All Forum Posts by: Michael Lewis

I have made a 2 page Word Document, that adds to the downloadable Lender Call Sheet from "The Multifamily Millionaire Volume 1 Book.

How do I share it with Bigger Pockets to add to the download section?

I just followed through the chapter in the book and wrote out lender questions that the books asks.

Its a much better picture of a potential lender, and allows us to refine which lender has better options for each strategy of REI

plumbing can be broken down into several layers, incoming from water source (City, utility) to the building problems (is usually a utility problem / fix) once the incoming water is inside the building it is your problem. If the leak is above the lowest floor cement, it should not be too big a deal, unless all the old copper pipes are ready to be replaced.  Sink drips, p-trap drips, faucet drips are minor in the whole house plumbing. Replacing a building wide boiler is very expensive ($10k - $20 k), hot water tank ($500- $5000) Water softeners about the same ($500- $5000). 

Make sure that building managers / property managers all know where the water shut off valve is if you buy the building, comes in handy if there is a major leak, to shut off all water fast. 

Dish washers, under sink leaks, faucets, running toilets, are common, should be fixed prior to any new tenants. 

ON THE OTHER END of plumbing is vent pipes, and waste water pipes (mostly black PVC) carrying waist water from building to the city street sewer lines

I have heard of landlords having the entire building snaked (roto rootered out the pipes) once a year as a preventative maintenance measure, as many tenants pour grease down kitchen sinks, and wet- wipes (flushable wipes are very hard on plumbing) down toilets causing back up clogs.

Most of the leaks on the waist lines are in the p-traps, toilets, clogs in the main drain line and sewer back-ups. 

Over time the waist lines (used to all be cast iron, will need to be trenched and replaced with PVC out to the street connection, as the cast iron breaks down over time, allowing tree roots to enter and clog / block the exiting waist water.

You best best is to call a local plumbing company, ( plumbing 911, mr plumber, rotor rooter) and have them come out and give a quote on repairing all the items the inspection found.

The plumbing issues on a duplex may be more manageable then say a 100 plex with a broken waste line or main water in line, but size and scope is everything. You can drop $20,000 on brand new PVC waist lines, permits, trenching, labor, and covering up the trench on a duplex, or a brand new leach field for a septic system.

@Chris Williams. Even in North East Ohio, USA single family homes are about $10,000-$15,000 usd more expensive than 3 months ago, but its limited house supply while still pre coved-19 demand in a A class city. Homes are either sold in the first three weeks on the MLS or they sit for 180 days.

Also From North Canton, Ohio, I have 0 Leads, 0 Deals, and 0 Experience. I have been doing a bunch of research during my spring cation at home. I have not tried nor do i know much about it. I have heard about a company called Lead Sherpa. From the few Youtube videos i have watched, they compile a list of real estate, like absent owners, or foreclosures, or homes that have code violations. I believe they then hand over the list to you, where you can post yellow letters, or drive for dollars and leave a actual letter taped to the front door, or the last is what the video does, is called text blasting. Where you insert 100 cell phone numbers into a text message. Mostly with the topic, "Hello, i am so and so, i am a local real estate investor and i came across your number in the public records. I would be interested in purchasing your property. If you would like to discuss it with me, text me back at xxx xxx xxxx." The videos go on to say that when you get a text back, its better to just call the person and talk. What the videos have found is that after 100 numbers texted, you have to change the text message body, or the cell phone carriers will flag the text as spam and will not deliver the text. So the people on the videos have about 10 different text bodies that they rotate as they pass 100 numbers each time. They say its a good lead generator, and has a higher conversion rate than just plain snail mailers. I have not opened any accounts on either website, but the video says to expect about $0.13-$0.17 per number on the lists generated. Again no experience, just a few videos. 

If it’s any consolation, I resell on eBay and in the past week they have placed a complete selling ban on paper masks,(n95/100, and surgical) any hand sanitizers/gels, and disinfectant wipes. While they can not police every seller, and every listing, the reselling community has been cut in half. As I do not sell on Amazon I can not say if they have taken any action on price gouging sellers.