All Forum Posts by: Nick M.

Thank you for taking time to share your thoughts.

The roof has been largely replaced and a new heating system and water tank was put in a few years ago.  I don't envision any large cap ex.  Just routine maintenance.

If I were to take the proceeds from the building and place it into a CD paying 4%, it would more or less amount to the total return I make in monthly cash flow and monthly principal pay off.

Would you keep for the long term or sell this property?

- Purchased a 1960's vintage building, 18 units, in 2017 for $1.5M
- In a major urban city in the northeast
- Put $400K down and have paid down $100K in loan (so the balance is $1M)
- Purchased it to supplement my 9 - 5 and use it as a resource of income to retire (15 20 years from now)
- It's comprised of studios, 1 bedrooms and 2 bedrooms.  General square footage is on the small side.
- It barely squeezes out any money per month.  In its best year, 2023 it cash flowed $3,000 a month before increase in property tax and utilities have squandered it down to maybe $1,500.  Moderate rent bump this year has prevented it from going down any further.
- It's been well kept
- Between transaction costs (e.g. broker fees, transfer fees), capital expenses, tax recapture I would need to sell it for $1.9M to break even.
-  At it's height (2022), it could have sold for but $2.7M.  Now it could sell for $2.1M.
- Would you sell for a gross profit of $300K or keep it, with a cash flow of about $1,500 a month? 
- I haven't been able to find any 1031 opportunities (buildings or otherwise) to roll the money into

I appreciate learning your thoughts on whether to sell and keep.

Hi All,

For building owners who have switched from one Property Management company to another, can you please share the letter or note you sent out to your tenants informing them of the change?

Thanks in advance!

Hi Team,

Curious, what is your average turn over rate?  Another words, what percentage of your tenant base is leaving each year?

I own an 18 unit C class building in a nice working class section of a large city.  Residents have yearly leases.

Thank you

@Bhanu Kuna  Who did you wind up selecting as your PM?

@Rachel Krull  Hi Rachel.  Would you mind sharing which property management you went with?

@Yechiel W.  Hello, did you select between BMG and McSherry?  What's been your experience?

@Juan Ricardo Herrera  Can you please DM the firm you are having issues with.  I'd like to avoid them as well.  Thanks in advance.

@Paul Kuhn  How's your experience been to date with TrueMeter.  I know service is horrible, but how about the products?

@Jeff Rinker  Thanks for recommending Flows.com.  Few months in how has been your experience with reliability and durability of their products?