All Forum Posts by: Eli N.

Hi BP friends,

Would you happen to know any competent and fair handymen that you really can count on, trust and know will be on-top of their work that actively reside and operate in the Killeen, Copperas Cove or Harker Heights area?  If you can please send me their contact information, the type of work they have done for you, a brief highlight on the quality of work delivered and why you do indeed trust them, that would be really great.  

The several folks I have dealt with have not been delivering to par nor expectations, with regular excuses and continuous delays.

Thanks!

Hello @Matt Sherman and @David Dachtera, thank you for starting this message thread!  

I'm not sure if you received any updates regarding transferring your prop's to an LLC from BOA or have made many transfers easily without triggering the due on sale clause; for every-time I call and ask, all I get is BoA does NOT recognize LLC's and they will not recognize the transaction, calling the due on sale clause like Pete K. mentioned. What BoA recognizes is Trusts instead, but I'm not quite sure if that offers similar asset protection like an LLC.

Let me know your thoughts Matt/David, as what it means imo is ensuring one gets an adequate umbrella policy/coverage. 

- Eli

I recently spoke with @Account Closedto get his 2-cents and advice regarding multi-family investing in-general and recommendation for my next course of action, and Charles was incredible!! 

He took the time out of his schedule to answer my questions and was a wealth of knowledge!  I believe the folks who recommended Charles here are spot-on, for Charles is really looking out for the benefit of those who reach-out to him.

- Eli

Hello BP Friends,

I wanted to get your 2-cents and advice on a possible multi-family buy-and-hold deal selling for around $185k that generates around $2300/month.  The numbers look ok and will cash flow, but my concern is the foundation.  I don't see major issues during a quick walk through but wanted to get your opinion as it seems there are a few cracks on both sides of the house denoting signs of settling/moisture/etc. and some crumbling (pictures below)?  I'm no foundation expert and hence asking here for those of you who know.

The property was built in 2004 and is in TX (where majority of the land is somewhat clay).

I'd love to get your opinion before proceeding with an offer so please let me know your thoughts and advice.

Thank you in-advance!

Welcome to the site @John Beck!  This is where we all jump in and share what we know to help each!

Interesting @Christopher Sayson, would you mind sharing the details so we can check it out?  That would be great!

Thanks @Moshe Gat - it's worth a try.  Don't you need to show up in person to protest when a date is set (vs. just submitting online)?

@Michael Mullins, after lots of time searching and emailing, I believe I found a company that can help, but takes 50% of what they save you, which is O'connor and Associates.  We may want to try Moshe's recommendation as well for that may be well worhit.  Let me know your thoughts!

- Eli

Not yet @Michael Mullins - I tried to email the CAD directly and have yet to receive an answer.

Let know if you find out! :)

Thanks,

Eli

 Hello BP Friends,

I was wondering if you know of any good companies in Killeen that protest your property taxes during property tax protest season?

I know these companies usually charge anywhere between 30%-40% of what they end up saving you.

Thanks,

Eli

Thank you @Jay Dewberry & @Account Closed for your quick and helpful message!

@Jay, when you mentioned close to $75 for home insurance, I take it you meant on the multi-plex as a whole (and not $75/unit for you had mentioned it covers the entire-quad), can you kindly double-confirm?  If you meant the latter ($75/unit in a multiplex) then that will align with @Diala's estimate of $83, or otherwise, we're back to square one...

Thanks Diala and Jay for all the information, this was very helpful.

Best Regards,
Eli

Hello BP folks,

I wanted to get your thoughts on the following when you crunch your numbers on properties (particularly multi-fam prop's).. How much do you compute/estimate the cost (per unit/month) when analyzing a property on the following (I live in Austin if one is wondering):

- Homeowners Insurance: Would it usually be ~ $25/per unit per month, or would that be closer to ~ $60/per unit per month? Am trying to be accurate in my evaluation to ensure some cash-flow.

- Repairs and Maintenance (not only when submitting an offer, which I assume is around ~$5,000 if in decent condition), but also year after year. Is it around ~$200 per unit per multi-plex per month (so around $9,000 per year), or is that too much based on your experience?

- Utilities: Can you not have the tenant pay Garbage, Sewer, Water, Gas, Electricity, or are you obliged to cover certain utilities?

- Accounting and Legal: How much do you estimate accounting and legal fees to cover your end of year taxes, evictions, or contracts?

Separately yet related, which are the greatest determinants for a good deal worth pursuing in your eyes, would it be the income expense Ratio (1%, 2%, 50%), would it be the Monthly Cashflow/DCR, Cash-on-Cash ROI and/or CAP rate to ensure all figures are +ive, or is it a mix per one's personal preference? In other words, what would you consider (vs. certainly disregard or certainly regard) when some of the numbers are not strong/+ive.

Thanks!

Eli