All Forum Posts by: Christian Malesic

I agree with chuff.

You definitely should apply for a DUNS #. Forget all the hype to get it faster for a fee or build credit for a fee. Do it the free way. After a week or so you get your number and get on their email promotions list, plus can edit your member info for free. What's is nice about the promotions is they also some services on a trial basis once in a while, which is when I take them up on it. I research my roofer, building suppliers, and other contractors, etc.

I have had a DUNS # for my other business for 10 years or so and have, ironically, just applied for a DUNS # about a week ago for my REI biz. Most of the time, it does nothing for me. But, once in a while it makes all the difference. It is another thing that shows you are serious about your business, which is why I applied for one for the REI biz.

One of our Section 8 tenants just informed us that he may end up in an extended stay in a wheelchair. It is a 1st floor 2 bedroom apartment and he has a live in girl (on the lease). They have been tenants of the building for over 5 years, but we have owned the building for just short of a year (and inherited them and the section 8 ).

Are we responsible for wheel chair ramps, widening doors, accessible baths & tiolets with lift bars, etc.? Does American with Disabilites Act apply here?

Can we request Section 8 to find them better accommodations? Will section 8 place them elsewhere?

Is there money to help us with these repairs/enhancements if they are required?

I assume the tenants are going to want to stay as they love it there. They nag and complain but pay pretty much on time (their part of the rent).

I say absolutely!

I, maybe, am a strange animal (though the more I hang around on this site, the more I feel as though I have found kindred spirits). I am building an empire (in my mind). The plans I have for my business are grand. Often, I need to reign my goals back to fit reality - that is done through a thorough business plan.

What's more, I am continuously amazed when bankers tell me I have the most prepared presentation of anyone who has ever come before them. I do not believe my presentations are that grand. I give them a copy of my 30 or so page business plan spirally bound at Kinko's with a color cover. They want tax returns out the ying-yang. They want my wife and mine personal for three years, my brother and his wife's personal for three years, the company's for three years, and P&L plus Balance Sheet. Instead of handing them a pile of papers. I get binders from Office Max, Pocket Holders, and Labels. I put it all together in an easy to read, easy to find professional package. And.... I GET THE LOAN!

Why do a Biz Plan?: First, to get your head right and know you better. Then to get the loan! This is definitley a use other people's money business.

Make sure if you negotiate to have the repairs done before closing that you pick the contractor and the work is done to your satisfaction. It is much better to negotiate for monetary compensastion, ie - a lower contract price.

As mentioned by others - be reasonable. You should not make a profit here, but fees for project managment of contractors is realistic.

This is a real hard question to answer as we do not have enough info on the systems in your area. I can do my due diligence in 3 hours or less as a rule. That is a little bit of a testament to our organization and our systems, but much more of a testament to the use of the internet in the local area by government officials

Of course, I can map the property and see comps. I can also look at flood plain maps, pull deeds, see mortgages, tax records, tax assessments, lien releases, bankruptcy details, etc. without even leaving my office. I do all of this for free as the county and state government has gone internet friendly and I have all of the sites bookmarked.

All that is left is a walkthru of the property and an evaluation by an 'inspector' as to needed repairs. My brother (and partner) is that person.

So, back to the question... I agree with Royalt in his 10 days post as a MAXIMUM in this day & age. I would give no longer than that before shaking some trees.

Thanks. But, the Seller's Agent is the broker of his firm. As you said... dead end there.

I am sure the actual seller is motivated (Fannie Mae) if they would even hear about me. I WANT to buy the property. I am even willing to go slightly into 'bad deal' territory to do so. Do not get me wrong, I have started with an offer that would be a good deal for me (and them), but am willing to negotiate big time. Remember, I know what they have invested in this. I literally have an inch thick folder on the foreclosure process, bankruptcy process, comps, appraisals, deeds, title search, etc., etc. etc.

Sorry to rant.... I am beyond frustrated.

Please do not think I am trying to insult you with this, but...

Maybe you do not really understand the system. The SELLER'S AGENT is the one who is unmotivated. I do have a BUYER'S Agent. She is motivated. No matter how many times she calls him or I call him, he (the seller's agent) is a lazy bones. Bottom line is this: Full asking price is only $73k his commission is 3% minus expenses - this is a tiny tiny deal for him. Of course, I am not offering that $73k as it is way over-inflated. It is the supposed 'market value', which is confused by local Realtors around here as to mean 'what other asking prices are in the area'. Nothing is moving around here, which would lead one to believe that the asking prices of all the properties are over-inflated.[/code]

I know I am jumping in the game a few days late, but I have some thoughts...

For the record, we have 24 residential rentals units, 1 office building in 14 buildings.

This mostly describes our philosophy. We are two brothers and our two wives (4 equals). We did a Godsend of a flip to get us going and now subscribe (mostly) to buy and hold. We take nothing out of the company, well.... kinda.

On 'larger repairs', meaning bigger than installing a towel bar or receptacle plate, we determine what it would cost to hire the cheapest outside and pay one of us 80% of that. IE - if the best price we can find to paint a 2 bed apt unit is $1,000, we will do it ourselves for $800.

I couldn't agree with MikeOH more. Sub out maintentnace and contractor work, do Landlording (management) yourself. There are tons of handymen and good contractors out there (if may take you some time to sort through them to weed out the good ones), but only you are motivated to get rid of bad tenants, get in good ones fast, fix utilities fast for which you are paying (ie drippy faucets when you are paying water), etc.

Try:

http://www.rentometer.com/

and

http://www.zilpy.com/

Both have their pros and cons. All and all, I have found them to be a little high, but I still go back time after time.

Ensure this loan is possible in your area.

In PA, these are considered Residential owner-occupied loans.

Institutions are much more likely to offer 20 year deals with interest rate adjustments every 5. Moreover, they will also include a clause that allows them to 'call' the loan (for any or no reason) at each 5 year point. This option is rarely exercised for good, on-time paying clients with a continuing (and growing) relationship with the bank.