All Forum Posts by: Orien Kuang

Thanks. Just want to add that it most likely will take over a year to get permits etc. to rehab and longer still to sell. We do not intend to hold afterwards.

OK, savvy investors, talk to me about your experience financing the purchase AND extensive rebuild of a multi family building! A FHA loan to cover both? A regular mortgage for purchase then a creative loan for the reno? If the latter, what creative loan? Thanks!

Hello fellow MTR hosts! We are looking to set up one of the 4 units in the building we are buying in DC as a MTR and have some questions.

1. Anyone self manage remotely with a contact in town, but not a full on property manager? Doable? I self manage a STR that's 5 hour of flight away, and it's actually doable with a reliable cleaner and handymen I trust. Similar for MTR?

2. How are you filling the gaps in between MTR contracts? I read last year you could rent out as STR for up to 90 days, but sounds like DC has eliminated that STR option this Febuary?!

3. How is your occupancy rate? What are your most productive methods of getting tenants? I know Furnished Finder, AirBnb etc.

4. I know you cherish your cleaners and handmen, but I would really appreciate it if you could so kind to share them with me, via private messages.

Thank you!

Orien

Hello wonderful community! We are closing on a multi family building near a popular local market/university/hospitals in DC and I am leaning towards mid term rental since we have plans for it in a couple of years (potentially sooner) so I am thinking this way we can avoid the headach of getting renters out--DC is tenant friendly. I do plan to self manage since I am experienced in self managing our STR. Please provide any thoughts, feedback especially if you have experience doing MTR in DC, tips and suggestions for self managing it etc. We just received the inspection report which shows that there are massive renovations needed for the occupied unit for us to pass inspection to get a licence, which means we need that section 8 tenant to leave for the work to begin. So experience/tips/suggestions dealing with section 8 tenants are weclome as well!

 I am looking too if you are able to share with me too? @sam 

@Sammy Lyon

 Thanks. I see he is based on L.A. I am looking for someone local in the great Seattle area if that makes a difference?

 Thanks for the detailed response. I am exploring the land of multifamily and what you said makes sense!

We are looking for a commercial real estate broker that specialises in apartment buildings in the greater Seattle area. We are experienced local investors in residential properties but new to apartment buildings. Having worked with many agents over the years, we would appreciate any recommendation for a knowledgable, upfront, honest broker who is good at negotiating.  Thank you!

Hello helpful community! We are closing on a great condo in southwest Maui in less than 3 weeks and I face a conundrum. Our condo is in servicable condition but do need painting, and new floor, light fixture and AC would be nice which would give us higher nightly rates. However, all good contractors (even the so-so ones) are booked out at least a month or two so to renovate it right after closing is out of the question. So my plan has to change, instead of renovate and get professional photos done to list on Vrbo, I will have to make do with some new decor and try to rent out at a lower rate, then renovate in off season--April/May or Sept/October and offcially list then. I plan to self manage for this time being since I have a great cleaner/repair service team who also does emergecy calls for me. My question is: would it be wise NOT to list on Vrbo etc. since I would not want the review of the non renovated condo to stay with us. What do you think? If yes, what other ways to get our condo rented? Thank you so much!

We are in the same boat now as you, Simone. Would love to hear how it all worked for you! Thanks everyone else for your suggestions. I am very attemped to self manage since I have found a couple of reliable cleaners recommended by my neighbors. Initially thought I'd use Evolve to get established, but now hearing quite bit of negative expeirences with them so I am not sure. Your tips make it more doable to self manage!