All Forum Posts by: Sohrab Ansari

Originally posted by @Matt Groth:

Square foot prices are impossible to give you. Is your flooring $1 per square foot, or 8? What you pick as finishes have a huge impact. Looks interesting, though. Quite a bit is done. What I have seen in my area is partially finished places are tough sells. Usually, the seller gives a 20k discount, if there is 20k in work left. That isn't a discount. Your best bet is to walk it with a contractor, pay him for his time, and get a bid. Add 20 percent overage, subtract that from the arv, then subtract another 10 or 20 percent for your headache. I would also check out everything with the city. It seems odd to stop a project that is that far along. It does happen, but it wouldn't hurt to ask some questions. Good luck!

thank you for the feedback. I will get a contractor and check with city. 

Anyone please?

This property came in my way. It is unfinished. It can be 3 or 4 units (currently approved by city as 2 units) and 1 unit is finished. Two brother started over 10 years ago and lost interest in finishing it. 

The finished unit is -1600sqft, 3 bedroom and 2 bath 

Second units is 1400 sqft - unfinished but has electric and plumping 

third and possibly 4th units - just wall, needs electric and pluming. Between the two units 1800-2000 sqft. 

Also have about 1700sqft of storage/garage

Each unit can be rented 1250-1500/month

Asking price $250K, average comp very very very conservative is $135 (single family are listed 160/sqft)

Based on what you see, how much you would roughly estimate to complete this? How much per sqft? 

Where to look to find someone help me finish this project?

my goal is to buy it, finish it and refin and keep it long term. 

Thank you. 

But is it normal to don’t have access to the bank or income?

About 4 months ago, I purchased a my first 16 units apartment. I got a property manager as I am busy with a day job and I cannot see myself manage property. When we bought it 2 units were vacant (needed some work, one is ready now). 

Couple of things, I don't like about the manager. 

1. Units are still vacant

2. No reports or he sent me a report with very little details. I asked for Monthly P and L and go balance sheet. I have only got one report  so far. 

3. Biggest issue is that I don't have access to the bank about he collect rent in. Is this normal in the industry of management? He says he will send any money and it is best and easy for him to do it that way. 

Is it time to let go of the manager?

@Mike Montana 

How would you pass the cost of the heating to the tenants? This property I am looking at has individual electric meters but has one for radiant heating that they owner pays. 

Looking into a 16 units property to purchase. It is in a B- location. The rent is 590/month average (60/month below market rent). The property was built in 1969. The property have window AC units and Radiant ceiling heat. 

The owner pays for electricity for Radiant ceiling heat which adds to about 18K/year. 

What is the cost of replacing Radiant ceiling heat? Should I replace or keep and bill back the tenants?

My calculated the NOI at $46.9K. Asking price $740K

Thanks for the feedback 

Any other feedback?

Bill F. You are totally right on about NOI. I am getting frustrated with not being able to find a property. Insurance got an estimate for $5300. Out of the 11k about 6k is non recurrent. She paid someone to fix drive way. Rest are snow removal, etc.

interesting. 

anyone else can put some input on this deal? thx