All Forum Posts by: Neil Patel

Hi I have rental in AL. Had to evict a tenant and found out there was a water leak in basement and garage. Had to redo some plumbing in drywall and replace flooring in downstairs. Question is, I've made a claim with insurance. Adjusted called and I gave as much info as possible. I already got the repairs done and emailed over itemize list of repairs. I left many messages for adjust and manager but no replies. This is my 1st ever doing a claim on property.whats the best practice to go about doing it? Has anyone done any damage claims and received reimbursement?

@Ryan Swan I'm curious what price range per unit are you seeing off market deal go for? I own 4plexes and looking to move to 10 to 20 units but the CAP rates are really low for traditional listing. thx

I currently have 8 units in Phoenix area and really need some recommendation for new Property Managemnt company. one I'm using isn't working out. They don't communicate well and takes them really long time to rent out a unit. If appreciate if anyone has PM that the love??

Hi Guys,

After having terrible experience with Yellow Hammer and RW, I've went with AHI properties. So far they're really trying to get this mess cleaned up for me. Finally got tenant evicted!!

On another note, I'm looking to sell this property in Center Point! PM me if anyone would be interested in getting additional info.

Neil

Sean, sorry i dont recall going to any events and meeting you. thank you for advice,  I'm definately calling local PMs this week. I'm in same situation with section 8 tenants. I've sent over paperwork to switch with renterwarehouse...so now I'm worried it'll make bigger mess if i change PM now.

Its so rediculous no one from the company followsup with any issues. I've asked them to evict one tenant a month agi, but havent heard anything back.

I've bought 2 homes in AL, one in Center Point and 1 in Birmingham about 5 months ago from a turnkey provider. Since then they've moved my homes to Renterswarehouse. This was the worst decision I ever made buying out of state homes and go with this PM. I haven't receive any rents from last 2 months. Every time I call their HQ office, No one ever Answers!

I would appreciate if anyone can recommend any local PM that I can trust and is prompt!

Thank You!

@erica

great! I'll look into that! I own few businesses so I know how to form LLC S. I just wasn't sure what real Estate investors do if they owned few different rentals.

Do they create diff entity for each property?

Do they create different bank accounts under personal names for each property?

I purchased 2 4plexes recently and was curious if I should put them both on a separate LLC or just leave it under my name? If I should do LLC, is there any particular way to form it or is it just standard business LLC?

@Jonathan Gobbo

yea..sorry forgot to multiple everything by 2.

But anyways if we just do 1 quad for this calculation:

Price 220k

Rents: 2400 (600/month)

Expense: 950

Cash Flow: $1450

If I refi it, mortgage would be: $1020

Leaving me with about $430 cash flow

This passes 50% rule!

What are your thoughts?

@Anthony Gayden

So I looked at some rent rolls and few of units are rented out for $650. Other ones are month 2 month so I can increase it to 650 as well. I was looking for the upside of getting $650 for each units, especially rents increasing here with minimum wage increase this year.

If you don't mind, I've got few questions:

1. How you analyze 4plex; meaning you look at CAP or COC or overall property?

2. Is there another site to get comps besides realtor.com?

3. Do you trust current property mgmt. company to keep them after buying property?

4. Should I call and verify everything directly with Prop mgmt.?

Thanks!