All Forum Posts by: Kris Hatcher

Has anyone out there developed and managed one of these short-term commercial spaces? I have some basic questions I would like to have answered. Thanks!

Appfolio is telling me I can use the program for self-storage as well as apartments. I have 100 or so units of each. Does anyone have experience with this? feedback?

Hello All: I'm curious how others handle inspections of potential purchases for multi-family property. We have our own subs for electric, plumbing, roofing, etc. Does anyone have a check list for their subs to use in going in to look at each unit or do you have a formal inspection performed? We have found that even if we have a formal inspection, our subs are the ones who do the repairs and the subs can determine the issues present as well so why go to the cost of a formal inspection? Thoughts? Thanks!

Thanks for the input, Clayton. I have not offered financial incentives before, but the current owner is willing to pay that amount on our behalf so that was one tactic I considered. Glad to know it has worked for you. Thomas, typically we turn units as they come vacant. As I mentioned, we cannot effectively treat the building (and individual units) in this case until the building is empty. If we wait for leases to end, we will be at the end of the year and way past the college student window of July/August which would be our target audience for the refinished units. Sometimes you have to be more aggressive.

My husband and I are purchasing a 22 unit historic apartment building. It is somewhat known for drug deals, criminals, domestic violence, and we believe it is infested with bed bugs. As a practical matter, we cannot eliminate the problems without having the building completely empty. The building is currently occupied in 8 units. Two of those tenants have already been served eviction notices by the current Owner. As part of our contract, the owner has agreed to allow us to properly continue the eviction process and otherwise begin turning the building and units prior to closing according to our typical lease terms (we have about 87 doors currently). I'm curious what tactics others have used to encourage tenants to find a new place voluntarily prior to their leases ending. Ideas?