All Forum Posts by: Shawn Elrod

@Darrell D.

Fellow Vet and Ohioan here that’s been recently contemplating the same. Retired from corporate America last year and work solely on managing my MF and small office portfolio. It ends up leaving me with a lot of free time and questioning “what’s next”. I have two little kids at home so that helps fill the fulfillment bucket but I often struggle with the desire to feel productive and growing (in all forms, not just money). I’m keeping an eye out for opportunities/my next challenge while simultaneously feeling content with where I am at. This took some time for me to come to terms with since I was so used to running 100mph all the time for years to get to where I am.

Happy to meet up and chat sometime. I’m in the Dayton Area.

I’m a multi family investor that recently found an opportunity to buy an 11 unit office park. One of the buildings has a separate entrance basement with steps right off of the parking lot that isn’t finished. It has access to plumbing and electric and shouldn’t be too hard to finish the space.

Naturally I want to put this space to work. So I found a hair stylist that wants to open her own salon and is excited to rent my space. I had her pay a deposit and now I have to complete some framing, plumbing, electric and drywall before turning it over to her to build out her salon. Im new to commercial space and she is new at starting a salon.

Neither of us know how deep the state board for salons will dig into the space during their inspections. Do they need to be a part of my portion of the build? Or do they do their inspections once it’s closed in? Or once she’s done with installation of the salon fixtures? Or do they need to be involved for all of the above? Will they check the permits that may or may not get pulled? Does there need to be an egress window since it’s a basement? Which one of us needs to seek a certificate of occupancy?

I am concerned that with us both being rookies we will fumble through a lot of this.

@Joel Florian what are you using for the locks to change Automatically?

@Henry Hogeterp I’ve been using Rentec Direct to manage my portfolio and couldn’t do without it. I started using it around 10 doors and haven’t looked back. Tenants pay rent online, electronic signed leases, online applications (I still use Zillow for listing properties because I get better results) it’s my book keeping and it links with another site for sending out 1099’s. Software could be better on my phone but it works and they are supposed to be improving it.

@Wesley W.

I agree with your concern. Twice now I have had a running toilet take my typical ~$400 water bill to ~$700. I’m billed quarterly and believe it started somewhat late in the bill cycle. I would think something as simple as stating “landlord reserves to the right to recoup water cost above normal usage from any tenant who fails to report a water leak or running toilet within a reasonable period of time.” Should do the trick. But Fair warning, I’m not a lawyer.

@Julio Gonzalez what do you mean by 5G hub?

@Chris Gawlik

I didn’t qualify for the second round of free money. The first round of free money I spent on a Onewheel. Highly recommend but thats another conversation and I digress. Although more and more of the every day joes are chasing Real Estate these days, it’s still the big money guys looking for safer, better returns and right now Residential real estate in most (not all) markets looks the best. I’m not saying your wrong for your area but overall I think Affordable residential Real Estate is going to out perform any other asset that you can buy for the coming years. I get calls, text and mailers almost daily with people trying to buy my multi family properties. I don’t Doubt for one minute that really expensive areas are going to see some price hits, but in my market right now, I don’t see it happening. It’s like the rest of the country just realized a few years ago that property in the Midwest is a great deal. Deep down I hope your right for the short term. I bought all of my buildings at such great deals that I don’t care if values take some hits. As long as I can keep them full of renters. I would love to scope up some more properties at the price points that I was getting 3-5 years ago.

@Chris Gawlik

While I agree, this may be a risky time to start a flipping business. I see little risk in smart buy and hold, cash flow plays. With all of the money being printed, it’s going to flow somewhere. Will it flow into business assets for companies doubling down and investing for growth? Will it flow to stocks and bonds? Will it flow into low yield savings accounts? Will it flow into cash flowing, tangible assets? I hope some deals are coming and I am careful by keeping some “dry powder” but it’s hard to imagine that selling off all performing assets and sitting in all cash is a great idea. From a supply and demand perspective. The world Cash supply is increasing at a far greater rate than affordable housing.

@Brittney Cain

I am in ohio but recently ran into a similar issue. I had a tenant that was being evicted who continually allowed guest into the building. These guest would disturb the other residents of the building so I called the police to have the guest trespassed from the property. The cops denied my request due to them being guest of someone that lives there. Until the eviction was complete, I was told I have no authority to trespass guest of this tenant unless they are breaking the law.

Hope this helps.

@Joseph Cacciapaglia

No way I am selling any of my MF buildings! I sold about half of my paper assets that weren’t hit too hard just to have plenty of cash on hand. Cash flow will be even more king in the years to come. With good tenants in place there doesn’t seem to be a better investment right now for risk/reward. Hopefully prices drop a little but I don’t think it will be much In my market.