All Forum Posts by: Jeff D.

Same with me. Posted a new property for rent.  It got declined. Want to delete and start fresh. Nothing in their help section for something so simple and basic like that.     Sent screenshots/questions to their "contact" twice last week.   Still no reply.   Zillow is sucking in many ways.   Once you post a rental - make sure you never sell it or anything.   Because apparently there's no deleting it and it's part of Zillow for life.   

Does anyone have any recommendations for an insurance company that will insure a finished and updated, yet vacant multi family building (not a remodel under construction)?

I have a policy with a company now, but they were mainly set up for remodel and barely cover anything.  No theft, minimal liability, minimal valuation.      And my normal landlord policy company (Farmers) won't touch it until its mostly full.  

I need something in between.   A company that will provide NORMAL coverage as if it's mostly full - while i'm leasing it up over next several weeks/months.   

This can't be all that unique of a situation.   Ground up multi family projects likely have this dilemma.   And the minute your first tenant moves in, you need a lot better coverage than a basic minimal construction project policy.  

Thanks!

This all clears up some pondering i've been doing lately about why builders don't seem to be doing condo projects anymore.   And in turn,  1st time home buyers aren't into them either.   Perhaps a chicken and egg situation there, or maybe the word is on the street and realtors steer newbies away from condos these days.    Its apartments apartments apartments.   Rent rent rent.   

Condos used to be the thing you bought first when you couldn't yet afford a free standing house (that wasn't out in the sticks). They filled that gap for people. Then the siding lawsuits went nuts in the late 80's early 90's. Then I'm guessing at that point lawyers made everyone on boards personally liable. Which in turn made boards want to get every expensive expert and contractor possible involved anytime something needs fixing. Which in turn created jumbo special assessments and HOA's.

It's too bad.   Condo's would otherwise be helping to ease the housing crunch right now.   But any new condo project would have to be built practically bulletproof to avoid lawsuits.  But then the prices would be too high and scare away the first time buyers anyway.   Sheesh.   

Ok i'll try and be concise, and apologies if this has been answered already. Doing 2018 taxes (yeah i know, late). I had a multifamily remodel project happening in 2018.   2 units rented throughout construction, the rest under remodel.  Technically it was an active rental that whole time right?   So is there any way I can expense the remodels of the other 10 units as "repairs"?   Or do I have to depreciate them.  And if I absolutely have to depreciate them,  do I really have to break it down to a depreciation amount for each refrigerator,  each door,  each floor?   That will be a long list of 1000's of items to track over the next several years at tax time.   Yes,  I plan to have a cost seg at some point - but not right now under the gun.   Thanks!

As a former contractor, and lifelong RE investor / flipper/ etc........I've had more than one contractor disappear after giving them 50%.   I never do it anymore, regardless of size of job, regardless of referrals.   If it's a week long thing,   nothing up front.    If it's a several week thing,  maybe a 3rd at most.   

First off, materials are a small portion of the cost of construction.  Most of the cost is labor.    So 50% up front is a joke.   Especially when no labor has even occurred, yet you are expected to pay for it up front?     

Second, yes on the flip side, one could argue they should not have to pay for materials out of their own pocket especially when they are about to permanently attach those materials they paid for to your land or building.      So paying for materials up front is reasonable.   But labor shouldn't be paid for until labor has happened.    

So what I do if a lot of materials are needed up front is figure out a way to pay their supplier direct.    Super easy if a small thing - you can tell your contractor to go to home depot, and you can pay by phone.   (ask cashier to give you a general run down of what's being purchased first).   Or if a bigger thing involving a lumber yard or specialized vendor, you can agree to meet them there and pay the vendor direct.   

Then you know your up front material money is truly going towards materials, and materials specifically for your job.   And not their cell phone bill or rent.       

Hi!  

Is transferring 100% interest from one single member to another single member a taxable event somehow?    

Does there have to be a "purchase" of that membership interest by the new member for some dollar amount from the old member for it to be a legitimate transfer?    

careful with the cash for keys thing.........i'm pretty sure they've made that against the rules now too - knowing everyone will try that instead of paying the full relocation money.    

You're required to educate the tenant about their rights.   Which is telling them about  how they are entitled to a ridiculous amount of money to move out.    And if you try and side step the rules, and don't put the golden carrot right out in front of them,  then you get in trouble (fined) for that too.  

I guess in a way, the relocation assistance ordinance is basically cash for keys.   Except instead of the $500 that might otherwise be offered by a LL,  now the city requires it to be $4200.    Oh yeah, and tenants still get 3 months to prepare to move.    It's absurd.   

I'm not a lawyer, yada yada........1 year ago you could ask them to leave without needing a definitive reason.    But you have about 2 choices in Portland now thanks to a completely lame ordinance  from a lame city council who want to keep tenants in their "homes" at all costs.   1) you can evict them on a violation of their lease (not paying, smoking, extra pet, noise, etc),  but they have they easily have right to stop the violation and stay.   However, if they do it again within 6 months, then it's a straight shot eviction.      2) You can give them what is left of the "no cause notice".    Which is 90 days advance, and $4200 relocation money.   Paid up front at time you give them notice.   

I'm giving Bluebook a go.  Hope it generates some activity.    Although.....it's really cumbersome.   They make you call in to register by phone.  Ask for password by phone (really?),   then they have a separate "affiliated" site where you post.   Then yet another affiliated site where you post your plans/photos - with no way to confirm they actually got posted after uploading.  Then after all that, you have to go gathering a list of contractors and actually send the post to them.   Instead of just being able to post description, plans, photos in one spot and put it out to the world.       

(And contractors looking have to pay $2500+ a year to have access to listings)  

So it's far from a craigslist sort of thing.      

Maybe that's the main stop online for contractors looking for projects, but I'm guessing (hoping) there are some others.

If anyone knows of any others please suggest them......  

I am hoping it exists.    I have a 2 story mixed use building.  About 10,000 sf.  Retail at ground level,  apartments on second level.     I am trying to find a contractor for rebuilding of the ground level front facade.    It's not any heavy commercial scope.   The structure will remain intact.     But it's way more than anything residential.     So it's sort of too small for any big time commercial company to mess with,  and way more than a residential remodeling company could handle.     Kind of in-between.     

Where do developers put the word out for a project of this scope?   Is there a Craigslist or Angie's list that commercial contractors check out for potential projects?

Thanks!