All Forum Posts by: Gary B.

@Diana Costta - Its a class C property. No HOA possibility, its all renter's community. I am figuring out how many times i need to have pool serviced by pool. maintenance person. Do I really need to get non-operational pool serviced every week in winter and twice a week in summer ?

@Steven G. Actually it’s not law, I can fill it up with dirt. Sand was just a typo

Hi Fellow investors, i recently took over a 27 unit complex and it came with two pools - overkill for apartment of this size. 

Now, I figured it is very expensive to maintain swimming pool in apartment complex in California. $500 /year permit fees /pool, $350 /month to maintain in summer / spring, and $150/month to maintain in winter. 

I want to close one pool and keep other open, can you suggest what can I do phase out one pool in Fresno county ? I cannot financially afford to fill up one with sand now but might be able to do year down the lane. 

How can I reduce my operating expenses for one pool that is not open for public use and I want to close down the lane in year or two?

Thanks,Gry 

@Filipe Pereira - thanks for your suggestion, I will start to process to correct this clause. 

@Nathan Gesner - thanks for sharing numbers. It makes me feel better. Since the building has some deferred maintenance I need to catch up, hence more work order on weekly basis. 

@Nathan G. Thanks for sharing you point of view. For #2: avg cost to address work order is $50-$70. We get like 3-4 work orders a week. I wonder if property management should keep one guy on fixed salary than paying for each trip. Or I keep on guy and pay him fixed monthly and let property manager company send him the WOs. Not sure what insurance consequences will I have if the person works as independent contractor for me.

I just bought a 27 unit complex. I am new to complex of this size and looking for recommendation on best practices to manage property of this size. 2 things that i need advice one:

1. Late fees: How to avoid that property manager not collect rent late on purpose and collect late fees taken out of rent. I noticed a clause later in contract that said late fees is taken out before the rent to owner. 

2. Work Orders / Maintenance: How do you handle daily / weekly work orders getting generated in the property to optimize costs?  

I found out two weeks before closing that Seller has provided me with wrong disclosure in rent collected. Bank deposit receipts do not match the reported data on P&L earlier for the month of Aug and Sept. Any recommendation on how can i tackle this situation ?

Hi Fellow Investors, 

What are my rights and possibilities if I figure out two weeks before closing that Seller has provided me with wrong disclosure in rent collected. 

I found out that bank deposit receipts do not match the reported data on P&L  earlier ($2K short) for the month of Aug and Sept. 

I know these are tough times for renters but I feel seller needs to disclose me on these details, any suggestion on how can i tackle this situation ?

Thanks ! 

Gary

Thanks @Jared Rine and @Evan Polaski

@Evan Polaski@Evan Polaski

Hello Fellow investors,

I am working with a broker for a loan on multi-family property. Broker photoshopped the Bank's original LOI to reflect higher origination fee. Later when he slipped through his fee, then he sends me back original Bank LOI.

Scenarios described below:

Broker introduced me to a bank that can do deal at my LTV requirement. Before sharing bank lOI with me he did two things.

1. He made me sign an agreement with him, stating he will cover bank origination costs from the bank and banks is asking for 1%.

2. He photoshopped the bank LOI to reflect higher bank origination fee i.e. 1%.

3. Now he shared with me original bank LOI with .25% origination fee that can be waived.

He is clearly trying to do fraud buyers to earn higher brokerage fee by manipulating bank's LOI document to his advantage. I do not mind paying broker fee but when someone tries to cheat I want to make sure person learns lesson. not sure what are his fiduciary responsibility as a broker.

Do you see this differently ? If not then, what do you suggest my options are in this situation?

thanks