All Forum Posts by: Stone Teran

We own an apartment building for seniors.  Normally, online advertising has been all we needed to get the word out (to non-seniors) but I'm getting a lower than normal volume of calls.  Where else should I focus my energy to get the word out?  We have lots of great looking vacancies.

I purchased a 62-unit apartment building with senior housing 7 months ago.  No matter what I try, I can't keep intruders out.  They sleep in the halls, piss in the corners and there's some prostitution.  The two main points of entry are the main door (keyed single door with panic bar on inside) and back door (unkeyed double doors with panic bar on inside).  The main door is public and not really a problem.  The back door is where my battle is.  Previous intruders and tenants are damaging my panic bar, taping it shut, and wedging stuff to keep it open.  I'm already on eviction #3 of main tenant suspects.  The fire department is heavy handed here and won't let me lock the door or remove the panic bar.  I'd like to keep costs down and I'm open to all sort of ideas.

I self-managed my apts for years but it's time to hire a property manager (as a w2 employee). My last short-term property manager used her personal cell phone but she didn't pay her bill and then left the company and left me in a bad spot. My inclination is to purchase a company cell phone and have them carry that and if they leave it goes to the next person. The other option is a forwarding number to their personal cell phone (and I pay their bill?). Give me ideas. I have 227 units. Thanks.

 Thanks.  My LO at US Bank goes through a formal bid process.  My other bank I think they follow what you described.

Just to be clear, I have stressed speed over cost and everything else.  I would pay double for an appraisal if they simply delivered on time.

To be fair, the subject property is 12 parcels in an urban area but I can't believe they are so unconcerned about being so past their own due date.

So the bank should put the appraisal up for bid and take the highest bid?

All of these appraisal companies that are problematic are established (although local/small).

I am perpetually frustrated with the appraisal process.  It's the same each time:  A sign a purchase contract for an apt building and my lender pre-approves me.  They get bids for an appraisal and select the one with the lowest cost and earliest due date.  The appraisal is always late.

For my current purchase, the appraisal was due April 15 and we have nothing 2 weeks later.  The loan officer is annoyed but isn't willing to do anything about it.  I'm pretty sure the appraisal company knows this.  Other than calling the appraiser and annoying them, is there anything I can do now or in the future to avoid this problem?  It has put a few deals of mine in serious jeopardy.

I will be closing on a property this Friday and I went over there today during heavy rains to see why the bottom floor floods.  The business next door has an odd abandoned/under-construction parking lot that drains into my (future) property.  I plan to talk to them about it.  If they tell me to piss off, would I typically have grounds to either force them to fix the problem and/or compensate me for it?

Nancy, I saw your post before it was deleted and I appreciate the screenshots!  I already use quickbooks, but it looks like I can reconfigure it to tailor to property management a little better. 

I own and self-manage roughly 200 units (several large apt buildings).  I will have 3 employees.  I want software that will:

1. Track rental payments and notify me who is late.

2. Allow me to keep a maintenance request ticketing system.

3. Full general ledger

4. Allow me to gracefully track a few different LLC's.

5. Run payroll as integrated as possible.

It seems some applications can do the first 2 or the last 3 but none can do all 5.  Also, I'm really looking to keep costs down.

This is a 44-unit by the way.