All Forum Posts by: Stone Teran

I found an excellent property with potential. The owner stopped paying in 2008 and the bank sought a judgement in court and not a foreclosure. They got the judgement in 2010 and nothing has happened since.  The owner still lives there.

A. Why would the bank (Farmer's National Bank) pursue a seemingly worthless judgement and not a foreclosure?

B. How do I purchase this non-performing note/judgement from the bank?

I will mention the owner wants to sell but isn't willing to put much effort into it.

Haha I do have a 2-ton dump truck and have considered that very move. I’m just worried the city will come down on me as opposed to them 

No

I’ve had an 8-yard Republic dumpster for a few years and I got sick of the games they play with pricing so I have been calling them since December to come get their dumpster. It’s now June. The call center always says my rep or the sales team can do the cancellation and they will call back but they never do. I submitted a bbb complaint and they responded immediately with big promises so I would cancel the complaint but those promises failed and my bbb complaint stayed. The new dumpster from a competing company is in service and I hate have two dumpsters, especially the republic one with rotting garbage. What’s my next move? Keep in mind I’ve called no less than 30 times.

Our property manager (an employee) is handling incoming calls from prospective tenants and existing tenants and the call volume is too high for one person. We want to have him handle prospective tenants and outsource the repair requests. Repair requests get input into our cloud-based software and our techs do the actual repairs. We probably get about 15 repair requests per 8-hour day. This is too little for a new employee. Should I go with a service or with a virtual assistant? If VA, do I pay them an hourly on-call rate? Has anyone tried this out?

We are rehabbing an 11-unit and will be sub-metering electric and water. 1. How do you submeter hot and cold water? We only have 1 water heater. Use 2 meters per apartment or meter only cold and pool the hot? 2. What’s a company that can remotely meter water and electric in one bill?

Last year a multi family across the street went into receivership. I vowed to acquire it and contacted the receiver (no response) and kept a close eye on the mls and all private brokers and it sold right from under me. I was so mad. What other ways do receivers sell their multi families? Do they or can they have a buyers list and market it there and never “go public”?

I went for a refinance over 2 multi family properties and we ended up refinancing one and the other was left free and clear. Now I want to get a refi on that free and clear property and use the 20-day old appraisal I just paid for. How old of an appraisal will a conventional bank typically accept? I want to know how much time I have. Gaston

I purchased a 6-unit apartment building one year ago.  The building is in great shape, occupancy is always 100% with no turnover, my credit is good, my cash reserves are good and the financials for the building last year are good.  I have no mortgage and I want cash out refinance.  The local banks are quoting rates over 5% interest.  Are there any online and/or national banks that are open to this very low risk proposition where I can find an interest rate under 4.5%? 

I have several apartment buildings and I am constantly jerked around by our dumpster providers, Rumpke and Republic.  Most sites have an 8 yard dumpster emptied weekly.  The dumpster providers tease a low rate and swiftly move in rate increases.  I once took over an apartment building that was managed by a somewhat large property management company and they had a "national rate" (even though they aren't national) that was far lower than what I pay.  Has anyone ever succeeded in getting something like this?  I bug the dumpster providers constantly about the rate increases and would love to lock in a "national rate" but they're not budging.  I need more info and leverage.  I have 8 sites with dumpsters.