All Forum Posts by: Jake Peetz

I am nearly complete with my first multifamily purchase and renovation. 12 unit in great area of Jacksonville, FL. I have seller financing on the purchase and funded the renovations through personal credit line that matures in 90 days. Looking for ideas on how to refinance or consolidate roughly 250k into another loan while keeping my seller financing in place on the note. If anyone has thoughts or advice I would enjoy your thoughts or experiences on what any of you have done in this situation. Thank you for your time!

Investment Info:

Large multi-family (5+ units) commercial investment investment in San Diego.

Purchase price: $1,200,000
Cash invested: $400,000

12 unit value add in San Marco neighborhood of Jacksonville, FL. Seller financing, updating all units to achieve market rents in a great area.

What made you interested in investing in this type of deal?

I have wanted to get into the multifamily space and this value add has provided a lot of opportunities to learn many different aspects of this space.

How did you finance this deal?

Self funded

How did you add value to the deal?

Renovated all 12 units

What was the outcome?

Still working through the renovation

Thank you Gino, really appreciate your time to respond.  It is amazing how much costs can come up from initial bids and this would add cost but I agree with the value that can be added like you mentioned.  Thank you again for your time.

Best,

Jake

I purchased my first multifamily property - it is a 12 unit property. None of the units are metered separately for water and the previous owner paid the water bill for the tenants and included in the rent. I wanted to get thoughts from the BP community on the value of metering them separately. It will cost roughly 2k per unit, we are doing a full renovation on the property - new plumbing so we are doing work anyway. Just wanted to get some thoughts or advice on the value of that rather than paying the water bill and adding to the charged rent. The property is a total rehab value add, my thought was metering separately could boost my NOI which will help my valuation down the road. Any feedback is greatly appreciated.

@Nathan Gesner, thank you for your response. I will reach out to the hospitals HR as well as list on the furnished rental websites. Really appreciate your advice.

@Michael Baum, thank you all for your replies. I’m in Thousand Oaks, CA and we are good to go with short or long term rentals.

I’m going to reach out to the hospital HR as well as list our property on furnishedfinder.com.

I have a home near the largest hospital in the area. Instead of selling my home I am considering marketing it to staff at the hospital that may be seasonal or families that need it short term. It would be fully furnished and right down the street from the hospital.

Does anyone have experience with who to contact for this? Should I reach out to HR at the hospital or how should I proceed with this?

Thank you in advance for any and all of your suggestions.

Really appreciate all the feedback from everyone, such a great platform here.  I will reach out individually to you all off this thread.  Thank you again for your time!

Does anyone here have experience owning their own property management company? I have a few single family homes and am working on my first multifamily.  It was suggested to me to start my own property managment company so I could also earn income from that end of my own properties rather than hire it out.  Would love to connect with someone who has experience doing this. 

I have a couple multifamily properties, 12 unit - 16 unit - 19 unit I am looking at in the Jacksonville, FL area. Two are value adds, one is good to go, just below market rents.

Would anyone here mind connecting so I could ask some questions. Working on analyzing the deal now, I feel strong about it, would be great to connect with someone who has taken one of these down.