All Forum Posts by: Lucas Bennett

*Hey Siri, what is the RUBS program*

Yep, that's what I was referring to! I probably should have googled it before I replied. 

It's almost too easy to learn something new on this site. Good luck with everything, @Zach Schwarzmiller

@Zach Schwarzmiller Yes we have been using Guardian Water & Power for the last 3 years or so. Only problem we've ever had with them is when the City came in and changed the cover to our water meter on the street; Guardian couldn't open it to check the numbers. That has since been rectified. 

We get an email every month to release the bills to the tenants, so we can check the bills before they send them out for us. I did hear from another BiggerPockets member who saw this thread and called me that Guardian now requires you to have a certain number of units before they will release the bills for you. So you may have to print and send the bills yourself with if you only water 5 of your units metered by them. Apparently we set up our account with them early enough that we are grandfathered in. However, I've never checked with Guardian about this. I'm sure they are reading this so maybe they can chime in. 

There is an online portal to pay as well, so if your tenants are computer savvy enough they can pay online. I think the rules around how you can bill your tenants for utilities is different in every state, but I'm sure they'd walk you through your options with them. 

Conversely, you should check if there are ways to bill your tenants that is easier than sub metering. I believe some cities/counties/states allow you to divide your master utility a certain way among your units. Don't quote me on that, but I would definitely look into that before you pull the trigger on sub-metering.

If you do sub-meter, I think Guardian could definitely work for you. 

That is a great idea, Ash. I plan on hitting up social media, but due to the nature of the business I need to tread lightly. Out here in Oregon everyone seems pretty pro cannabis, but not all of my friends and family feel the same!

Hi Christopher,

Thank you very much. I will definitely be getting in touch with him!

Hey there BP,

It's been a while! Here's my current scenario:

I have a commercial property under contract in Portland, OR that is the perfect spot for a cannabis dispensary: Great location, great traffic, cool looking building. I have already gone through the process of applying for a recreational retail license from the city (ONI) , and we have already received our buffer zone for the site. The state application is currently being processed by the OLCC.

I have experience opening and running cannabis dispensaries in OR, but due to the extremely hot market in Portland for this type of property, I am now thinking about selling it to someone who is looking to get into the market, or to an established cannabis company looking to expand their footprint.

The problem is I don't know exactly how/where to market this deal. I have a list of my buyers, but they are interested in real estate, not in running a marijuana business, which is where the value in this property is. 

So assuming you are allowed to market this property, who do you go to first? Craigslist? Current cannabis dispensaries in Portland? From WA? Cannabis real estate agents? 

Any suggestions on marketing routes, or other strategies for this property, would be greatly appreciated. Thank you!

Lucas

Hey Dar, Welcome to BP!

I am also a new investor in PDX. Sounds like you've got a good skill set and the right connections to be successful over here. Portland's market is real hot right now, as I'm sure you know, so finding a MFU within your budget will take some work. I'm always a proponent of looking for a place with deferred maintenance that you can immediately add value to with a little elbow grease, but it all depends on your goals. 

I own and manage one MFU and one SFH over here, and am in the process of getting my RE license. If you ever want to talk shop, or have any questions about the RE licensing process, please do reach out.

Best,

Lucas

@Devan Mcclish Yes, I use them on my MFU.  Getting the meters installed was the most hectic part of the process because they use subcontractors, but after that everything has been going very smoothly. They bill our tenants every month, the tenants send their checks directly to us, and we pay the utility company.

If you want to use them you will need an internet jack in a common area to set up a router type thing for the readings. They will supply everything you need. They even give you the language to put into your rental agreements so the tenants understand that they will be getting a separate bill. They also send you a preview statement so you know how much water each unit is using. This is nice because you will inevitably have a tenant come up and tell you that it's impossible they used that much water, especially if they aren't used to paying their own bill. 

I feel like a sales rep for these guys haha. I'm sure most of the sub-metering companies are about the same. They are just the company I used, and they save me a lot of money each month, so I'm quite satisfied. 

@Devan Mcclish When you sub-meter you need to figure out who will actually be monitoring the meters. Many sub metering companies will charge a discounted price for the installation if you use their monthly service for reading the meters/ sending out the bills to the tenants. This monthly service fee can actually be passed onto the tenants in some jurisdictions, you should look into that. I would check out Guardian Water and Power. Just my 2 cents. Good Luck!

Welcome Michell,

I just completed the onlineed 150 hour course, and scheduled my exam. I'm glad to know you passed, so there is hope for me! haha. 

Portland is definitely an interesting market; great appreciation right now, cash flow not so much. I own a MFU up in St. Johns, and it took a lot of sweat and tears, but it now cashflows pretty well. Gotta put in that WORK!

Most Importantly, @Brandon Turner  I second Michell's Blue Stat Donut comment. Voodoo is for the tourists, blue star is no-frills deliciousness. 

Congrats on the new license, and for delurking. 

Lucas

Hello BP,

I've renovated a few of the units in my apartment building, and I've been able to find (mainly just by luck) great people in every trade...except for electricians.They are either great, but flake out on me, or great, but charge me and arm and a leg for even the smallest things. I need to find some sort of middle ground. 

So my two-part question is:

How do YOU go about finding good electricians, plumbers, etc. etc. assuming that you don't just use the one your GC comes with. Angie's List? RedBeacon? Friends? 

AND

My fellow Portland investors, do you have any references for a good electrician? The jobs that I need done aren't very big, but I need someone who knows what they're doing. 

Feel free to comment here or shoot me a message. Any insight or references would be greatly appreciated. 

You're the best. 

No you're the best. 

Lucas