All Forum Posts by: John Hodges

Amazon FBA in the automotive space. Started in 2012. 

I've been looking at RentRedi since it's promoted here on BP. Anyone have any feedback on this software?

What accounting software do you guys use for apartment complexes?

 Do you supply tenants with air filters? Such as leaving a stack of them in a closet as a proactive measure to encourage them to perform that type of maintenance?

 Wouldn't it be worthwhile to create literature (print and online) for tenants regarding things like emergency shut offs? Particularly if the units are mostly the same layout. 

It would even help with liability issues since you can show proof you emailed the literature to the tenant. If you do a walk-through with them and they don't change filters resulting in a issue, they can just claim you never informed them. Emailing them literature to the same email they signed the e-lease with absolves that issue, wouldnt it?

I imagine lenders won't loan up to the desired LTV (ie: 70-75%). But if I wanted to tap 50% as an inexperienced manager I imagine they would lend. They could firesell the property for BE even if I do a piss poor job.

I'm technically "unemployed" now and need something to do. I'm not the type that has a windfall and kicks their feet up. (I'm sure that is the goal for most in REI).

I could see needing a property manager 10+ years ago but it seems pointless now unless you have a huge property that requires full time manager/maintenance techs. There are so many software options and most seem pretty automated. They auto list on all major rental sites, they provide tenant screening, payments online, communication via the software, insurance, etc. I've even seen some that will handle the maintenance calls for a fixed fee per unit (although that may not be worth it). 

Is it feasible to rent to a tenant and never even meet them? Sign an online lease and just leave the keys on the counter in the unit on their move-in day. 

Thanks for the replies. I kind of assumed that lenders evaluate the property based off income and that the previous tax returns for the property would be worthwhile to provide them? To show that the property is seasoned and stable. (even if it's a previous LLC)

I am eyeing a property in my hometown. 20-units, all 2bed/2bath, new roof, water heaters and exterior paint. Asking $4.15m @ 7.6% cap. Recently reduced price. Thinking of going in hard with a $3.8m cash offer. If I could snag it at that price thats putting me at a ~8.3% cap. Property has a tenant waiting list. 

CD is too boring. I need something to do.

Hello all,

I recently sold an online company I started 8+ years ago. After taxes I am ending up with roughly ~$6m. I am looking to purchase in cash initially and then refinance. 

I've been looking at multifamily buildings in the county I grew up in here in Central Florida. I have a few questions that may seem silly

1) If I purchase an apartment complex in cash and form a new LLC, can I still use the old LLCs tax returns to leverage the equity in the property? Or is it viewed as a "brand-new" company since a new LLC is formed and the corporate credit is non existent?

2) And what point is a property manager worthwhile? Again, I sold my company so I don't have any current projects and plenty free time to do this myself. Since I'm paying cash up front I could realistically acquire 50 units across 2 or 3 properties within a 10mi radius.

 So if I am seeking a strictly commercial loan based off the property, all they care about is the actual properties income? I assume they would want to see at least a year of income on a tax return as well?