All Forum Posts by: Thang Nguyen

I have an apartment that is set up as a 55+ complex historically but there is no deed restriction requiring it to be maintained as a 55+ complex.  I am thinking of converting it to a regular apartment so rents can be raised easier and increase the sale price in 2-3 years.  Has anyone done this and can share their experience.  

I think the transition will be difficult due to the culture clash between the age groups.  Is the city going to blacklist us in the future.  Some negative press could come up along with the morale battles with yourself.   Worth it?

Thanks in advance!

Hi BP,

I live in Seattle but want to buy a 80 unit apartment in St. Louis that was built in 1964 and is 65% vacant.  I own a 84 unit fixer in Columbus, OH where I self manage from afar with modest success and a lot of time commitment.  I would like to find trustworthy PM and contractors for the project in St. Louis.  Would love to connect with investors who have been there and done that in the area to learn more about the market and how to build the right team.  Thanks in advance.

Thang

Hi BP,  Does anyone have experience with tenants getting rent assistance in St. Louis, MO?  I have rentals in Greater Seattle, WA and Columbus, OH.  Both have good rental assistance programs now.  Seattle got started much later but is much faster in paying now than Columbus.  Would love to hear more about the experience in St Louis because I am trying to buy an apartment there.  Thanks.  

My apartment is in Jennings, MO

Hi BP,

I am about to buy a large 100+ unit apartment in St Louis, MO that needs a lot of TLC.  Occupancy is less than 30% so I want a medium/larger size company to help restore it so we can get occupancy back to 80% occupancy so I can refi the bridge loan ASAP.  Does anyone have a referral for reliable companies.  Thanks.

I am buying an apartment in Birmingham, AL and looking for a scrappy PM to help me turn the apartment around.  I would rather employ this person full time on my payroll.  This is a C area so expecting some chasing of rent and related tenant issues.  Ideally, the PM can live on site for free and has light maintenance skills to unclog toilet and pipes or change an outlet or light fixture.  

Is anyone like that realistic?

I am an out of state investor and I have an large scale rehab of 40 units in Cleveland, OH scheduled for Feb 2021.  20 units are normal turns, 10 heavy turns, 5 water damaged, 5 smoke damaged. Window and roof work are not needed but HVAC is a must as I am looking to install mini-splits or through wall units.  Drywall, paint, trim, kitchen, bath, flooring, plumbing and electrical should be standard rehab work.  If there is a budget, I am looking to install an automatic gate for security.

I need a lot of crews or a larger company that can make all units rentable in 3 months.  Hoping to find several reliable teams that does quality work, and willing to pay for it.  Fast with quality are more important than low budget with slow completion.

Would appreciate your leads.  Thanks in advance.

How was your Cleveland experience.  I want to expand to Cleveland in 2021 and would appreciate hearing about your leanings after a year.  Anything I should watch out for? Thanks.

Hi BP,

I am looking to buy more 1B/1B apartments around the North Linden area of Columbus,OH. Please me know if you are an owner or a wholesaler who can help me acquire 100-150 more doors in that area at a decent CAP rate.

Ideally looking for units with >10 units so 2-6 plex are too small for the work at this point.  Apartment should be on an arterial street serviced by public transportation and near shopping center+entertainment. 

I don't require help with financing at this point.

Thang

Hi BP community,

I currently own rentals in my own name and they are commingled with my personal finance and being protected with a $1M umbrella policy (not smart so please don't judge). I would love your advice on the best way to set up a LLC to protect my 6 SFH rentals while keeping accounting and management simplified. I can set up 6 LLCs or one series LLC to protect them, but the downside is having separate bank accounts and credit cards. I don't want to carry 6 additional credit cards and always remember to use the right one. With separate bank accounts, I have to keep extra money in each account to pay the mortgage in case the tenants are late with rent or there is a vacancy.

Here is my proposed solution (don't laugh). Renters will deposit the rent into their respective bank account for each of their "rental LLC" to keep each LLC separated. I will create a 7th LLC for a property management company that will pay all the mortgages and maintenance under it's own bank account and credit card. This PM LLC will invoice the rental LLC for mortgage and other maintenance expenses that was paid. The rental LLC will pay these invoices and hopefully be left with a positive cash low in the rental LLC. If there is a negative cash flow then the PM LCC would record the loss. I can save all the receipts and put them into an envelop for that house in order to keep them separate. The most important thing is this allows me to pay all the bills for 6 rentals from one bank account that has enough reserves!

Crazy or crazy like a fox????  Let me know your thought on this or how you have manage to solve this problem.   Thanks in advance.

Thang