All Forum Posts by: Nita Martin

Thanks @Josh Dane.  

We originally thought adding the other items would make the property more attractive, but after getting feedback here, we have reconsidered.  We will resort to updating the property and good marketing.

We are seeking out other possible PM's.

You all have definitely given us much to ponder!  Thank you so much!  We are truly grateful.

Conclusion: 

• We will not be including utilities.  
• We will be researching other PM's.  
• We will be visiting other MFU's to compare their amenities, etc.  
• We will be updating the property upon purchase.  
• We will advertise for "good" tenants immediately. 

@Chris C., as I stated, we are VERY new to this.  We did the numbers, but came here to get feedback and advice from much more experienced individuals such as yourself.  Thank you, again!

@Fred Engh, thanks for your input.  You have given me a lot to ponder.

The building is sub-metered.  We thought we could make the property more attractive by including all utilities.  According to the energy company, each unit ran under $100/month from September to April, and under $150/month from May to August.  We were thinking of charging a flat rate of $120/month.  Thoughts?

We live approx. 2 hours away. Our family is less than 20 minutes away. They are willing to assist as needed. I don't think they have enough knowledge of REI to assist with management.

We have calculated the approximate utility cost in accordance to the averages provided by the individual companies and have added a 20% up-charge.  For the 1BR 1BA units we calculated $408 with the 20% up-charge and $480 for the 2BR 2BA.  This includes water, gas, electricity, cable, and internet.  This charge would be in addition to base rent of $525 for the 1BR 1BA and $625 for the 2BR 2BA. Thoughts?

I agree that 12% is quite steep for the PM.  We will definitely look into others in the area.

@Lucinda Toope Thanks for the heads up.  What do you think about including in the lease agreement that if the tenant exceeds a certain amount of internet, constantly uses an excess of electricity, etc. he/she will have an increase in their monthly rent?

UPDATE:  Unfortunately, there was an offer placed before ours, so ours is currently a back up offer.  Also, the owner has been in the hospital, so everything is stalled at this point.  We are still hopeful that things will fall in our favor, but we shall see!

On a different note, please view my new posting about our current venture:  https://www.biggerpockets.com/forums/12/topics/663...

As always, your input is greatly appreciated!

Thanks!!

Hey All,

My husband and I are Newbies to the RE Investment world, and we have lots of questions that we know you all can answer :)

1. We are in the process of closing on an unoccupied 4-plex with an occupied apartment in back.  We are considering offering the spaces with all utilities, cable, and internet included.  Is this a good idea?
2. What is the best way to get tenants?  Are there any websites, etc. that you all feel work better than others.
3. The property is approximately 2 hours away in our hometown where several close family members still reside.  Should we hire a PM?  If so, what is a decent percentage for this service?  The previous PM/current realtor charges 12%.
4. How are taxes filed as the property will be listed under our LLC.

I think that's all...for now anyway :)

Thanks!!

This is awesome and inspiring.  My husband and I are just starting out, but have a short-term goal to purchase 3 properties this year, and a long-term goal to own 30 (properties or units) in the next 10 years!!!  

I too am interested if anyone has information on this.

THANKS for the heads up, @Alex.  Rookie Mistake!!

I'll call you tomorrow. 

@Alex Hamilton, I was just looking into your services and the home you have listed on Barrow Street in MC.  Please send me some info.

Thanks!