All Forum Posts by: Taylor Holden

@Michael Craig

What do you mean by NOI?

Sorry for the newbieness.

I mean I’ve been running calculations off his asking price. Yet that’s with it being fully rented which 4 units have been vacant for a year I’m thinking due to mismanagement. Along with the other 5 not really being full year rents.

How do I take the mismanagement into account for his 2018 numbers returning so badly in the negative?

As he doesn’t have 2017 and earlier numbers when he managed himself except saying he pulled between 2-4K in cashflow a month. My local real estate investing mentor has said he personally knows the owner and that he’s a truthful and honest guy and wouldn’t be making up any lies about what he previously brought in.

It’s worrying to me just to get a yearly report saying it’s coming back 19k in the negative.

Hey guys,

I’m newer to bigger pockets but have been running my own home as a rental for 2 years now.

I thoroughly enjoy it. I’m looking to branch out and become more profitable in the passive income business. So I’m currently looking at a deal on a 9 unit apartment complex. It used to be managed by the owner but he had to move away for family reasons. He turned it over to property management.

He has told me he was very profitable when he ran it with great income.

I have ran the numbers at fully rented with guess on utilities cause it’s “all bills paid” the rent also hasn’t been raised in 10 years. So there’s room for things there. The numbers look great on that side.

So now I have gone to the local property manager to which my phone call wasn’t returned on the weekend. Plus was answered with “what?!”. I went to their office and they seemed to be arguing about things and very much not lenient to any tenant issues. I’ve got the real year end numbers from them running the property for a year which they said they can’t wait for me to save 4K a year by not hiring them. Turns out they have 3 vacant and 1 unlivable (remodel) property with most not being lived in all year. The numbers look terrible. As this place with all bills paid lost the owner about 19k last year.

Ive tried to find the vacant units online and on Craigslist apartments.com and several other sites but there’s no listings for them anywhere at all no pictures no information no for rent sign out front.... literally no info.

I’m wondering at what point do you say this property isn’t profitable versus this is really bad property management who doesn’t care and lost this owner a lot of money?

Thanks for all your help!

Hey @Sherry Gray I did go to school with your daughter. I’ll be in town from work this weekend. We should try and grab coffee and talk. I’ve been meeting with others in the area as well. Rentals in our area seem to be the go to for me. So that’s what I’m currently after. I’m hoping to get 5 in the next 3 years at least 10 in the next 5 years. 

Thanks all for the kind welcome! 

I’ve been analyzing deals around town and probably will be making a offer on the first full rental property this weekend as long as my final numbers on repair come back correct with a contractor. The goal for me right now I guess is get 1 property this month. Get it rented in 2 months. Then come June get to the tax sale to grab the next one. 

Hey all.

I just joined bigger pockets recently. I guess I've been kind of doing this buy and hold rental thing for awhile just with friends in my own personal house. Which its worked well. My job is very seasonal and slows down to a crawl come winter time. This winter I guess I've decided that I need to get more passive income coming my way. I haven't bought anything yet though I have been analyzing deals. I of course have the can I do this apprehension. 

So I'm local to Bartlesville, Oklahoma its a suburb of Tulsa. 

I guess I'm here to meet and learn from all of you and hopefully just start doing it.