All Forum Posts by: Tommy DeSalvo

Hey everyone! Thanks for the awesome and quick replies! Yesterday was a whirlwind of craziness and excitement and I just unplugged and relaxed after the closing. I just ordered the everything landlord legal guide because it seems to come with a nice amount of forms and state laws built into it. I just finished my introduction to the tenants letter and I'll be heading over there in a few to meet tenants and hand out the letter. It lets them know that within the next week, while I'm honoring their current lease, I'm amending where rents go, contact info, etc.

Utilities have been successfully switched over.

@Coleman Nelson- I'll look into sub-metering. It sounds like a cool idea. I just need to run the numbers and see how best to balance either raising rents, sub-metering, etc so that I can keep a high occupancy rate while also competing with other apartments in the area. 

I plan on running background checks on everyone. There are currently two tenants on month to month leases. One has been there for 6ish years. And the other is moving out in a month (I'm owner occupying and the tenant just married and they're getting a bigger place) The other two have leases locked in til random times next year.

@Ramon Jenkins-As soon as I finish up with everything today I'll try and make a post with photos and the numbers. 

Welcome to BP! I would just like to add onto what everyone else has said by recommending you start with the BP ultimate beginners guide to real estate investing. I just purchased my first properties after multiple years of reading and research, so just jump right in!

Hey everyone! There are a ton of posts on BP about how to find and buy your first property. I am now a few hours away from actually closing on my first deal and I just realized I have no idea what my next steps are for immediately after closing. I know I need to have the property tax adjusted, I need to switch over the utilities that are in the current owners name. I need to send the tenants a letter stating that I am the new owner and to send me their rents. What else? Should I go introduce myself to the tenants? If anyone could give me a little check list I would greatly appreciate it because my nerves are going crazy. Thanks!!

I'm interested.

Welcome to BiggerPockets! This is a great site to learn from and network with people.

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I'm in the Cincy area, but let me know if I can help at all or just discuss different aspects of real estate. I'm sure you already know about VA loans, but those seem pretty nice for military personal. Cheers!

I'll definitely be there!

Hello sir,

I would recommend Tryfon Christoforou of Sperry Van Ness. He specializes in 4-60 unit buildings in the cincinnati area. Office: 513-936-9113 . Cell: 513-490-6881 . He's very knowledgeable and has been invaluable to me.

Awesome, thanks for the feedback! To answer the questions, the rents are currently under market for the current condition of the property. Even without the planned upgrades (ACs and dishwashers) other similar units are renting for at least 450. I don't think raising rent and the other improvements will raise the value that much because it's a 4plex, it's based on sales comps, not on rents and improvements. 

I'll be installing the dishwashers, as I've done that before, but I've never replaced windows, so that'll be done by someone else.

The way I figure it, If I can keep all of these added things to under 100k, the property will easily appraise in the 130s or higher. Which will allow me to refinance and roll that into another property. I just wasn't sure if adding things like windows was a good idea at the start and wanted the opinion of other landlords.

Oh yeah, I'll be getting an FHA loan, and the numbers look good on my calculations/itll have positive cash flow. More as I bring the rents up towards market value. My question was more of a should I roll the purchase of new windows into a 203k loan or should I hold off on those kind of improvements until I've owned it for a year. For example, I'm going to add AC units and dishwashers as I turn over each unit, but I didn't know if new windows should be a now or later kind of purchase.

I just put a very well maintained 4plex under contract for 91k. It is fully rented and is in turn key condition. Now, the current owner hasn't raised rents in about 10-15 years, and they're about 90ish dollars below market avg. It has original windows (the aluminum framed ones from the 50s), no dishwashers, and no ACs. My plan is to roll the purchase of new windows into my loan, so, 20ish windows, at 150 a piece is about an extra 3k right off the bat. Then I would add dishwashers and AC units as I turned over the actual units. The amv of the property is around 130-140. Is this a good investment or should I put this off. On a side note, I'll be living in a unit.