All Forum Posts by: Joseph Hammel

Hi, I currently own and self manage 36 units, (7 sfh, several 2-4 units and one 16unit) I bought Buildium last yr and Its ok but I see now there is Unitdash witch is free. Buildium is about 1600/ yr! I signed up with unitdash but I havent set anything up yet. Can anyone go over the pros/ cons of unitdash? How do they make any money? I do see the tenant screening is 30 with unitdash instead of 15 with buildium. 

Whoever you chose remember a few tips. 

Ask for refrences. 

Property managers should have a real estate brokers license.

Terms are always negotiable. 

Consider having an attorney review the contract.

@Mike Wood I have been putting that LVP flooring in. Good ideas on the screening ect. The rents are mid market In my opinion for these units and the location. If I could raise them to get better tenants I could. It breaks even at 50% occupancy. I think if I stick to my guns on good good screening I can get some good tenants.

It is in a Rural setting also. I think thats a factor that makes it more conducive to pets. A very large yard with room to roam and do their business.

Overall Im on the fence still with the pet thing. My gut says if your process is strong and your careful about the person the fact they have animals is null. Heres some snaps of one of the units. Sorry not the best pics.

@Jessica Grewe, What kind of units are available in Rochester at the mid 500 price point? I did some searching online and it looks like theirs a lot that are way higher. Would you have to be in a rough part of town to pay that in Rochester? I don't think your comments are off base at all Im just trying to get a handle on the market. I think if I could market this property right there is a certain clientele that would like it. Its really a nice setting. theres a large 2 acre lot and a stream running through the back yard. Thanks for the invite also. I will try to make it. Which office is that at?

Deanna, Do you have any other advice for this property then?

OK people I believe this is my first post. Im a seasoned (I think) investor of 5 years. I live in Lake City MN and have rentals there and in Red Wing MN, and Hammond MN, near Rochester MN. I currently have 36 units, a nice mix of 7 sfh, 3 duplexes, 1 tri, 1 4plex, and a 16 unit apartment. The 16 unit is the new one that put me over the top to go full time. Its also the subject of this post. I'm needing to fill the units, they are about half full now but its been a hard road here finding good tenants. The apartment building is in Hammond MN about 20 min north of Rochester. It was converted from a schoolhouse long ago. Its a mix of about half 1 br and half 2br units. OK, this place has had a rough history. I guess for a while it was considered a crack house. I think I have some good tenants left and haven't had any problems yet. I'm doing background and credit checks to keep good people coming in but I'm not getting a ton of good applicants. For criteria I'm only denying for felons less than 10 yrs. For credit i just don't want any judgements in the last year. Not to hard I think. I think the rents are fair. For those who know the Rochester area. I have 1br at 500 to 575 and 2br from 625 to 700. All services are included except electric. We have been doing a fair job of remodeling the units, new flooring, some new appliances, a nice refreshing. I have been shifting my policy in the last few years to no pets after dealing with some problem tenants with pets. When I first started out I did allow pets and had the mindset that if I got good people they would be good pet owners and would also stay longer because its hard to find places that allow pets. Im thinking a good way to get these units rented out with long term tenants might be to start allowing pets here. I would definitely fill a niche in the market. Any advice for or against that, examples of pet policy's, or other ideas to market this property?

Ive been using Zillow, craigslist, facebook, Mayo employee site, calling colleges, local employers, plus other things. 

Heres a rough outline of what I'm thinking, cats ok, dogs up to 15 lb, 25 pet rent,  Carpets will be professionally cleaned. 

Please let me know what you think.

Joe Hammel.

Some might say what ever you can get away with. But if you want to save money and be legit you might find a contractor that will let you or your skilled buddys do some work and do the final approval on it. Ive found it easyer to do this once youve developed the working relationship. As far as adding units that will be a big job and you may want to try saving money by being your own General Contractor. That is if the city will allow that.