All Forum Posts by: Paul Stern

@Bryan O. I have been pleased with A2Z Real Estate Management. They have recently added staff to improve response rates, we have seen steady activity even this far into the winter and conversion from leads to tenants has improved as well. @Michael Pease can give you more info or you can go to their website

I am about to close on a 24 unit 4 building purchase in Davenport Iowa. Closing should happen sometime between the 1st and the 8th. For those of you who have experienced a closing early in the month, do you have suggestions on how to handle the transfer of rent for the remainder of the month (after close) from the seller to me, the buyer? Specifically, I am concerned the seller will only transfer rents collected and put the collection in my lap. Would you recommend putting the amount into escrow incase there are deadbeat tenants? Thanks in advance.

Welcome. Are you headed toward property management with that degree? What other plans do you have?

I am a local investor in Davenport, Iowa. There are deals to be had and 10 cap isn't unheard of. I have focused on small multifamily  (4 to 6 unit buildings). Most of the deals I have found in this range have deferred maintenance. Rents for this type of property range from $400-$700 depending on number of bedrooms, neighborhood and state of renovation. Paying for water is common. I generally use a 60% rule on this type of building where 60% of income goes to cover operations expenses. The 50% rule may apply for properties that are well maintained and the tenant pays the water bills. Hope this helps. 

Hi @Meghan McCallum , I have a great finish guy... drywall, paint, doors, trim, etc. Let me know if this is what you are looking for and I will PM you his name and number.

I would be interested in a quad city BP meet-up if you can gather enough local folks.

when it comes to shower enclosure I am looking for water tight. Good two piece is ok. One piece is better. Taking things down to the studs with tile over 1/2" cement board is best. Find a good tile contractor who specializes in showers and make sure to tile at least 4" past the tub. Oh and tile the ceiling. Have them put in a recess for soap and shampoo. The fewer things attached to the wall, the fewer things that get ripped off The wall. 

Have you thought about partnering with someone who has more established credit?

I suppose you could stop screening out all those arsonists and start collecting on those insurance policies.

Do you pay any utilities? What about cap ex? PM fees? I bet you will do that part up front, but do you want to manage the property forever? That might eat into your cash flow considerably. Good luck. I bought a similar property last year. My advice is to be careful how much renovation you do.