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All Forum Posts by: Justin S.

Justin S. has started 4 posts and replied 61 times.

Post: Sub-Metering Questions Small Multi

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20
One follow up question.. Once you sub-meter, how then do you determine sewer cost? I assume determine the calculation utilized by the sewer provider but then how do you pass that to tenants? Thanks again. Justin

Post: Sub-Metering Questions Small Multi

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20
Thanks so much for the info. I will follow up with your suggestions.

Post: Sub-Metering Questions Small Multi

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20
I am currently looking at a 15 unit property with water being paid by the property owner. I have looked through the forums and have been unable to find a comprehensive discussion on water sub-metering costs and considerations. This will be the first time that I have explored sun-metering and am in desperate need of direction and stories of experience. What is the cost? Difficulties? Benefits? Read and bill yourself vs. Pay Service? Any help would be greatly appreciated! Thanks! Justin

Post: Newbie in Cheyenne WY

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20

Welcome, Damian!  I have been able to learn a great deal from carefully reviewing posts from various people in the forums.  Explore. Engage. Enjoy.  Glad to have you!

Justin

Post: Advice Needed on Vacant House

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20

Thank you @Rick H.  Essentially, my thought process put me to the point in your analysis of the unknowns. I appreciate your insight!  Worth the effort to reach out to the lender if I have a cooperative heir?

Thanks again. 

Post: Advice Needed on Vacant House

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20

Thanks @David Dey.  I will follow up with the heir. My information on the mortgage at this point comes solely from the heir. So, I will need to confirm. The decedent purchased the house in 1995 and passed away in 2013. 

I will keep you updated. 

Thanks again. 

JWS

Post: Advice Needed on Vacant House

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20

Thanks @Cody Campbell.  Will do. I assume it is the bank but will attempt to confirm tomorrow. I still can't understand why it has been vacant for so long with no action when somebody, other than family, is taking care of the property. I would think that banks are incentivized to move these houses and as far as I can tell the only action over the course of three years has been property preservation. 

Post: (15 DD Period) Termites, Theft, and Structural Damage!

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20

@Rosston Smith I don't feel like I have anything figured out!  I just do the best I can with the numbers and hope they pan out as planned. 

More than anything, if this is your first deal, I would think you would want to try to find better margins for unforeseen issues. I have a few friends that started with tight margins and imploded to never go back and try again. I don't want to see that happen to anybody. 

I genuinely hope that you do very well with this property but, again, it would be too tight for me. 

Best of luck!

Post: A lot of people are being misled

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20
Originally posted by @Brian Turnbough:

The sweet spot is value add. Buy properties that are worth 80k for 30k or 40k. Replace all HVAC, plumbing, electrical and roofs and you won't need a lot for capex. Put a plan in place to turn the properties every 5 to 10 years. That way you get your equity and can buy two more for what you put into one.

 Agreed. That's currently my game. Has worked well thus far. 

Post: Advice Needed on Vacant House

Justin S.Posted
  • Investor
  • Jackson, OH
  • Posts 64
  • Votes 20

Recently, I was driving for dollars, so to speak, and stumbled on a vacant house that I had not seen in the past. It is well kept and there clearly has been some property preservation occurring. The utility service had been removed but furniture was visible through the windows which lead me to believe that it was likely a probate property. 

I searched the tax records and located the owner's name and determined that all real estate taxes were current. I then searched the local obituaries and, sure enough, the owner had passed away approximately three years earlier.  So, somebody had been paying the taxes and maintaining the real estate in decent condition. At that point, my thought process was either an absentee family member or a lienholder were ensuring the paid taxes and integrity of the house. 

I went back to the obituary and the gentleman left only one child. I contacted the child and he let me know that he had nothing to do with the house, that no estate had been opened and that there was a mortgage, albeit not much of one, with one of the largest financial institutions in the Country. I confirmed with the Probate Court that no estate had been opened and now.........

1. What's my next step?

2 What is the potential game plan of the lienholder for holding on for over three years, paying taxes and maintaining the real estate?

3. Is it possible that this financial institution has simply overlooked this property?

Any insight would be greatly appreciated.  Thank you  

JWS