All Forum Posts by: Kenny M.

In one of our locations, we allowed the realtor to be our property manager in upstate New York.  This portfolio has grown quite a bit and it seems the current PM, a one man gang, just cannot handle the management.  He's a good guy, but doesn't seem to know when to say when.  He has about five of our properties which equates to 18 units in total.  We have five vacancies and three pending evictions with and two current evictions.  He claims it's not his fault, it's the type of clientele of low income (700 - 900) per month per unit.  He doesn't always respond to us in a timely manner, I mean days or not at all.  One unit, which is a half a block away from a college has been vacant for several months.  We've interviewed a few property management companies which have several hundred units under their management and 5 + employees.  They seem keen on taking over the portfolio.  We have an agreement, however, since vacancies are over 60 days old, we have an out on our contract.  Two of the units don't even have a PM contract yet.  

What is the best way to transfer the properties?  Should we gradually take them away?  Should we split them between both companies?  I just think the realtor/PM is overwhelmed as he's not a bad person, just doesn't have the resources to manage our properties.  He's trying, but due to the vacancies and evictions, we're losing about 4k a month.  

Our bank is in NY, and they do not write in CT, thus we went through a mortgage broker and the rates are quite high.  We can prove income, not an issue.

Thank you Bill!

Went through a mortgage broker.  Never did the mortgage game, so I am not sure where to turn.  My bank doesn't write in CT, only NYC.

I purchased a 20 unit building around New Haven and I have been having a bit of a tough time with the rate. My FICO is around 790, I purchased it for cash, and now I am trying to cash out. It spits out about $140k per year and profitable. The best rate I can receive thus far is around 6.8% with a 5 year ARM based on a 30 year amortization. I have other properties and have been doing this for a few years. However, this is the first time I've attempted to get a loan and it's a pain.

Any suggestions on what to do?

No, as it seems to be "dust particles/control on wood surfaces".  There is no mention of lead in the house inspection, as the inspector didn't test for it.

 No it wasn't visibly noticeable.  It was done by a X-ray fluorescence analyzer (XRF) instrument.  Yes, a home inspection was done. 

 These multifamily homes are built in late 1800's - 1920.  I check for termites, mold, asbestos, infestations, and make sure the building is structurally sound.  No one tests for lead.  

 One could only hope.  All the buildings around here are from the early 1900's. Kind of hard to fix something one doesn't know about.  Real Estate = fun times.

Yes, we're using an EPA approved company to encapsulate the lead.  I've thought of getting a mortgage, but at 52k, no one seems to want to write the mortgage as it's too small for them to unwrite at a decent rate.  I've spoken to my real estate lawyer and he's only heard of one time a tenant had sewed a landlord in 30+ years.  He said I am pretty insulated with all the documentation I have.  However, there could be some minor liability.  The biggest issue  plaintiff would have to prove is that the lead in the building had caused the child's raised levels.  The problem with that is the age of the child.  When I took over the building, the child was 7, now 8.  Lead doesn't take a few months to effect the child's development, it takes a few years and they have to be younger; usually 0 - 4, has the most affect on a child's development.