost:$42,700.00

After Repair Value:$47,000.00       Zillow current estimate $56,723.00

Monthly Income:$1,100.00

Monthly Expenses:$581.08

Monthly Cashflow:$518.92

Pro Forma Cap Rate:13.25%

NOI:$6,227.00

Cash on Cash ROI:14.58%

Purchase Cap Rate:18.59%

Cheers

David Lehane

Aussie Properties LLC