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All Forum Posts by: Paul Hormann

Paul Hormann has started 10 posts and replied 37 times.

Post: Bulk purchase of Appliances / Flooring for apartment building?

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

I recently closed on a 24-unit building about an hour west of Chicago in the Rockford area and almost all of the appliances need to be replaced.  I have a bulk purchase quote from Lowes, but wanted to know if anyone has any suggestions for getting about 23 sets of stainless steel appliances at a deeper discount?  Also looking for bulk/wholesale pricing on vinyl plank flooring and cabinet hardware.  Any help is much appreciated!

Paul

Post: Dangerous Breeds as Service Animals--California

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

All great info @Account Closed, thank you!

Post: Dangerous Breeds as Service Animals--California

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

@Greg H. I understand, I was pointing out that a renter's insurance may cover liability, which is the real issue with aggressive breeds: the dog attacking someone else. Any property damages would hopefully be covered by the standard deposit. 

@Derek Lacy I haven't seen a renter's policy that covers pet damage to the property either, that's why I charge an additional deposit. Haven't you seen renters policies though that cover liability for dog attacks on other people? That seems to be the biggest concern with dangerous breeds. 

Post: Dangerous Breeds as Service Animals--California

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

I allow pets but require the tenant to purchase and maintain a renters insurance policy that covers liability for their pet. They also have to name me as an additional insured on the policy. There is a risk that they may drop it without me knowing but I haven't run into any problems yet. 

Post: Buy and hold in Maryland?

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

Thanks @Andrew Michael, I'll make sure to add those areas to my search criteria. 

Post: Investor in the DC area, Looking to expand into other markets

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

Hi @Michael N., I'm in the same boat. Government contractor trying to change it up. I'm guessing your goal is the same too, increase Cashflow as much as possible to be able to replace your expenses and eventually salary? I've looked at other markets in the Midwest and have found that, from a risk perspective, it's very difficult to find a good apartment complex deal if you don't know the market intimately and have a solid team in place already. Imagine trying to buy in DC from afar... you might wind up in a terrible neighborhood and not know it (parts of SE, NE, even NW). Would recommend finding the market you like first, then start making a TON of phone calls. Realtors, property managers, local banks, insurance brokers, lawyers, etc. It obviously can be done, but can become another full time job if you want to do it right with the right amount of risk. Good luck!

Post: Buy and hold in Maryland?

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

I'm interested in expanding my portfolio of rental units in MD and am looking at places along the 95/295 corridor such as Laurel, Savage, Columbia, Jessup, and possibly Ellicott City.  My goal is to acquire as many 30 year fixed mortgages now as possible on condos and townhouses that have a good cash flow, decent set of tenants for ease of management, and low risk of going down in value (higher appreciation would be a bonus).  I can buy cash and refi, or finance up front if I can find a good deal.  I would love to invest in DC, but am really interested in increasing my cash flow at this point.  Anyone else looking at this area or can provide any tips/share notes?  I've got 7 units in Savage right now, but don't know too much of the surrounding areas.

Thanks!

Post: Looking for experienced deal analyzers for this property.. Help!

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

@Russell Pitts Try www.netronline.com as it lists the public records sites available for every county/city in the country.

Post: Bad Neighborhood Portfolio Questions

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

Can you convert all rentals to full subsidy section 8? Seems like that would at least help with the rent problem. Then all you have to worry about are the properties getting destroyed :)

Post: Two tenants - can one terminate the lease for both?

Paul Hormann
Pro Member
Posted
  • Investor
  • Falls Church, VA
  • Posts 38
  • Votes 11

Great point @Colleen F., thanks. I think I have to proceed as though the lease will be ending now no matter what and go through the process for a new tenant with the one that wants to remain.