All Forum Posts by: Michael Green

My spouse is a citizen of the UK from Northern Ireland and we are interested in multiunit properties around $1M with at least a 12% return. Anyone know of any deals, especially in northern Ireland...Londonderry, Corleraine. Portrush, etc...

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I feel the terms of my Pro membership has changed in the middle of my membership term. Is this happening? I tried to send a customer service message out but it keeps giving me a message that my "email has been labeled spam and I should try again later..." Or something like that....so I decided to post on the discussion since I had no other way to handle this privately.

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Charles, I used the Rental Property calculator here on BiggerPockets and I was not aware of the tool you shared! Is that a standard form, meaning will they all be the same when I search online?

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Thanks Lee, I see it has an HOA as the city urged them (Builders-4 Corners KC, LLC) to form HOA to maintain the common areas. I use the 1% as a rule of thumb to decide what I will give my time and KC seems good for these deals. Would a HOA still be a commercial purchase when looking into financing for an eight unit property? HOA feels a lot like a Condo...

Great info...thanks again!

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I am asking this question of those who have done commercial deals and can explain the concept to me. I am looking at a deal in Kansas City, MO area with 8 units and comes out at a little over 7% cap rate. The current owner appears to be the builder and they are ready to unload this deal. Looks like the rents are below market as they get many calls and a long list of people waiting to rent. It is also in the Liberty School district and I hear that is a prime school. I am currently in Roswell, NM and know very little about this market.

Any information about the area and input about experience with cap rates would be helpful?

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Has anyone used Hubzu? If so, what did you think? Is it a good resource for REO's and Foreclosures? Are there things you do not like about the service?

Michael Green

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Oh , yes! I agree with Jacob...no friends and no family unless you don’t want to be friends any longer!

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I keep my deposit and rent the same, if I rent at $900 per month then that is my deposit too. Then pet deposit on top of that but it is all non refundable. $1800+ pet.

If someone in my market can not afford the upfront expense their out of luck as I want to attract people who can afford the lifestyle they want to live.

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Mike, great changes and I feel I will add these suggestions to my units as well!

Thanks for your time...

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Originally posted by @Mike H.:

Here's a quick checklist that I try to follow when I rehab my rentals. I see that other people have put some of the reasoning behind their rehab effort but I thought it would be good to have some responses at the detail level as well:

1) No gold in the light fixtures. Even if its perfect, gold is all replaced.
2) Replace all the electric outlet devices unless they look mostly new (and always replace all the lightswitch/outlet plates). New devices and covers along with a paint job go along way in making the house seem like new construction. Don't ask me why. But it just seems to work that way.
3) New appliances - black
4) When flooring is needed: Medium grade frieze for carpet in living areas, ceramic in kitchens and bathrooms although sometimes I do laminate in kitchen depending on the height/surface in connecting rooms.
5) Replace countertops if dated or damaged.
6) Paint all walls - but only paint ceiling if really bad.
7) Certifiy HVAC
8) Replace kitchen faucet but not bathroom unless really bad.
9) An upgraded ceiling fan in living room and master bedroom.

Thats typically my list and then I do what most of the others have mentioned above. What is my return if I want to do more? Will it help me get more tenants if I do something else? How am I doing on my budget? How much is the rental? (big difference in whether I will budge on an upgrade if the rent is 1,400 vs 1,100).

There are some rehabs where I end up doing more because I have extra money left in my budget (i.e. I had no surprises) so I don't mind spending that to upgrade the living room from carpet to laminate. Or to put in a new bathroom vanity where the existing one was still functional.

Hello Mike, Why black appliances?

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All Forum Posts by: Michael Green

Michael Green has started 7 posts and replied 17 times.

Post: Investing in the UK from overseas (UK Citizen)

Post: Lease Agreement Package

Post: Questions about Cap rates?

Post: Questions about Cap rates?

Post: Questions about Cap rates?

Post: Hubzu: Hard-to-find Properties

Post: Non-refundable damage deposits?

Post: Non-refundable damage deposits?

Post: How Much Do You Improve Your Rentals?

Post: How Much Do You Improve Your Rentals?