All Forum Posts by: Michael Beeman

@Petra Harper 

I have never heard of them. But, on the BetterBusinessBurea's website, there is this:

This company has been contacted on two occasions regarding their misuse of BBB's logo on their website. The company has not responded to our requests that they remove BBB's logo from their website and at this time is still displaying BBB's logo on their website. This company is not a BBB accredited business and does not have permission to use BBB's logo on their website. Information regarding this company's misuse will be forwarded to the Council of Better Business Bureaus for their follow-up.

2. As long as you aren't paying any "fees" up front then I would consider it. My concern in your situation, Is being scammed. So, walk in with your eyes open, and make the best decision for you!!! Good luck!! 

@Jeff Kehl

I actually got it figured out. But, thank you for your concerns. 

@Stanley Parsley  

On the electrical side, it's not bad at all. Only because the electric running to those new apartment locations, all runs off of their own breakers. So, putting them on their own box, wouldn't be hard. I just don't know what company to use. etc?

Hello BP,

I have a large older home that was a nice value purchase andI am putting some money into it and creating a nice 3-plex. I also have a 6 unit Apartment building. Neither of these is sub-metered for water or Electric or Gas.

1. Who is the most efficient (considering quality/cost) company to work with for submetering/billing these 9 units out? I am in downstate Illinois.

2. I have contacted Guardian, but  I received no response. Sounds like a lot of work to submeter them myself. 

@Cory Heim

Glad I could help. @Brandon Turner does a lot of talk about this "house hacking" strategy on the podcast, and he's even written blogs about it!  Good Luck

@Aaron Van Curen

There are a lot of great resources out there to help give you a good due diligence checklist. Definitely have a Real Estate Attorney on your side that is familiar with the process. I would highly recommend reading Ken McElroy's ABC's of Real Estate Investing. Good Luck and Congratulations.

Hello BP,

I have a large older home that I am putting some money into and creating a nice 3-plex. I also have a 6 unit Apartment building. Neither of these is submetered for water or Electric or Gas. 

1. Who is the most efficient (considering quality/cost) company to work with for submetering/billing these 9 units out? I am in downstate Illinois.

2. I have contacted Guardian, but then read further comments on them and have heard mixed results. Has anyone had experience with Guardian in the smaller Multi-Family realm like this?

3. What kinds of costs should I be expecting with something like this?

@Brad Clarizio,   

Depending on what number of units, the apartment building will have, you could qualify for free installation of Submeters and billing to the tenants, service.  Contact Guardian.  they do a lot of submetering for water, power, and gas

@Account Closed 

First, I would say the Real Estate meetings are a good idea..  Definitely educate yourself, Read, Read, Read, BP guides, Forums, blogs, and listen to podcasts. One of the Podcasts that I would recommend is 124, It's about a young investor like yourself, and how he get started. He is also on podcast 205. Then I would suggest looking for a SUCCESSFUL investor locally and trying to just get coffee for him/her, try to get a job as an "intern" for that person.  Look for someone who is successful and loves to teach. Don't spend a lot of time on the Rich Dad coaching, it's expensive and you can learn more on BP for free, or by going Pro there is even more content at a very reasonable price.

@Matthew B.

I have never heard of that. I actually have an LLP, which is a Limited Liability Partnership. Basically, what we were told was that the only things that judges usually look at and rip the veil off an LLP and ignore it is when you use it to hide personal expenses, like nice cars, big nice vacations, etc. When presented with this info, a judge can look at an LLC or LLP and choose to ignore it's protection in the event of a lawsuit.