All Forum Posts by: Daniel Gutowski

Josh,
I have never had any luck finding a section 8 tenant on this site but is it a great resource.

I do a google search first which weeds out the really bad one. Then I pay a couple bucks and search on: www.Intelius.com. This service is also good for skip tracing dead beats.

Here is the web site where landlords who accept section 8 tenants can post properties: http://socialserve.com/. This should give you tons of the leads you were hoping to locate.

I thought that I did my last rehab for before the summer and then I had the tenant leave the stove on while they took the kids out to Mickey D's. IF the fire department came 15 minutes earlier or later it would be a different story. The house will have to be gutted and rebuilt. Now I do not like copper theives but this is the one time they did some good. The house was broken into as we are still waiting on the insurnace money and everything that we would have to have thrown away was taken. Guess it makes for an easier demo and one less trash dumpster.

I hired a professional web designer and programmers to build a web site for a new home community that I was marketing. We ended up paying big bucks and spent countless hours over 6 months to get a premo web site. I have also purchased a ready made packaged web site and have recieved great results as well.

I would rather keep things simple and focus on finding good deals. This is what ready made web sites offer. Good luck!
Best regards,
Dan

Asking $2,300,000
72 units - 1 bedroom/1 bath - 700 Square Feet - $460 monthly rent
8.3 Cap Rate - great for area
98% occupancy rate - due to low rents for area
49% expense to income ratio
Fishers, Indiana

• Upside Potential due to below market rents and continuation of utility sub metering
• Attractive, low maintenance, all-brick exterior
• Located in the VERY desirable Redevelopment area.

Partial list of improvements performed in the last 15 years;

1. New Large Road Sign and directional/office signs in 2004
2. Parking Lot Completely Replaced in 1992. It was then Resealed, and Re-striped in 2001, and re-striped in 2006.
3. 69 of the 72 units had furnaces replaced in 2001 and 2002.
4. Approximately 60 of the 72 Air conditioners were replaced in 2001 and 2002.
5. The Underground water main system was replaced from the public fire hydrant lines to the interior of each building in 1999.
6. All Six Commercial water heaters were replaced within the last 5 years.
7. In 2003, an electrical system was added to each water heater to charge the ions inside each heater to prevent sedimentation at a cost of $9,548. This should double the normal life of each water heater.
8. A 2nd layer of 20 year asphalt shingles were installed in 1995.
9. 6 inches of rock wool insulation was added to the attics for energy conservation in 1987.
10. A mini-barn was placed on the Southwest corner of the property in 1987 for storage. It sits on skids and is not considered a part of the property tax basis.
11. The exterior steps to each apartment have been completely replaced since 1990. Most of the I beams on the stairwells have been replaced, and all stairwells were scraped, caulked and painted in April of 2006.
12. Virtually all apartments have had the gas range, refrigerator, dishwasher, disposal, carpet, and linoleum floors replaced since 1987
13. Complete Painting of All Exterior wood Surfaces, fences and entry doors
14. All light posts completely repainted in 2004
15. Complete remodeling of unit 8953 A which is the leasing office/model in 2005.
16. 5 New Maytag washers & dryers leased Through Jetz Laundry Inc. in 2004.
17. All buildings treated regularly for pests
18. All new fluorescent lights in common areas.
19. Many new updated light fixtures, ceiling fans, etc. in the last 2 years.
20. All new fire extinguishers and storage cases
Best regards,

Daniel Gutowski

Would you be interested in anything in Indianapolis? We are marketing a 72 unit apartment complex with a 8.3 CAP rate. Interiors and exterior has been updated. Seller is motivated to sell adn close on a option he has on some self storage units. I can email you the executive summary, APOD and rent roll. Deal will not last long since CAPs in area are about 7.
Best regards,

Daniel Gutowski

A couple years ago in California we were able to clear 100K on a rehab project with sitting on it for 6 months. Now I'm doing deals in Indianapolis and 10K is the average amount made on each deal. It really depends upon your market.

Please send me an email with your contact information so I can talk with you about possibly doing some loans for foreign nationals.
Best regards,
Daniel E. Gutowski

Thank you for the warm welcome notes. Sorry about the confusion with the web address.