All Forum Posts by: Jeff Cooper

 Thanks Bjorn - Do tenants that rent your spaces leave property in their space to use as storage, or just used for vehicle parking?

I've got a multifamily with a large open garage area, with 6 separate garage doors (one for each unit).

Currently, the garage is a single large open area.  Problems include:

- some garage doors have openers, some don't.  None of the openers are operational currently.

- some tenants use their respective space to store personal property.  Some don't use at all.  

- No current secure areas - just big open room accessible by all tenants.  if one tenant leaves garage door open, access is to entire area

No extra rent charged for garage space - inherited leases provide tenants with access and rights to garage no charge.  

I'm looking for some ideas for how to maximize use of this space and bring value add to tenants and income.  There is enough outdoor, uncovered parking for tenants outside of garage (they park outside of garage now).  

- charge incremental rent for space?

- deal with security - build walls to separate parking areas (not much internal room for this)

- convert all into locked storage space with garage doors and charge extra?

Any thoughts appreciated.

Jeff

Thanks all - from perspective of someone starting into apartment investments and doing research, this thread seems to really sum up key topics well from the experienced!

One of my biggest fears is estimating ongoing/future expenses incorrectly and not having trust in my proformas.

thanks

Have been looking in Hazel Park - previously had a rental in Ferndale, and currently do in Oak Park.  Would also be interested in meeting/sharing local tales of contractors and such! Jeff

I'm starting on my plan to acquire a number of SF rentals, targeting Ferndale and surrounding areas in Oakland county MI, and have a first closing scheduled in two weeks.

I was wondering if you have any good suggestions in these areas for fair contractors for

-plumbers

-electrician

-landscaping/tree removal

-handyman/carpenter

-hardwood refinishing

Any suggestions appreciated! thanks

Jeff

Thank you Devan and Michael.

Your feedback and insights are greatly appreciated.

Others I'm sure are used to it, but it still surprises me how selling brokers act so amazed/offended with even a hint that their listing could possibly be overpriced!

Jeff

Wade - thanks.  You've confirmed what my feeling is - still letting emotion get in the way ... a little bit.

Jeff

I would add, asking price is 365k, so my 320k pp assumption above isn't a certainty. thanks

I'm looking at a 5 unit, which would be my first MF, and wondering if you would share any thoughts on this.  Have bought, fixed, and held single families with good success, but currently without any investment properties.

gross rent ~ 49k

NOI is about 19.4k, which includes 10% mgmt fee, 10% vacancy and 10% maintenance/capex.

Condition of units very good, built in 1980.  I would plan to finance but haven't priced any commercial loans.  An option would be to pay cash and then finance after.

Assuming PP of 320k, with 80% loan at 5%, cash flow is negative.  Finance 200k, and cash on cash looking low.

Would really appreciate any thoughts and advice to help analyze if this is 'in the zone' or now.

thanks