All Forum Posts by: Nathan A.

Thanks @Jonathan McGee and @Stephen Wood! I've been researching the PILOT program extensively.

Hello,

My business partner and I are looking at some 100+ unit properties in Memphis and are getting hung up on real estate taxes, insurance, and utility expenses.  Is there a reason they are so high? Example: There is a 120+ unit complex that we are looking at that had over $100,000 in utilities that were for water, sewer, and garbage.  Taxes and insurance were around $60k each. Any info would be great. Thanks!

Well said!

Hello! My business partner and I are heading to Memphis next week to check out some multi-family properties.  We are looking for distressed properties of 100+ units, but will definitely consider 50+.  We are looking to meet up with agents, lenders, property managers, and contractors.

Memphis seems to be a high cash flowing city.  How are the economic forecasts of the area? Are there great opportunities out there?  (Mind you, we are coming from the California Bay Area which is just ridiculous right now).

@Account Closed LOL! You are not the first one to tell me that.  We generally increase property value though. :)

Not that I am planning on moving to Oklahoma...but I think this is crazy.

Oklahoma City, OK home:

Price: $2,950,000

6 bed, 6.5 bath, 12,186 sq. ft.

$242 per sq. ft.

Lot size: 2.28 acres

Palo Alto, CA Home:

Price: $2,895,000

3 bed, 2 bath, 1,357 sq. ft.

$2,133 per sq. ft.

Lot size: 6,873 sq. ft.

*(BTW, this has been on redfin for 13 days, and is pending as I write this; the OK home has been on the market almost half a year)

Put the pictures really tell the story:

https://www.redfin.com/CA/Palo-Alto/1879-Hamilton-...

https://www.redfin.com/OK/Oklahoma-City/2204-E-Ove...

**Please note: I have lived in the bay area for the last 10 years, and have managed 100+ properties on the peninsula, so I get it. But I still think it's crazy.

Now that you are aware of it being rented out on Airbnb, the appropriate action would be to take action.  They are in violation of the lease, and now that you are aware of it, it can be a huge liability.  You need to know who is residing in your property. I would draft a letter soon to document the situation - a phone call first would be appropriate. This is not to say that you can't work something out in the future with the tenant - draft a new lease allowing subletting - but right now you need to take care of the violation.

Sounds good to me.  Would diversifying into several smaller properties be better or go for larger properties? 

I would not pay a deposit. I'm not really sure what it is for.  Contractors should be willing to provide a free estimate and proposal. That's just the cost of doing business in construction.

I think your right on.  You could drill a small hole on the underside and let any standing water drain, then when dry, you could put the cap on. If it's wrought iron, water will rust any exposed metal.