All Forum Posts by: George Leeman

Hi, can anyone recommend me a well priced janitorial service to handle hallways etc (and unit cleaning when vacant) for a 4 unit, 6 unit and 7 unit building? Im also looking for someone who can give me an annual snow shoveling and lawn contract at these places. There is nearly no grass at these buildings. 

Im also curious if anyone has used artificial grass on the front of their buildings by the side walks to cut down on maintenance and costs?

I would like to get a $1000 rent for 50k units Brian haha, but Im not sure thats easy to find at the moment. 

However I will figure that out shortly.

For everyone else, the worst management I used was a large company with different departments, I had dozens of properties with them so they charged me very little. However they usually charged everyone else close to twice as much after placement and renewal, and were just as terrible to them. By the time it was over, id rather have paid more, but it would not have made them better at their job.

Im more interested in first hand experiences by people in the area owning these types of units.

Ive actually had the best luck having 1 manager who is responsible for most of the management process, Ive used a hand full of managers in close to a dozen cities, I understand the lowest price is not the best deal. But fees are something that can be verified, and first hand experience from people owning these types of properties goes along way into finding who to use or avoid and why. 

I am looking to purchase a few small residential rentals in cleveland in the next few months, ideally 2-3 4 plex properties for around 200k each.

I am wondering who is recommended as a property manager who can cater to lower priced rentals (600-700 rents) for a good price, and can also help me in finding, reviewing, and purchasing the units. 

I currently dont have a realtor in cleveland, and would prefer to work with the property manager as a realtor, especially if it might improve the management fees. Im also open to other portfolio financing sources, as the ones I have have some constraints. If anyone could recommend a good portfolio lender for the area, that would also be fantastic.

Thank you very much, this is the type of extremely useful information I was hoping to get. Thank you! 

Normally I wouldnt, but Im going to explain myself because I don't want other people to assume what you are. I may miss out on some useful advice if people were to think negatively.

Generally speaking in situations like these (im dealing with another situation now) I request the contractor allow me to pay something for their time, tho its usually offered to have a look at it for free. I prefer a more timely and detailed look that comes with the request to pay something, I think its fair.

Hi, I have a property under contract in florida for 6 units 400k at the moment, and recently found out that the place should really have a full gut and rehab for the most part. Its currently fully rented, but my handyman has never seen such bad mold in a place where people are living. It also has extensive termite damage. My handymans chest got tight from minutes of experiencing the mold, and the 2nd floor of the building recently had some shabby repairs to the flooring that makes me worried about liability.

The thing is, these units (currently rented at 750 I am told) should be rented for about 900 when the necessary updates are done. So there is room for some good equity if I can get it purchased and fixed for a reasonable price.

I have a new offer in at 300k instead of 400k, tho its not been accepted yet (the former offer was based off the realtor saying that only minor touchups were needed, which is anything but the truth. However I am out of state, so thats my downfall here) 

I am hoping to buy for around 300k and own it for around 400k with it being worth around 500k and rented for 850-900 per unit.

I am wondering if I should run a mile from this, or take a swing at getting the tenants out, gutting it, rehabbing it, and coming out ahead in equity?

My handyman can handle everything, but obviously he is not licensed to do a lot of the work, tho he may be able to work with a contractor to pull permits and I may be able to have plumbers/etc come in for what my handyman cant do. I am just worried that if the county was to come out and see the condition of the place, that I would have to go a far more expensive route.

I am uncertain what to do about this, I like the property a lot, and do not want to lose it. However, I have no experience with this type of extensive issues with a tenanted property. Im guessing I will have to pay the tenants a couple thousand to leave, provide a 60 day notice, and then spend easily 4 months getting it rehabbed/rented. 

Can anyone advise? I do have plenty of cash reserves at the moment, however I still dont want to spend all of them on only 6 units.

I am thinking I should get a quote from a licensed contractor to see what things are at worst, then have my own handyman do all he can do on his own, then maybe get some plumbing and electrical quotes from licensed individuals, and then let a contractor handle the rest if I feel overwhelmed. 

Please advise, any help is appreciated.

Hello, I would love to connect with some experienced people in the Chicago multi family business. I am trying to get a 12 unit place under contract for 550k, rents around $600+ per unit, tenants paying their own electric and heating (with me being responsible for garbage, water, sewer, and general hallway maintenance and landscaping) The building isnt very old for chicago, which is why I like it.

I am realizing I probably need a decent amount of advice from experienced investors in the area, I would love to connect with someone who might be able to offer some insight. 

If anyone would have any interest in connecting, please drop me a message or say so here and I will message you myself. 

Thanks everyone!

Hi, I am a florida investor and interested in hearing about peoples experience finding (ideally nation wide, or fl in specific) lenders who extend commercial lines of credit based off property. 

I am trying to put together a list of hard money, portfolio, and commercial credit line lenders where I can set up credit lines, personal loans, private mortgages/hard money loans, or good credit cards in the event I suddenly needed a large amount of funds that stretched past my stock and cash reserves. 

If anyone would recommend a good broker that they have worked with who is well versed in these things, or speak from your own experiences, I would greatly appreciate it.

houses or duplexes, I currently have no mortgages on them.

I am currently waiting on a eventual stock market crash while taking loans against properties while they are at a high, but my plan is to invest a large amount of cash into stocks when the market is down. Does anyone here use margin loans or lines of credit to finance properties? If so, can anyone recommend their institution?

I am mostly interested in using lines of credit to make down payments on buy and hold multiple family units.