All Forum Posts by: Joe Fernandez

Thanks for the info.  Has anyone gone through he insurance contractors?  Allstate has a "good hands" network, not sure thats a good idea.

I just had a rental property suffer heavy fire damage.  It was a tenant accident and my insurance will cover repairs, but..

The adjuster said its $90k worth of damage, and they immediately sent me a check.  I've gotten two bids, and they came in at $150k and $160k.  We're way off here.   I know that I can claim supplemental charges later, but it's that much off?  Is that going to be a huge hassle?

What's the best way to handle, should I just tell Allstate to fix it with their network of contractors, let them do it all?

Thank you all, this is great information.  I knew small multifamily was tougher, but I was hoping the rewards were higher, doesn't sound like it.  I might have to rethink this.   

I have 14 doors over 9 properties, One Quad, One Duplex and the rest SFH. All BRRRR. I self manage and I'm and I'm real estate agent. It's going great. I have that process down.

But now I'm ready to buy a 15-20 unit apartment complex. There are a couple listed ones I've seen that interest me. But I'm not sure how to get started, do I go to a bank first? do I contact the listing agent first?...I usually buy by SFH cash, I can't do that here.

Do I just deal directly with listing agent and make him an offer?  Any tips on Earnest Money, Due Diligence, What to look for in due diligence, would be great.

I also have 3 silent partners that want to go in with me, but I make all the decisions. I'm not sure how to set that up, do I need to contact the bank first? Do I set up the LLC first? Do we fund the LLC first?. There are no issues qualifying or getting the money, I'm just not sure how to get started in commercial. Thanks for any advice anyone can provide.

I'm refinancing a duplex with no comps.

Appraiser went out a few miles and used comps from some borderline war zones.    

My property sits in a small city with amenities lake, trails, events, very sought after, full of professionals and artist.  Unfortunately everything around it is trash.

There are plenty of high single family home sales, just no multifamily. I'm currently arguing that homes in my neighborhood/city sell for an avg $180 per sqft, and homes in the neighborhoods of the comps being used sell for avg $100 per sqft.  I have the data to prove it.

Do I have any kind of shot to get this appraisal raised?

Hi, sorry if I'm late to this, but I'm in a similar situation.  I added a bathroom to a 3/1.  I plan to rent and refinance home, keep it long term.

Question, after the rehab is done, will this "unpermited" addition have any impact on the re-finance of the home.  

I'm worried about the appraiser coming out, and seeing a 3/2, when the tax record shows 3/1.  Is there anything to worry about?

Should the tax record ever be updated.   Will this ever come back to bite me?..like if I sell it in 10+ years?

I have a recently vacated property in Decatur, GA that needs some renovations.  I want to do a new:

• kitchen (cabinets, tiles floors, granite counter tops, backsplash)
• new bathroom (tub, toilet, vanity tile floor)
• Interior: refinish floors, replace a few doors, replace all outlets/light switches, patch and paint all walls
• Exterior: a couple roof and gutter repairs, and paint exterior trim/window/sofit/facia.

So its not a big renovation, mechanicals are all good.

So my question, should I find a GC to handle all this?  Do I need permits or are these just repairs? I've gotten a couple of ridiculous quotes ($50k+), and the reasonable $20-25k quotes keep waffling on me, like they just don't want to work.

Or can i do it myself, just buy all the materials and hire out each job to individual (probably unlicensed) guys that can do the work? 

If doing it myself, how are people handling the tax implications.  My accountant says i need to issue a w9 to request a 1099 for all work totaling more than $600.  If I go the DIY route the workers will not have 1099s, or will they?  How are people handling this?  I don't want to break any tax laws.

Thanks for any advice that can be provided.

How do these rules apply if you buy multiple properties on one transaction?

I recently purchased 3 rental properties for one $ amount, and now I want to rehab 1 of them, and do a cash out re-finance for that 1.  Technically there is no verifiable "purchase price", so do lenders have to use appraised value no matter what the time period is?

Hi all, I'm looking to purchase a property which currently has tenants in the eviction process in Atlanta GA.

Anyone have experience with this?  I don't know what the process is?

I'm purchasing cash, and would like to close quickly (i don't want to lose the deal).

Or should I wait for the seller to complete eviction, he just filed, so it could take 1-2 months.

Or can I write the contract up in a way where we close now, and he has to see out the eviction and deliver property vacant.  Problem with that is who knows the condition of the property at that time.

Or can cash for keys work here? 

Any advice would be awesome!

Hi, I'm currently negotiating a deal with a seller for two rental properties.

I would like to put them both on one contract and make one dollar amount offer for both.  I'd be paying cash.

My thinking is this will make it easier to re-finance right away for the appraised value, hopefully.

Does anyone have experience drawing up an offer like this?  I'm an active agent in GA and I use GAR contract forms.  I'm a fairly new agent and investor, so not sure how to draw it up.  Any advice would be great.