All Forum Posts by: Tim Kelly

Greetings BP!

I would like to establish an email account specifically for my business.

I am reaching out to see if anyone has had success with a hassle-free approach or perhaps one you can connect to your personal account.

Any ideas or average cost to do so?

Thank you all in advance!

Ivan, I'm sure we would have lots to talk about.  I would love to chat AND be one of the first to read your book!

@Sean Myers Very much appreciated!

Greetings BP!

I am getting ready to move to the Pensacola, Florida area and I will be hitting the ground running in the multi-family and apartment niche!

At this time, I am searching for Commercial Brokers who specialize in apartments.  Does anyone have any good leads or referrals?

As always, THANK YOU and never stop progressing towards your goals!

Thanks!

Tim

@William Allen @Jay Helms

Thanks, will do.  Yes, the seller hasn't been the most cooperative to deal with but that's why it's an ideal property.  Very much under managed, under market rents, deferred maintenance, solid location, etc.

I was unable to use the VA Rehab 0% down loan due to the rehab exceeding the $35K threshold; so I am pursuing the 203K.

I am actually looking for one more 203K approved contractor.  My agent was only able to find two and I was hoping to get a least 3 in there.  Any quality contractors come to mind?

@William Allen

1601 E. Cervantes. Not far from downtown.  Are you familiar?

@Roy N.

A couple very solid points! I truly appreciate the feedback. The toughest part about the situation, which we are slowly working through, is the property is in the Pensacola, FL area and we are currently in the Norfolk/VA Beach, Virginia area, and plan to be throughout the duration of the rehab. We plan to move in mid-Feb.

However, we did see and walkthrough the property, and have a phenomenal agent willing to assist a great deal, but we will definitely look into altering each unit with a unique and different feel and approach, allowing different rehab intervals and even allowing the tenant to have a say in the choice of trims and finishes.

Are you currently living in a project you completed?

@Roy N. thanks a lot for the advice and insight!! Like you mentioned, presenting the plans and timeline to the tenants is similar to what I had in mind. I supposed I just need to be open to expect any reaction!  That's also great advice in reviewing the landlord tenancy laws, especially because this is a brand new market for us. Next step is waiting for the inspection and rehab bids! Also, lol I'm aware a small 4 unit is not considered a medium or large... for investment purposes, we only have experience in underwriting larger projects, we've never analyzed an owner occupied until now, but thanks to people like you, I decrease the likelihood of major mistakes!! Thanks again for sharing your experience! Any more advice?? 

@Lisa Misuraca thank you for the insight! I was thinking to complete one unit at a time, possibly moving the tenant into the one vacant unit as theirs is undergoing rehab but  I fast forward and think, when the "floor guy" comes in, he'll most likely want to do the entire property at once, the electricians, all in one pop.... Sure you see what's up but I guess we'll have to wait to see how much rehab will be required. Any other lessons learned or advice?  Thanks again and good luck on your next project!

Greetings BP,

I am under contract with an owner-occupied 4-plex in which I am using a VA rehab loan. I only focus on medium and large multi-family properties for my business; however, I'd rather house hack then remain in a SFR, for obvious reasons, so I am new at this part!

3 of the 4 units are currently occupied so my main concern is what is the best approach with informing the tenants their units are about to undergo rehab, the rents will increase upon renewal, and the utilities will be transferred into their names?

The contractors will be conducting walkthroughs to get their bids next week so I am not certain as to the extent of the rehab or if the tenants will be able to remain in their units during rehab yet.

Anyone have experience or lessons learned from a situation like this?? 

I would like to involve the tenants in choosing trim or finishes or paint colors to ensure they know their opinion cares.  Figured that may help ease the pain!

Thank you all in advance and Happy Thanksgiving!

Tim Kelly, Kelly Housing Group