All Forum Posts by: Erick Caffarello

Hello everyone,

I'm looking to review my insurance options for my properties (and perhaps my own home/car as well).  Specifically, one of my properties is over 100 years old and I'm looking to add water/sewer backup coverage to every property.  Also would like to discuss other options - umbrella policies, auto, etc. If anyone has any insight or referrals, please let me know.

Thanks,

Erick

Scott - thanks so much for your reply. I always appreciate insight from this board.

Erick 

Adrien! 

Good to hear from you again! Hope you are well!

So, Lake, Porter and LaPorte County I don’t have to accept vouchers? Or was your reply specific for Lake County?

Very different from Illinois!

Erick 

Greetings from NW Indiana! My question for the crowd today is for those who have rental properties in Porter, Lake and LaPorte Counties in Indiana. 

I’m trying to figure out if I absolutely must accept Section 8 for my rentals? I must say I absolutely despise the program. I’m a Property Manager for a large property management firm Illinois and all I see are people taking advantage of the system on my dime, and a mountain of regulations that continue to grow. I can go on and on, so if you want to have a side discussion, I’m happy to do so; please send me a PM.

I want to make sure I’m not violating any laws. Help me out folks. Thank you so much.

Erick 

Greetings BP!

I was wondering if someone could help me find the proposal one would give to a private lender to fund a property.  I could have sworn I saw it somewhere here, but can't seem to locate it.  If someone can help, I would sure appreciate it!

Erick

Greetings BP!

I'm about to buy my first multi unit, and currently the owner pays gas, water, sewer, and trash.  Also, the building is in need of significant repair and current rents are $375 for an efficiency up to $575 for a 2 bedroom.  The utility company says gas usage peaks at over $300 in December. 

I'd first need to increase each rent by at least $50 (its also in an up and coming area), replace the roof and do some hopefully minor cosmetic updating.

For those of you who have acquired multi unit buildings with current tenants and one utility meter, have you had success with RUBS (ratio utility billing)?

All tenants are on month-to-month leases, so its possible that they'd all move out once I instituted the changes.

Any advice?

Thanks folks,

Erick

Stephanie,

As of right now, single family. Price is right at under $40k. Everything has been updated, and it appears to be a good buy. Will need to finance the deal, and most banks don't allow closings in an LLC from my experience...

I'd much rather prefer multifamily...but for the price...I can't go wrong.

Erick 

Jeremiah, thanks for your reply. I will call you later today. Will you be available?

My ultimate goal is acquiring multi family properties, to build long term financial security.

Currently, I'm working on my 2nd SFH, but don't want it titled in my name.

Erick 

Good Morning everyone,

I'm looking for financing opportunities which will allow me to close the property in an LLC. Any options?

Erick

Even if one of the mortgages is under $30k?