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All Forum Posts by: Account Closed

Account Closed has started 7 posts and replied 28 times.

Post: True Submeter (water submetering company) for triplex?

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

I was sent this by a friend who reached out to them for this service.  Hope this helps everyone.  This looks like a great option.

"Let's start out with giving you a bunch of information to answer many common questions. Many of these are helpful to know what we do differently but also many are what is needed to get you accurate pricing. Primarily we would need to know the plumbing configuration. Once we have that info I can get you a formal quote. We have main line submeters that can install on the water line going direct to each unit if plumbing is separated. That is the ideal situation as you only need one meter. This is ideal but don't sweat if you do not have separated plumbing as we have our innovative meters that can help with that too.

Here is a break down on both options:
Pricing for the whole system of the plug and play meters and routers run anywhere from $65 per apartment unit if the plumbing is separated. This is obviously the best case scenario. That is a ¾" meter and what we call the "main line meter". The best way to determine if it is split is how many hot water heaters are there? One per unit? It might be on one city meter but the plumbing may be split and we could use one of our meters per side.

If hot water heaters are shared then we have to go to the next option. When it is not split meters are still in the $60 price range each, so if you need 6 meters (per point hot and cold) $300 per apartment. We call these under the sink meters the "point of use meters". These are our claim to fame meters as they are innovative and quite unique in the market. Even at $300 we still see an ROI of 9 months or less, generally. Did you see the ROI calculator? https://truesubmeter.com/roi/ .

Attached is a flyer that shows a worst case, point of use meters configuration and pricing example for that. This is the option you reference but if we can go with the single main line meters it is preferred. One router is required per building, not per unit. The routers run around $175.

As for the monthly monitoring cost from us, that is easier as it is fixed per apartment and not dependent on how many meters you have. We charge $5.90 per month per apartment. So a 10 unit apartment complex would cost $59.00 per month. That fee includes everything such as private database, real time water logging, Verizon/T-Mobile cellular monthly service (we pay this so you do not have to have internet in the property) and the automated monthly water billing that goes direct to the tenant. There is really nothing you need to do other than collect the money each month. We do everything for you in order to make passing on the water bill as hassle free as possible. We take whatever the local water/sewer rates are and basically use those to set up your account. Then every month when the automated water bill is generated and sent to each tenant it is identical to the pricing structure your city charges. All fixed fees and per gallon rate fees can be billed back.

Water bill is automatically generated and either automatically emailed direct to the tenant or landlord/property manager (however you choose). Or can be available as a PDF from your private login to our database. The water bill is generated at the end of every month as a set period and send on the 1st of the month.

Batteries last on average 2 years. They are standard AA batteries, so nothing proprietary. Or the main line meters primarily come with an additional plug in and you can plug it into an outlet and never have to change batteries!
Let me know if you'd like a more formal quote. Attached is a couple of flyer pages and example customizable invoice that is automatically sent to each individual tenant at the end of every month."

Post: Should we purchase ac unit for tenant?

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

If you do buy them a AC unit I would look into actually giving it to them and having them responsible for the maintenance. As opposed to you owning the AC unit and adding another maint call you have to take care of. Just my 2 cents. Depends on a lot of other things like if they are month to month or a year, how good of tenant they are.  Good luck

Post: Buying first property.. single family or multi-family?

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16
Originally posted by @Justin Hayden:

Hi-

My wife and I are looking to buy our first property. I’m personally leaning towards a multi family home because I think it’s a great way to get started in real-estate while also having tenants pay for our mortgage. I want to start off with a multi-family 4 unit property. Should I lean towards a multi -family, or single family home as my wife’s and I’s first real-estate investment?

Thanks,

Justin

As I'm sure everyone on here will tell you, it all depends on what your end goal is.  There are several advantages of doing multifamily as your first deal.  Especially if you do a 2-4 unit building you can move in and do an owner occupant loan.  I did an owner occupant 10% down on my first single-family back in January, it's up for rent now.  I am leaning more towards a duplex for my next investment.

Good luck!

Post: Need help structuring a seller finance deal

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16
Originally posted by @Billy Deese:

@Ray Van I don't have any experience in your exact area, but I do have some experience putting together seller finance deals for clients. Check the laws in your state, but she could potentially set up an LLC for you to make the payments to.

I didn't think of that. Thanks! I will look into that.

Post: Need help structuring a seller finance deal

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

Greetings! I have a two part question:

1) Is there anyone in the Southern Indiana (Evansville) area that has done or knows someone that has done several seller finance deal? I've had several opportunities come my way that has the potential to be a seller finance deal.  I am very interested in going this route and am reaching out to see if anyone can help.

2) I have been working this deal for a little over 6 months.  The seller is an older lady who tried to list the property with a realtor but did not have any luck so it is now off the market.  She is asking $20,000 for the deal.  Will need a few thousand in rehab but can rent for around $800.  The only reason she cannot do a seller finance deal is that she is currently living in a rental house that is based on her income.  If she reports more income each month then her rent goes up.  Has anyone come across this type of situation? My only thought is seeing if she has a family member who I can make the payments to so it does not show up on her income. Is there a legal way to do this Any other options?  If you were to structure this deal what would it look like?

Thanks for the help!

Post: First 5 actions you took to be a real estate investor?

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

@Edwin Campos

1) Get obsessed with it. Everyday I am on Zillow looking at properties. It’s addicting.

2) Get pre qualified with a bank.

3) Find a investor friendly realtor.

4) Look at as many properties as you can, understand your market.

5) Run the #’s and pull the trigger!

Post: Structure a low ball offer so it is stronger

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

@Eric Roloson

There’s a lot of ways you could structure that offer. I would do some research on the seller and see what’s on their yellow sheet. Are you paying all cash? I’ve heard of buyers getting that much of a discount on properties if they make the offer in the sellers favor. All cash, waived inspection, no appraisal from bank so you can close faster, pays all closing costs, etc. The seller just walks away with check in hand and is done with it. If you are getting a loan you can still structure it in their favor. You cover closing costs, having your loan pre written from bank, schedule inspection sooner. You being able to close sooner helps make the offer stick out of the seller wants to get rid of it. If you are working with a realtor ask them about the seller and try to get a feel of what their situation is so you can favor it in your offer. 2 weeks on the market is still pretty early I’d think but it’s worth a shot! Good luck to ya

Post: Owned a home for 12 years and foundation is falling apart

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

@Ray A Delfi thanks Ray!

Post: Owned a home for 12 years and foundation is falling apart

Account ClosedPosted
  • Investor
  • IN
  • Posts 31
  • Votes 16

I hope you get things fixed! I had a similar situation, but my joist did not rot all the way through. There was still meat on the bone to sister up new joists.

Question for anyone here. What is the “code” for sistering up new floor joist if you are just supporting the above floor? The new sister would not be taking any of the load from the house. I’m asking this question because my

contractor used 10 foot 2 x 4’s for sisters.