All Forum Posts by: Robert Lindsley

Hi there!

I own a 24-unit property in Central Florida near Orlando.  Most of the units are weekly rentals with the remainder being monthly.

The building is financed with a private-lender at 11% and I'm looking to get regular financing to bring my interest rate down and establish a long-term repayment plan.

The bank I'm working with now is slower than molasses getting the refi in place and I'm hoping there's a loan broker out there that can help things move a little faster.

If you are (or know of) a good loan broker can you let me know?  I'd love to start a relationship with them to get this and future buildings financed.

Thanks!
Robert.

Good morning!

I recently bought a weekly rental apartment building in Central Florida.  It's a 24-unit building with 15 efficiencies, 6 1BR, and 3 2BR units.  

When I purchased the building I used private money at 11% and would like to refi.  I purchased the building for $660k but it's recently been appraised at $1M.  My private loan is for $580k.

I've tried Freddie Mac but their lenders require proof of leases which I can't provide because it's a weekly rental.

Does anybody have recommendations for a bank who can provide competitive rates that would be interested in refi-ing this building?

Thanks in advance!
Robert.

Thanks everybody for your thoughts.  It sounds like the best option is to just find a new bank and open an account that accepts quarters (or play Mortal Kombat lol).

Thanks!
Robert.

Hey there,

I just put in a laundry room in one of my buildings and I'm wondering what people do with their quarters.  I tried to deposit them at my local credit union, but they won't take rolled quarters and they want 8% to use their coin counter.  Call me crazy but I really don't want to give a bank 8% of my laundry business for counting some coins.

Any thoughts on what I can do with the quarters?  They're rolled and ready to be deposited :)

Thanks!
Robert.

Hi there,

I'm trying to find an insurance policy that will cover a 7-unit apartment building with a small commercial space.  The commercial space is about 300 sqft and is currently being used as a bookkeeping/accounting office with no foot traffic.

The policy I currently have is threatening to jack up my rates so I'm looking for some other options.  If you have any thoughts on a potential insurance company, please let me know.

Thanks in advance for your help!

Robert.

Hi!

Thanks for your comments on this.  I received the call as soon as the meter reader saw the ultra-high usage and got the issue fixed as soon as I could.

I just got off the phone with the utility company and the best they can do is break the additional costs into 4 payments.  I was hoping they would remove the charges but they apparently don’t do that anymore.

I still intend on asking the tenant to pay for the overages, although who knows if that will get me anywhere.  If the tenant had contacted me when he first noticed the issue none of this would have happened.

Thanks for your help!  If you have any other thoughts or suggestions I’d love to hear them.

Thanks,

Robert.

Hi there,

Yesterday I received a call from the water company that my building water usage was 2x the normal amount.  After researching the issue I discovered a tenant’s toilet has been broken for a month and has been leaking water the entire time.  He did not inform me of this issue.

I don’t think I should be responsible for this water usage (especially since the tenant has a sweetheart deal of $300/mth).  The additional water and sewer usage is $440.85.  Am I within my rights to go after him for this additional amount?

The building is a 7-unit building and has had two units vacant for the past month.

Thanks!
Robert.

Hi David,

Thanks so much!  I accepted your request.  Looking forward to seeing your agreement -- hopefully it will work 'out of the box.'

Thanks again!
Robert.

Hi there,

I have a 7-unit apartment building in Connecticut with an additional office space in the building.  All of my residential tenants are on a lease and I want to get the new office space tenant on a lease.  The residential lease doesn't really work for the commercial tenant though.

Does anybody have a generic office lease they use?  If so would you mind sharing?

Thanks!
Robert. 

Hi there,

I am looking for a bookkeeper for my real estate business. I'm looking for somebody who can handle the following tasks:

- Keep track of multiple corporations in Quickbooks and Quicken, updating numbers weekly.

- Needs an understanding of finances how they pertain to real estate, including calculating mortgage interest paid, promissory notes, etc.

- Generate monthly (and as needed) reports, including NOI on properties, P&Ls, monthly spending, and tax documents.

- Participate in monthly calls with myself, my tax team, and various attorneys.

- Must be US-based

This role would only require a couple of hours a week but will be an invaluable part of the team. If you know anybody who you can recommend, I would really appreciate it!

Thanks!

Robert.