All Forum Posts by: Nick M.

Hi All,

I am hiring a freelance leasing agent (someone who in their available time leases apartments).  I've used this person in the past.  To avoid the possibility of any misunderstanding of commission, exclusivity rights etc, I'm looking to have an agreement executed between she and I (property owner).

Can anyone point me to or otherwise provide me with a listing agreement?


Thanks,
Nabeel

@Adam Lang  Good idea. Incidentally, I did put out letters saying we suspect a leak and it could be a toilet and shared instructions on how to test.  Few residents followed up saying they had a toilet leak.  Subsequent to that, the flap/valve (guts of toilets) were replaced but no change in water.

Hi All,

Wondering if anyone has experienced intentional water wastage by a tenant (running sink water etc) in an apartment building.  I'm suspecting someone is upset because their rent was raised.

If so, how did you go about finding the responsible party?

Thanks

@Michael G.  Than you for the passionate post.  Certainly has me fired up after experiencing a huge spike in water bills with my apartment building.

How do you deal with pushback that may arise on passing on the 3rd party RUB provider's admin bill (which I would imagine is about $10/unit) to a resident and then being told, "I'm barely home and it's not fair I'm paying for the heavy water usage of others?

@Danny Randazzo  Thanks for the thought.  I similarly was thinking about getting an Amazon type locker system.  However, that would have to be placed inside the property - which means, once again, FedEx etc would need to first get into the locked building (we have a room that we could place it in).  At least, as I understand it.  Placing say an outdoor system wouldn't be appropriate for the area.

Hi All,

In this era of e-commerce, more and more people are having packages delivered to their homes.  This includes tenants who reside in apartment buildings.  For buildings that don't have leasing centers or doormen, but just have one or two locked doors that lead into the building, how do you allow for packages to be delivered to tenants?  Most are working during the day, so when say a door bell is rung outside the building, no one is home to answer.  Packages can't be left outside a building.  Any suggestions as to what can be done in such a scenario?

Thanks in advance.

@Greg Dickerson and @Danny Randazzo  Thank you.

Hi guys,

Lenders have strict DSCR requirements. For instance coming in at a rate of 1.3 per year. I bring this up because during the initial years of building ownership, to improve long term cashflow a building owner may decide to make capital expenditures. For instance replace water heater, furnace, replace roof etc. Given the costly nature of investments or expenses such as this, in theory your DSCR could take a hit. If for instance you need to come in at 1.3, you could come in at 1.1 or 1.0 or worse - .9, .8.

My question ultimately is, do these capex investments count towards DSCR?

Thanks! 

@Andrew Medlen  Hi Andrew.  Do you have tenants who complain the thermostat is "broken" because it keeps reverting to 68 or they find it annoying they have to continuously push the temperature up to 71?