All Forum Posts by: Tim Windhorst

Thanks for the reply @Ricardo R. Maybe a couple of points to clarify:

- Tenets are responsible for their water bill

- The meter is constantly just spinning even w/o a tenet using water, which is why they needed to get a leak detector. Units are not flooding either so I'm not sure there is a need to enter the property. Good point about someone stealing water.

- The property manager said I'd likely not be responsible (nor the tenet) for the excess water usage and the city would adjust.

At this point, I'd concerned about the number of days it will take to get this looked at (4 days). I only image a fire hydrant bursting and being left alone for 4 days....and what damage can result from that.

Hello BP community - I got this message from my property manager in Huntsville on Monday (yesterday):

"This is the tenant at XXXX Apt. C. I got a call from Huntsville Utilities last night saying that there is something going on with the water here. They said that the city is concerned about the amount water that is being used. They know it's not us due to the amount being used..." They said they sent a meter reader out already but they don't know were its coming from so they asked us to reach out to the apartment management. They haven't even sent us a bill because of how high it is, there's no way it could of been us using that high amount of water"

"Okay, I was told the meter is spinning like crazy and there is no evidence of the water on the ground, which is why we need to get the leak detector out there to make sure its not under the slab. We have it scheduled for this Thursday."

To get a leak detector out there is $400-$600.

Couple of questions:

- Should I be concerned about the situation and how long it is going to take to get a leak detector out there (4 days)?

- Has anyone dealt with this kind of situation? What was the aftermath?

- Who is responsible for insanely high water bill?

Many thanks!

Hello BP community - I got this message from my property manager in Huntsville on Monday (yesterday):

"This is the tenant at XXXX Apt. C. I got a call from Huntsville Utilities last night saying that there is something going on with the water here. They said that the city is concerned about the amount water that is being used. They know it's not us due to the amount being used..." They said they sent a meter reader out already but they don't know were its coming from so they asked us to reach out to the apartment management. They haven't even sent us a bill because of how high it is, there's no way it could of been us using that high amount of water"

"Okay, I was told the meter is spinning like crazy and there is no evidence of the water on the ground, which is why we need to get the leak detector out there to make sure its not under the slab. We have it scheduled for this Thursday."

To get a leak detector out there is $400-$600.

Couple of questions:

- Should I be concerned about the situation and how long it is going to take to get a leak detector out there (4 days)?

- Has anyone dealt with this kind of situation? What was the aftermath?

- Who is responsible for insanely high water bill?

Many thanks!

Rents were originally $575-$600.

Hey all - Sorry for the late reply. I haven't really been active on BP for a while. The operations have been great so far...little to no tenant turnover, everyone paying on time, no real cap ex. I'm cash flowing each month after setting money aside for cap ex and others expenses. Rents are between $625-$670 per month, which I was able to increase simply due to the market being higher, no value add at this point. I will clean up one of the units by adding new carpet and paint once the tenant moves out and that will bring the rent closer to $650. I've also experienced good appreciation on the building over the last 12 months....so cash flowing + appreciation has lead to a great investment so far. 

Investment Info:

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

Purchase price: $240,000
Cash invested: $65,000

First deal! By raising the rents to market raise, It'll be a little over a 7% CoC return. A+ school district makes this area very desirable area of Huntsville so it rents quickly.

Found agents on Loopnet. Interviewed them and described what I was looking for. One I worked with had a client liquidating his assets and needed to offload the property.

Here is the Zillow listing - https://www.zillow.com/homes/12005-Sugar-Mill-Cir-SE-Huntsville,-AL,-35803_rb/190833456_zpid/

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

rents were below market
huntsville is growing
A school district

How did you finance this deal?

Conventional mortgage using Better Mortgage

How did you add value to the deal?

Raised rents

Investment Info:

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

Purchase price: $240,000
Cash invested: $65,000

Very excited about this first deal! Probably will not be a home run but not a risky deal either. By raising the rents to market raise, It'll be a little over a 7% CoC return. A+ school district makes this area very desirable area of Huntsville so it rents quickly.

I found this by contacting agents on Loopnet. Interviewed them and describe what I was looking for. One I worked with had a client liquidating his assets and needed to offload the property.

Here is the Zillow listing - https://www.zillow.com/homes/12005-Sugar-Mill-Cir-SE-Huntsville,-AL,-35803_rb/190833456_zpid/

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

rents were below market
huntsville is growing
A school district

How did you finance this deal?

Conventional mortgage using Better Mortgage

How did you add value to the deal?

Raised rents