All Forum Posts by: Justin Elkins

I totally agree with the enzyme spray, we use it as well.  We purchase ours through a local chemical supply house with their name on it. 

Adrian,

I did purchase the 18 unit in Killeen about 3 years ago and am currently looking at selling, not listed yet.  I am using a full time property manager and the units rent out quickly.  My turn over is a bit higher than I would prefer but it is a C class property.  Killeen is a good place for rentals.  

I am looking for a larger complex closer to 50 units.  I also think that I would like to have something a little closer to home, I live in San Angelo, TX.  

Good luck!

We have evicted 8 tenants over the last two months.  The PM says that the ones that are left are good.  We have sent notice to all the tenants to report anything unusual.

 My first thought was to use cameras, but I was told that without an on site office that would not be possible.  I will look into that a bit more. 

thank you for your ideas

I totally agree with the acquired tenants except that the previous owners were there almost everyday.  As far as getting out the bad ones.  I feel like we have, but at night the loitering starts and doors are being kicked in.  Some have even broke in and locked themselves in the apartment.  As of now the cops are coming when called.  The cops come they scatter like roaches.  The cops leave and they come back. 

Have you ever tried to put a rent free (night watch) so to speak in a unit?  I wanted to put a night security guard there but absolutely cannot afford it.  The way the complex is set up without an office video surveillance is out.  With the problems going on I don't think that a fence and gate will help.

what are your thoughts  

In my opinion it is just another cost of business don't skimp on this.  It is easy to want to cut out the high cost of any insurance, but as soon as you do Murphey's Law will come into play.

I own an 18 unit C class apartment in Killeen, Tx.  When I purchased the complex from a mom and pop owner operator it had good occupancy and many long term tenants.  I carefully selected a PM company that is off site that has a good track record.  After about three months one of the original tenants let a prostitute move in and then another let a boyfriend in that started selling drugs.  The PM quickly evicted both tenants.  Now as soon as it gets dark trouble shows up.  My good tenants are leaving, doors are being kicked in, and the PM is calling the cops daily.  My PM is not giving up but feels that I should get a live in manager to help out at night.  I am in major need of help.

Can someone please guide me through this. 

Thank you,

Justin

Thanks Brandon, I totally agree min 51%.  I have been trying to figure out how to have a scheduled buy out as part of our contract. Any suggestions.

I am looking at a MF 16 unit that is 50% occ.  It needs about $100,000 in repair to bring it back to rentable condition: roof, sidewalks, walkways, make readies.  Based on my figures the current out of state owner owes $300,000 and has lost money on this property for at least the last 5 years.  He needs to sale!  Based on 50% Occ. and 50% exp.  the building is worth $180,000.  In this area if I could have the building rent ready for a total cost of $280,000 this would be a solid deal.

Now, the question.  In order to make this a win-win what would be the best way to structure this deal.  I have been in contact with the owner and he is willing to look at different options.  I have a few ideas like doing a 50% partnership where I put up the repair money, handle the repairs, and do the daily operations of PM. 

I prefer to own the building 100% but don't see him being able to take that big of a hit.

I thought of trying to do a short sale but that is probably a long shot.

Any ideas would be much appreciated.

Thank you,

Justin 

Kevin, thank you, I will check them out.

Chris, this is an 18 unit C class that is in good shape with 95% occ., NOI $43,620, Purchase price $360,000. the original price was 425,000 but we have done a lot of negotiation.

I have a small apartment complex under contract in Killeen, TX.  I have a property manager that I am working with and it seems that all will go well but, I am looking for a good backup. 

thank you in advance