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All Forum Posts by: Henry L.

Henry L. has started 17 posts and replied 65 times.

Post: STR Property Managers?

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Thank you, Milton!  I appreciate your help!

Post: STR Property Managers?

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4
Quote from @Michael Calvey:

You betcha Henry! This is exactly why we've worked to develop the Find a Property Manager service. 

To use it, just look under "Build Your Team" - Find a Property Manager - Then you can answer a couple of questions and be presented with options that fit your needs. Give it a try!

Or feel free to use the direct link to find a short term rental property manager. 


 Thank you, Mike -- I see all of them listed are long-term rental property managers.  I will try the Build Your Team option.

Post: STR Property Managers?

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Are there any great STR Property Managers in KC, MO that you could refer me to?

Post: Multifamily Investor Nation Summit 3-Day Must Attend Online Event

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Really looking forward to this, Dan!

Post: Wholesaler

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Hi Darnell!

Where are they located, and what's the estimated rehab?

Henry

Post: Real Estate Brokers in NJ

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Great to know!

Thanks for sharing!

Henry

Post: Real Estate Brokers in NJ

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Hi Everyone, I just passed the state exam recently to become a real estate salesperson in New Jersey.  Do you have any advice on which investor-savvy brokerages would be the best to work for and learn from in the Bergen County (near Fort Lee) area? I am looking to work on a full-time or part-time basis, depending on the terms.

Thank you!

Henry

Post: Inspection done; not sure whether to purchase property

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Thank you all for your sound advice.  I really appreciate it.  Will get good contractors in to get good estimates and re-do the numbers.  I love BP!

Post: Inspection done; not sure whether to purchase property

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Hi folks, an update on the place I've been looking at.  I have a 3 family, 3 story home (built in the 40's) under contract.  The ask price was $355K, I negotiated it to $302K.  The rents are at about $2800 currently, but market prices show I could raise them $3600 or more - one issue is whether the current tenants will leave (they are not under any leases).

I got the inspection done, and there are 4 major things I need to get fixed.

1) There are 2 chimneys in terrible condition. The first one, I heard I can take it down, as it's not being used. The second one, there are 2 gas boilers and 3 water heaters running their exhaust through it. The inspector says most likely the chimney doesn't have the capacity to handle that and will need to re-lined.  I estimate $1000 to fix the first chimney and $4000 for the chimney lining of the second.

2) We found a lot of termite damage in the basement -- can't see the extent of it, but the inspector says the seller definitely needs to treat the house, or show that he's already retreated it.  Also, I need to get someone in there to estimate the extent of the termite damage.  Not sure how much this will cost.

3) There are 2 Federal Pacific Panels that I need to take out and replace ~$2500.

4)  It looks like someone did a shoddy job with the sump pump, so I'll need to get that checked and repaired.  Don't know how much this will be.

Are there too many risks here for me to take on, or is this all normal?  How serious are these issues?

At first, with the $3600 in rent, I was definitely CF positive. Depending on whether the tenants leave, I could be left with about $2800-$3000 in monthly rent only. I had estimated only $5K in repairs, but now I estimate about $20K. I'm pretty sure the seller doesn't want to concede any more on the price, even with these newfound issues. My CoC ROI was about 4% with the higher rent -- now it will be lower.

However, I also want to take on a property so that I start learning and dealing with issues, rather than just looking for and analyzing deals.

Post: Upstate NY Rental deal analysis

Henry L.
Pro Member
Posted
  • Investor
  • New York, NY
  • Posts 67
  • Votes 4

Looks good -- but are you missing your estimated closing costs?