All Forum Posts by: Account Closed

If you were mislead, they are in the wrong.

If you misunderstood, you are being greedy.

Either way I wouldn't blow up your first deal over this. Clarify how much work you put in and see if they will listen. If not take your profit and move on and get 100% on your next deals.

Hi @Nate Shields,

I think most here are misunderstanding your question.

Your issue is that your property is not grandfathered in it's zoning status. That is generally fine, although a bit of a risk when purchasing a property with the incorrect zoning (for MF at least).

-First, I would use this to negotiate a much lower price on the property

-Second, check and make sure that the current owner did not try to have the property rezoned and fail. If they failed previously then it is a much larger risk.

-Third, Before rezoning the property, see if there are under-utilized areas you want to use to make it let's say 23 units instead of 20. Or even check if you want to merge some units. Hard to discuss without seeing plans.

Finally to answer your question, yes this will be an issue if you go to sell it down the road especially if you or someone else has failed trying to rezone the property. Typically with MF there will be no other uses for the building other than tearing it down so it shouldn't be too difficult to re-zone depending on your locality.

If you have more questions you may PM me as well.

From my experience (not in MN), that is the most Section 8 will pay. They will check comps in the neighborhood and amenities provided to get to that top tier price.

Basically, having a cheaper property in a cheaper neighborhood that rents below the max rate probably means you won't get the max rate. 

I don't have property managers for my condos. They have been maintenance free for me for the most part.

Usually if there is something that needs to be fixed it will be an appliance that you can purchase at homedepot/lowes with free delivery and installation and they will haul away the old for an additional fee. 

You can typically have a realtor do your showings and find you a tenant that meets your qualifications. Screen well and hopefully you won't need to go to court.

Combine your light switch with the exhaust. This solves many problems. Also clean out your exhaust fan if you haven't previously.

Are you sure all downspouts in place and are pointing/sloped away from the building? I've had problems with moisture and wet floors from missing downspouts.

I am also familiar with a project where waterproofing the basement was necessary in a home where the basement was added after the home was built. I don't know how much rain you guys get but the owner had a large de-humidifier he had been using for over a decade and claimed was sufficient except when they had a lot of rain. He said the carpet would get wet with heavy rain but avoided mold with the de-humidifier. 

Worth a shot before spending 20k.

@Michele Fischer

May I ask what improvements you did put in to get those better tenants before finding out you're better off with tenants more familiar in the area? Stainless steel appliances, granite, etc.?

@Michael Stewart

What improvements have you tried? What has worked/not worked?

You've increase occupancy by 25% with excellent tenants looks like. I'd like to know what you've been doing so far! 

I think getting people in the door would be the hardest part, most wouldn't consider the rougher part of town.

@Michele Fischer so your better tenants typically don't renew their leases? Do they state why?

Again like you said, "It's not as simple as just adding up appliances."

Yet that's all I did and somehow that was your advice?

Some people just can't admit when they're wrong I guess.

 Really? I assumed it was because "It's not as simple as just adding up appliances."

You must either like giving incorrect advice or are just a lousy electrician.

Now you know how to calculate a demand load using the optional method. You're welcome.