All Forum Posts by: Clayton Hutton

@Colleen F. I like the idea of them being able to control the temperature within a set range, I can give that a go before jumping into submetering everything. I will go that route if I have to, but I'd rather not if I don't have too. Right now I'm kind of looking for a quick fix, because sub-metering is a definite future plan.

Yeah, I've already had 2 $350 plus bills. If I submeter, I also have to pull out both central heating and air and install 2 wall a/c units and 2 heater units separately.

Hello,

   Looking for a thermostat I can install in a duplex that is converted from a single family home. The main issue I've been having is that the home has central heating and air and this seems like the easiest workaround since I'm covering electricity in this set up. Does anyone out there have any suggestions on where to find one, or what they're even called?

This is by far the easiest alternative to rerouting electrical and submetering. I know there's laws/guidelines on the temperatures it can be set too, but outside of that is there anything else I might be missing?

Thanks in advance!

Thanks for all the great information everyone. Managed to get most of it sorted out, and have a wealth of information to put into my systems moving forward.

You know, I actually asked about one of those, and the agent didn’t have any idea what it and couldn’t offer much clarification. I probably should have asked more on here about that. But the one time I looked into it I was told it’s just to verify rent.

The double whammy was that I believe both the listing and agent said said that the property was sub metered and when I called the utility company, they said they had two units on the address as well. Short story on that, it definitely isn’t sub metered and has central air and now both tenants don’t want to pay for the others power/utilities.

Afternoon,

   I recently purchased a property in Indianapolis. It came with a tenant on a month to month lease. I started trying to track down if this tenant had a deposit in place, but there isn't a record from what I can tell, at least with the previous property manager who doubled as the listing agent. If there's no record, and I got this property and the previous owner didn't return it, who does this fall on? am I obligated to pay this out if they leave? Is it not my problem per the law?

Thanks for any help or direction in advance.

Clayton

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $106,000
Cash invested: $5,000

In need of moderate repair and submetering, on minor foundational issue. Outside otherwise in decent shape with a little bit of modernization needed.

What made you interested in investing in this type of deal?

This seemed like the best deal I could make happen given my relative inexperience with buying/rehabbing from in investment mindset.

How did you find this deal and how did you negotiate it?

Found through a brokerage agent.

How did you finance this deal?

Using traditional financing. This was the route used because it made the most sense given the price range, deals I was able to negotiate. We were at an inflection point of sorts where it just made more sense overall to do a traditional finance route as opposed to a hard money route.

How did you add value to the deal?

Repairs to bring up value were minimal. It's currently winter weather, so I'm waiting to work on the exterior, but other issues have mostly been taken care of.

What was the outcome?

The outcome is still pending. So far it cashflows a bit under where I would like it. I'm currently on the fence on how to sub-meter or if I should just move it back to a single unit. It was listed as a duplex, is mostly set up that way, however it shares central air and the headache between the two tenants is pushing me towards changing it to a single family for both cashflow and maintenance.

Lessons learned? Challenges?

Figure out how to verify that a unit is submetered. I called the electric company and they informed me there were two units they had listed and it was sub-metered. The real estate agent said it was sub-metered. I should have moved about hiring another inspector that could verify that was indeed the case instead of relying on this route.

Moly, 

   Love that idea, I’ll most definitely do that. 

Alright, well I feel sheepish. My brain said it out loud but I didn’t write it down. It is an off market property. So there’s no listing agent.

Hello everyone,

   I'm trying to work out how to get out of an interesting situation. I have found a great property in dire need of repair/rehab. I'd love nothing more than to make an offer on it. The realtor says they can't make any kind of offer without a preapproval letter. I am going the hard money route and the lender working with private money doesn't want to issue a pre-approval letter without being able to back it up. So I'm at a place where I have to guess out of left field (potentially for any property I'm looking at) on what rehab costs will be on a property i've just seen from the outside. I don't want to give a quote on rehab and have it be drastically off. One contractor was kind enough to give a ball park number of 40k-150k for rehab just looking at a picture.

I've heard it mentioned a few times on the podcast that Brandon has just written offers. Do you need an agent for that? Can I just write an offer letter to get things moving. I feel like I'm at an impasse of sorts going through the realtor and hard money guy.

Anyone out there have any ideas on how to get things moving forward?