All Forum Posts by: Steven E.

Congrats and all the best for further investing in the future.

James, The building was left to me by my grandfather who had owned a pretty large theater (1400 seats) from 1925-1949 and bought this building but when i took over ownership about 10 years ago it was a mess but fully rented I used this building to parlay this to many other properties and now was able to move everyone out rehab and reintroduce the building much higher rents and it will be very high profit but way down the road after i spent what we did for the last year.

outside pic I uploaded it twice dont know why it is not posting maybe it will post after reviewed

outside pic 

well crazy it took a year to finally finish a 6 story 10 apt building on Bleeker street Greenwich Village near Washington sq. every time we opened up a wall or floor there was a new surprise so this was a stress and money pit but this past weekend signed leese to rent the last apt and I think i need a vacation now lol  

Don,

you go through the tax assessors office they come out with a list just an address and you have no idea if there is a lean on it you have to take that list and do the research find out the lean if any drive by the prop most of them boarded up cant even look inside I buy them for the tax before the auction where the bank goggles them up, or if you know the house when you see the list tell the gal in the office can i give you the tax for this one looks like 4 grand and pay for it right then and there BEFORE it goes to the judges court for auction. 

Oh one more suggestion. open a commercial account at lowes or home depot and as long as your rehab work goes over $2000 in materials send the whole list to the bid room it will save you abut 10-20% last month we had a major rehab job to three 1100sf apartments from ceilings to floors over in total about $35k in materials the home depot bid room came back with almost 25% off we saved like $7500 

Hi Chris,

I just a dded a few props to my portfolio one was a fourplex we did to that (which needed a total rehab) just like rob is saying we had our boys go in (my contractor we call the boys) neutral colors walls white ceiling , trims and even the doors I put in Allure cherry plank on the floors and in the kitchen home depot has a nice Formica brown ($165 long piece $89 for the short right angle) we paint the old cabs white and put real nice handles and draw pulls tile the kitchen floor or Allure also makes tile looking planks and looks great I have 40 units like this in one of my complexes and we get $800 a month. lots of people say no put carpet in you will end up changing the carpet 6-8 times in 10 years I spend a little more than carpet and it looks new for 7-9 years and everyone walks in and says " wow comes with cherry wood floors " lol they come out great and as a landlord of 140 units in apartments it has been a life saver.

With all due respect to my fellow BP'ers stop with the gut feelings LOL I told this story in an other forum at BP. A well speaking young man called sent him to the web site he looked over the qualifications and wanted to see the apartment. brought his application + $35 bucks drive in a 2010 BMW 311i well dressed good looking guy. loved the apartment handed us the application did a background check and 20 pages printed out rather than 4 he had 31 felony convictions 3 evictions 4 times in his life he did 3 years out of a 5 year sentence and bigest shocker I was alone in the apart with his guy Holy Hell  ( clears voice--- REJECTED- 

Sue to answer your question I could care less about out of state drivers lic ( as long as i get a copy of it or know the DL number and the lic plate number and state those things don't matter at all!!! and either does the credit report what matters DID they pay their rent, did they get evicted or did they cause damage to their last apartment and the security dept didn't even cover it that's what you want to know :)