All Forum Posts by: Ron Steele

Thanks for responses.

What are you spending on painting. I'm in the c class apartments mostly. I'm trying to standardize colors and doing one accent wall in main living room. Trying to decide on vinyl plank (more expensive)and carpet in bedroom or carpet throughout.

What are you spending to paint a typical 2 bedroom apartment. I've been all over the place in regards to pricing.

Quick question for experiences multi family operators. I have a 2 1/2 (one guy is part time) maintenance men and about 270 units total. I was listening to Ken McElroy and he made the statement that it is a mistake to ask your maintenance men to turn units. 

Do most companies outsource the turns or do in house?

Thanks

Great Idea thanks for this...

Thanks @Casey Murray and @Chante Murray.

Do you have any information on this with Ken McElroy. He is my idol in the multifamily industry.

Sorry for the typos...

Thank you for your response.

I was going to do all repairs while the property is being occupied. You are probably right on the flooring and painting. Do you think I should wait until those items go out or should I go ahead and replace them?

In my experience with my tenants, its a slippery slope replacing thing, even when they break. What I mean is if I replace one tenants refrigerator or stove with a new because it legitamitely goes out, others will get jealous and I will have 15 that need to be replaced the next day. Funny how that works. 

Maybe just the disadvantage of lower income rentals. Most time you really have to treat a lot of tenants like children. Hope it doesn't sound demeaning just my experience in a short career.

I'm considering "rehabbing" or improving about 76 units that I own which is a portion of my older portfolio. These properties have been good cashflow properties, but they are more maintenance intensive since they are older. They are about 90% occupied.

I was considering the following:

• Replacing all flooring with vinyl plank except for bedroom (add new carpet when needed)
• Painting all units 2 tone colors
• Replace appliances with new appliances that come with 3-5 year warranty
• Change p traps and plumbing under sinks (Noticing more leaks and stop ups)
• Change all filters (should be doing anyway I know) 
• Resurfacing Tubs

I could increase rents on the property but I would only do so for my problem "late or non paying tenants" so the move would be a value add/bulletproof to reduce maintenance.

Anyone have any other strategies or suggestions? Is this over improving or should be done periodically anyways?

The properties are all about 35-50 years old.

Also should I finance these through cashflow of the properties a little at a time, Refinance some existing equity that I have, or go to the bank with the rehab plan and show a higher appraisal resulting in higher rents. My rents are about middle of market for my market (some a bit below)

Thanks for you help

how exactly does it work? I'm going to do research. Can this be implemented immediately?

I have an apartment building that has been individually Submetered already that I currently pay utilities on. 

I want to shift the obligation to the tenant. The current lease does not specify that I pay the water, but I think it's ethical to honor this arrangement during the duration of the current lease.

Or should I send out a letter in the next 30-60 days to state the change. What are the laws in regards to this? 

Lastly, I have another apartment building that is not Submetered. Would it be better to add a water reduction plan or get the building sub metered. Or maybe a RUBS program?

Thanks in advanced. 

can someone comment on this? I'm looking for a similar answer.