All Forum Posts by: Sam R.

I recently tried to refinance a 4plex. Everything was looking good until the appraisal. The bank rejected the appraisal because the appraiser did a bad job. They used comps from a very different market, houses that were bank owned, and incorrect rents. Not only did the bank reject the appraisal that they bought, but the value came in low. The low value is tolerable because it just meant I wouldn't be able to cash out, but instead just refinance the existing principal. I did the work of finding better comps and presenting the correct rents, but the bank is still rejecting the appraisal.

I have been using a company called Surety Construction indirectly. I don't actually hire them, but the management company does. The management has assured me that Surety has the best price. The only cheaper price I was able to find was a handyman that I use, but then I had to have him return and fix leaks. Surety has never had to return to repair their work.

I have been using a company called The Rental Connection for 11 years. Their rate is reasonable and they don't nick and dime expenses like other companies I use.

In the future keep in mind that the deposit refund deadline will be increasing to 21 days starting in June.

It sounds like the opinion is that as long as I have an experienced fire system designer create the plans, I can do the work myself. Of course being my own building, the resulting quality will end up better.

 It is not the tenants, but friends of a inherited bum tenant.  However, that is all off topic. I am really just interested in system/brand recommendations for converting to card.

 My coin drawer locks have been drilled out twice in the last 6 months. Surely a card system would prevent drilling the locks and stealing the coins?

@Ken Barrett I am only dealing with 2 machines total. 1 dryer and 1 washer in an 8 unit building. I would rather not have any coin slots or "cash" on site. Tenants would have to refill cards at the management office. I too would like a solution that does not require internet access. I think this would be smart cards with a chip, but not sure.

I have been working with a company called DASA properties for years. They are very much by the book which I look which I like. Unfortunately they nickle and dime on repairs. Also, they started requiring owners to list DASA as secondary insured. After working with 2 other companies in Buffalo I settled on a management company. I don't think a stellar one exists in Buffalo compared to other cities I invest in.

I have a small multifamily with a coin washer and coin operated dryer. I would like to convert them to card machines. Does such a conversion exist? Would it be brand specific?