All Forum Posts by: Frankie Renaldi

Mat, thank you so much for the response.  Believe it or not, the CO didn't reference the permits.  They were actually opened in the early 90's and had been completed but apparently never had the final inspection to clear.  The property had been functioning in this 2 unit capacity for 3 decades with all required rental inspections done and nobody said a thing until my client called for CO reinspection after repairs.  It was a competing offer situation so asking for a clear CO wasnt in the cards, but the RTK is what I was looking for in this post. I remember hearing the phrase but it was years ago.  It's embarrassing as a broker of 20 years not being able to recall that request.  Only had one other RTK over my career from a buyer in NY, which is common in that locale.  Thanks again Mat and if we can ever work together (pocket listing of mine or project you are unloading) let's see whats possible.  Take care!

Matt, you pegged it lol.  It's incredible that the building has been inspected no less than 15 times BY THE CITY and making it an issue at transfer.  Seller did not disclose, but the cost to rectify is significantly less than a law suit so my client isn't going to pursue.  Im going to take some verbiage from some previous commercial AOS's ive been a part of and add that the clause survives settlement.  I may also reach out to my council to draft an addendum to cover my buyers moving forward and of course myself as the broker too.  I'll let you know if anything comes about.  

Good morning BP Fam.  Quick question. I have an investor that purchased a property with several code items lingering which we knew about.  What we didn't know about was an open permit from the 80's.  Is there a document you all have used to hold a sellers feet to the fire in the AOS.  I know in commercial lawyers drafting contracts have these indemnification clauses, but looking for a sample for an agreement.  Thanks in advance.  

 Thank you for the response.  Unfortunately my bank (PNC) removed their coin machines a few years back.  We just dont want to spend man hours hand rolling them so moving forward we have decided to set the standard with the LL that it will be done with coin star, but we will not take rake off of the proceeds.  For the current client we just got, we are just going to eat the difference and pay them on Gross.  Stinks to lose that money, but not worth our time or opportunity cost to work on getting new clients.  Live and learn right? lol.  

Makes sense. We actually did that in two of our SFR properties. We offered to purchase a washer and dryer and increase rent to compensate. It was basically a 1.5-2 year payback period, but now the assets are in the house and we recouped the cost.

 Thank you Bjorn.  We are a start up so to make sure we acquire this client I think what we may do is use coinstar but credit them the full amount.  Moving forward we will make sure there is an agreement that the owner knows it will be gross minus coin star fees if they want us to do that task.  Card system makes so much sense...moving forward we may be doing that on buildings we own personally.  

Thank you so much for your response. Yes we do have someone very very trustworthy for collection (and or my wife or I will do it) it was more the "wrapping/counting" being a standard for a PM to do. So tedious and low ROI on time, but I guess it is more common than I thought. I think moving forward it will be agreed upon upfront that we can use a coin start and payout the money less coin star fees. For these clients we may need to just take it off the chin.

Hello BP World,

Having a debate right now about common protocol.  My wife and I are RE Brokers (37 years combined in the business), investors, and now own a PM company.  We are taking on a client group that has some buildings w/ coin laundry.  Currently their PM retains the coins and sends the total to the owners in their distribution payments.  The way I'm understanding this is the PM is collecting, rolling and depositing.  Is this standard protocol?  I can't see hand rolling quarters being a great use of time.  Current PM is not taking them to coinstart, full amount is being deposited (I guess there is a chance PM is lying about the amount to compensate for coin star).  What are your thoughts on expectations or if you have any helpful direction for us.  Thank you all in advance!

Good afternoon BP family.  Quick question...As my wife and I were talking about our next move and of course 5 year goals I walked myself right into the discussion of if we could or would want to find a small hotel (run down a bit) and capitalize on a dead hospitality market because of covid. No desire to own or operate a hotel, but would love to possibly turn one into maybe 25-50 studio apts with some above average finishes.  I think there is a market for it in my area if we could find one close to the downtown areas of 3 small cities we have in our area.  Thoughts? Anyone complete something like this?  Hurdles you guys think I would come across or questions that are needed to be asked?  Thanks in advance BP Community. 

Hey Joseph I am all for Capitalism in every sense of the term and I'm not ******** on their model I actually called it a GENIUS business model (not sure if you missed that in my response or not), what im saying is im done with funding their platform and giving them my data for free so they can charge me.  I do roughly 100-120 deals a year as a realtor (maybe 5-8 of them zillow leads) and I have purchased 5 buildings in the last 18 months as an investor and successfully rented them without zillow.  All im saying is you do not need to be up Zillows *** to be successful.  As for me, im turning the faucet off.  Im not delusional that my 1200/month I spend with them is going to make a difference in their bottom line, but when enough people are fed up with them (which a large number are) it will make a difference.  I will say it again...I think their model is freakin genius...im just not going to fund it after giving them my data for free.