All Forum Posts by: Tammy Skeath

Hello BP, I currently have 12 units in Cape Coral FL and have a (mom and pop) property manager who is boots on the ground for me there. I am looking to transition into a full service property management company and make it more hands off for me as I'm currently doing all the book keeping and a lot of the day to day decision making. I'm hoping to purchase more units this year so I think this would be a good time to make the change over. Most property managers I've spoken to are about 8% and they all seem good on the phone when asked questions. However, I'm looking for advice from investors in the area that have had a good experience with a property management company in Cape Coral. Any recommendations?

Thanks!!

Looking forward to it! 

Hi BP fam,

What exterior paint colors are you using on small MF in Florida? I live in CA and I know the trends are different. Here is a picture of the 5 unit, I'm looking to paint exterior, change up light fixtures, and numbering and possibly spruce up landscaping, but would love any other suggestions.

Thanks!

@Ryan Passi would you message me details too! I’d love to attend a local in person meet up. 

@Joanna Rinella thanks so much!

Hi @Joanna Rinella strangely, it states that all utilities on the premises are the tenants responsibility even though currently the landlord is paying for water. Thanks

Hello BP fam,

I had a question about when you can transfer water bills to tenants, who have a lease in place. I am purchasing a 5 unit that is not submetered for water. I have all the quotes in place to do the work of submetering after I close. Several of the leases don't expire until mid 2022. I'm wondering if it is feasible to have tenants transfer water utility to their name  prior to their lease ending or if I need to wait until lease is up? Is adding a new utility to them a breach of contract? Appreciate your help.

We are on vacation next week… but would love to join the next one. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Long Beach.

Purchase price: $750,000
Cash invested: $187,500

Bought a value add quadplex that was almost all vacant in Long Beach CA. I plan to rehab the 4 units and the exterior with a budget of $104K and then rent the units out in about 60 days for market rents.

What made you interested in investing in this type of deal?

The upside in rents and the fact that it was being delivered vacant.

How did you find this deal and how did you negotiate it?

MLS. The broker had already been working on this owner and knew the price to come in on.

How did you finance this deal?

Conventional loan. 25% down.

How did you add value to the deal?

We completely remodeled the entire building. All 4 units were gutted. Brought all the rents up to market.

What was the outcome?

Cash flow about $1000/month plan on selling in the next 2-3 years.

Lessons learned? Challenges?

When gutting a building still expect the first few months of tenants being in to have some maintenance work bc your still dealing with an old building.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Buckingham investments

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Cape Coral.

Purchase price: $400,000
Cash invested: $119,000

Off market triplex in SE Cape Coral bought from investor.

What made you interested in investing in this type of deal?

The numbers made sense.

How did you find this deal and how did you negotiate it?

An investor I had met passed on this deal and referred me to it. The investor who was selling it had a firm price and It worked for me. so I agreed. Very little negotiation involved.

How did you finance this deal?

Conventional 30 yr loan. 25% down. 3.5% interest.

How did you add value to the deal?

I plan on giving the units a cosmetic refresh and bringing them up to market rents over the next year.

What was the outcome?

It’s already a cash flowing property but I hope to bring it up to a 11% cash flow property over the next year. I will probably sell the asset in 3-5 years.

Lessons learned? Challenges?

I had some issues with financing and I learned the lesson of working with a good loan broker. Still working on establishing better connections in the lender world, Specifically in commercial.