All Forum Posts by: R.G. Pham

Thank you Anthony and Nicole, that gives me two numbers I can propose, and I like the keypad idea, I've done that at my other property. 

Thank you Cameron, we would prefer not to rely on the tenants as we have the realtor/contractor who has been working on the property to hold the keys and do showings/turnover, but since he does not live on the property we are not sure what the fee structure should look like. I'm considering a high percentage of rent during turnover months and a smaller fee for holding the keys when leases are in place. 

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $485,000
Cash invested: $105,000

Built as a family complex, we renovated and updated to become a 5 unit: 2 top/bottom duplex styles homes and one single family home. One 3/2, one 1/1 and 3 2/1"s, and each apartment is unique.

How did you add value to the deal?

Added a new build and created two from one building, out of the three preexisting single family homes: Completely updated and performed all maintenance from home inspections and discoveries as we constructed one new build, separated two existing, and completely remodeled another existing.

What was the outcome?

Fully rented at slightly above market as the areas are very nice and close to town.

Lessons learned? Challenges?

Working with the right contractors: alot to be said here as we did all of this remotely.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Adam Clough Realtor and Construction A+++ quality and communication his company is JustASC

I am a remote and self-managed owner. Insanity, I know. But there is an onsite contact person who I'd like to have manage the keys and showings while I continue to manage the listings, tenant vetting, maintenance (through my contacts), and payments. As yet, I do not see this situation addressed on the boards, but please direct me to the post if you know of one-- Suggestions on what should the fee structure should be for my key-holder? Thank you for your thoughts. (Please I'd like to address the question itself and not directions to get a full-service property manager. That is something I'm already considering.)

Thank you Judson, much appreciated

Dan Gaza, I want to become a hard money lender also. What is your process, do you work with a lawyer to put contracts in place? Advice appreciated. 

Looking for someone (real estate lawyer I assume) familiar with hard money loans. A contractor we know needs funding to flip a property, we want to protect ourselves with a contract to place a lien in case of default. 

For those who've acted as hard money lenders, what is your experience and advice? 

Thank you in advance~