All Forum Posts by: Ryan C.

Hello,

I am buying my first place in Bronx and under contract on a three family and will be living in one of the units.  I have a few duplexes in Atlanta but this will be first one I have lived in and managed myself.

Does anyone have an opinion on if it is better to market on your own or use a realtor/broker?  Also, does anyone have any suggestion on the best leases to utilize?

Also, if anyone have good lessons learned on doing this in the Bronx, more than willing to buying a cup of coffee if anyone would like to meet up and discuss. 

Regards,

Ryan 

Is anyone aware of any vendors in the North Atlanta Area that offer special rates to land lords with multiple properties? I am most interested in Pest Control and Heating and Cooling. 

I currently have a few duplexes and I am about to pick up another two duplexes.  Getting retail prices is starting to get a little old as I am sure you all would agree.

Regards,

Ryan 

Yeah DSCR on this property on this actually pretty solid, should be around 2 to 2.2 depending on the exact repairs even without the third unit being there.

I spoke with my attorney they said in that particular area it shouldn't be a major issue and if I felt I really need to push the issue an zoning variance might be the route to go.  

Thanks for the help everyone!

I have a possible duplex/triplex I am looking at buying in GA that the previous owners have added an additional third unit to the property.  This third unit doesn't seem to be legal as the property is listed as a duplex.  Has anyone had any experience rezoning a property from a duplex to a triplex to make the property legal?  Or conversely what are the ramifications of leaving the third unit as?

I am looking to buy this with hard money and then refinance it, but that will most likely require it to be zoned correctly in order to secure traditional financing. 

Any help would be greatly appreciated.

Hi Everyone,

Long time reader rare poster here.

Issue:

• I am having a difficult time finding umbrella insurance for my property and I am hoping you all can help.

My Situation:

• I currently own three duplexes in the Atlanta area and I rent my current residence in NYC.
• My current three properties all have Rental Dwelling Insurance, not commercial.
• I am looking to buy a fourth in the next 1-4 months.
• One of my existing properties is in an LLC.
• I do not have a car.

What I Tried:

• I contacted State Farm, my current insurance provider, and they said as I do not have a car policy with them they cannot give an umbrella policy. (Sorta crazy I think.)
• I tried a broker and according to his underwriters I would need a commercial policy for all the properties. (Which I had previously tried to put together but because two of the units are in my name I cannot do.) I also do not want to quit claim to an LLC as it will trigger the due on sale clause in my mortgages as they are traditional mortgages.

I am just hopping someone already lived through his issue and has some suggestions of an insurance company that cover me as I start to grow my portfolio my personal risk is growing which I would of course like to avoid.

Thanks for all the help!

I use http://kenlutherlaw.com/id2.html for my closings.

Good luck! My friend found a pretty nice studio there for $1,400 recently.

Hi Derek,

Good luck on your investments! In regards to your apartment northern Manhattan comes close to the price you mentioned if you are okay with a studio maybe a 1 bdrm. If you want queens Astoria might be a decent place to look. My biggest advice is look for a safe neighborhood with mutiple train options as the trains get feisty on the weekends. Nyc.gov/crime should help. As well as nakedapartments.com, streeteasy.com, and the almighty Craigslist of course.

Good luck on your searching!

I'm in the process of looking at property managers now. I am looking at Ashman Associates, RentersWarehouse, and 3 Options Reality. I'll let you know who I chose in the end.