All Forum Posts by: Jeffery Wilen

@Richard Lovering

Yes, we have them in an LLC. However part of the reason behind it is that they are owned jointly. Easier to manage as an LLC than as a partnership.

We have 2 on the Chesapeake, they’re also close to I95. Its slower in the winter after the holidays, but summers are booked up full. It’s been very mixed as far as guests, fishing tournaments, youth sports tournaments, there’s a popular  wedding venue, DC weekend getaways, stopovers for travelers making a long drive, visiting family in the area and even some longer stay traveling employees. 

We recently had on built near us. Because the casino is bringing in big name entertainers, there is a demand for rooms. Many people aren’t flying here to attend or play, but they are driving far enough that they stay overnight. 

@Andrew Einsmann

RUBS stands for Ratio Utility Billing System. They're algorithms that calculate how much utility cost to allocate to a unit. They typically use # of tenants, sq ft, # of fixtures etc to make the calculation. It’s used when you aren’t able to meter usage separately for each unit. 

All of the above from Joe and August also can provide notifications of door usage or you can check it from the app. 
Some have struggled with getting the app to work for them, but the keypad and code solve that issue. Suspect it is the tech challenged that have an issue.

We have multiple units that we also sync on a google calendar. Totally agree that once you find a good one, pay a premium and treat like gold. They are invaluable!!  

We also have hardwired cameras on the exterior. As long as you state that there are exterior security cameras, it’s not an issue. Agree with @John Underwood

@Monte Watson

It not really the solid answer you may be looking for, but I believe it is totally dependent on your expertise.  Like Andrew said, if you haven't deal with multiple total gut rehabs, an extensive fire damage is not the place to start.  While its true everyone has to start somewhere and most of those in the business have jumped into challenges, taking too big a leap isn't worth it.

Specifically on the decision of rebuild, or scrape and start over, its all in the numbers. What will it cost you and what is the ARV when completed.

@Yaniv Yarkony

When you are evaluating for cash flow, you should calculate as if you were renting all the units.  Also make sure to include PM, Cap Ex and Maintenance. 

The primary benefit of living in one unit is the financing that is available for owner occupied properties.

@Nicholas Gorgone

What @Ray Slack said. Many of those units were turned into duplexes prior to the zoning and are grandfathered in. Most jurisdictions will have language that tells you what will trigger the unit being reverted back to a SFR. For example, 12 months of vacancy.