All Forum Posts by: Ravi P.

@jackson long

I have not had this experiance but we did have a client that was issued additional funds based on the conditions you have described. The capital was granted for a new roof. The client also had a great relationship with the bank. 

This was for a small shopping center and the tenant required the new landlord to repair or replace the roof. 

Ravi

I just closed on a short sale in Sept. the lender prohibited us from reselling the property for 120% or more of the pirchase price for 90 days after closing. I do not recall who the lender was. 

The only way I could think you can get around this is to purchase the property in a Corp. or LLC. and then have the buyer purchase the company. Not sure If that would work. I recommend you consult with an attorney.

Ravi

@Art Maydan

Where is the rental located?  I may have someone I can refer.

Ravi

There could be many reasons that the breaker may trip. It could be as simple as a bad circuit breaker, a short in the line, or not being properly grounded.  

An experienced  Handyman may be able to take care of this problem, but I recommend an electrician.

If you are looking for second opinions try using thumbtack.com.  You list your problem and up to 5 contractors  will respond. they may not be able to provide an estimate with out a site visit. but I have had great success with them with small jobs like this.

Ravi

@Marcus Louvier@Account Closed

I do not think selling will be that easy. It is difficult to sell an asset that has a negative cash flow and even harder to convince anyone that the property was worth acquiring. As a fellow investor you would want to sell for the highest value possible. You already have an investment and turn it around and then sell. This would be an ideal investment for an owner operator that would live on site.  

Sorry, I tried to edit a word on my previous and accidently hit post. 

...you can compare the housekeepers daily room list to the in-house and departure list. Same with the handyman. Have him keep a log of all rooms he does work in. 

Also based on the lack of business you can fire her and let her know that you cannot afford to keep her since the business has dropped. 

Maybe you can pay a little more and hire a manager with experience. Check out HCareers.com they have a many  folks looking for hospitality related jobs. 

Let me know if you have any questions. I don't know everything but will do my best to help. I have some experience working in the hospitality business. 

Good luck 

It is obvious the live in PM has to much control and no oversight. Or becuase your mother inherited these properties she may not be too familar with the business and operations.  You need to have a segregation of duties. This is too difficult with smaller propertiesyou do not have the scale and revwnues to have layers of management. The quickest approach is to have someone there to oversee the property. Working right along side of her. Also, if you do not have one already consider getting a hotel property management system (pms). Do you also have an electronic lock or do you still use a keys. Moving to a pms and electronic locks are much easier to audit. Depending on the pms and electronic locks they can intergrate and make the audit far more realiable. Also housekeepers should be keeping a log of rooms that were cleaned and wether this . Compare

I would first ask the Listing Agent to cancel. If the LA refuses the Seller can request that he will only consider full price offer and cash only deals.  

Nnabuenyi, 

I am interested in this as well.

I will be closing on a house at the end of the month. It is a short sale and there are about 20 windows that may need to be repaired or replaced.  

Would you mind sharing the size and cost of the windows. In addition, how much would you expect to pay for installation. 

I completely understand if you do not want to disclose the pricing. 

Thanks 

Ravi

@Nancy Curran

I only own 5 units but I have always downplayed how great it is to have this residual income coming in.  When asked how many I own, I will say something like"not enough properties to have someone deal with all the petty issues." which is kind of true. 

When asked why I am still buying. I reply "I'm not sure Why I keep buying but that I think I have some type of sickness." Which is also true, since I do feel some sense of accomplishment when I buy, rehab and rent the unit out.