All Forum Posts by: Tim W.

@Phyo Ko

Hi Phyo, I live in north county SD and invest in Cleveland, OH. My first property was a 10 unit apartment building. Keep in mind that a good property manager is important but no matter how good they are, they won’t be better than you. You’re just one of many investors they’re working for. The appreciation is real in SD based on the value of my primary residence, but I was looking for passive cash flow income and went to the mid-west instead. Your overall goals and strengths should help you decide where to invest. Whichever decision you make, make sure to do your due diligence. Good luck and thanks for your service.

@Ann Shanley Thanks Ann! Much appreciated.

Looking for a plumber to water leak detection for a 14 unit apartment. Thanks in advance.

@Arturo Herrera

Better due diligence on the expenses. I.e. how often are the property taxes are reassessed?

Also related to the first point, find properties with furnaces in each unit as opposed to a boiler. Having the tenants pay for their own heating is understated in regards to NOI calculations.

@Ryan Evans Thanks for your input. My concerns right now are heightened because I’ve heard from other investors that share the same property manager that they’ve experienced longer than expected vacancies as well. I’m half way into a value add opportunity and the vacancies are killing my timelines. I like the property manager and don’t want to go through finding another but I may have to reconsider that strategy if these vacancies continue. Perhaps I’m just spoiled with how quick my other apartment fills up.

@James Lusk Thanks for your quick response. I believe you have a great point. My elicited experience tells me to keep things at status quo for now and monitor the rental market. I look forward to any updates you provide.

I own a 10 unit apartment in Lakewood, OH. Currently, I pay for all of the water expenses associated with this building. I’m interested in moving some of those expenses to the tenants. The units are not submetered. I’ve stumbled across a RUBS program to charge tenants a more accurate estimate of the water they use instead of a flat fee added to their rent. Can anyone share their experience with RUBS programs in the Cleveland, OH area? Things to consider? Recommended vendors? Thanks, Tim

I have a 1 bed/1 bath unit in Brooklyn, OH that’s been renovated recently. It’s been marketed for rent for almost a month now at $565/mo. My recenty renovated 1 bed/ 1 bath units in Lakewood, OH rent out far quicker, ~2 weeks at $585-600/month. Has any other property managers/landlords experienced a drastic difference between those 2 locations? If so, what has your experience been with vacant Brooklyn units? I’m getting slightly frustrated because I’m used to the vacant units being filled so much quicker. Thanks, Tim

Timothy Murphy III I have a 10 unit in Lakewood and the property tax estimator gave an estimate $4k over the previous owner's property tax bill. It was purchased roughly $20k more than the previous owner. I understand it's an estimate but are there other ways to estimate the tax for small commercial properties? Thanks, Another Investor named Tim :)

Michael Swan Swanny! Always full of enthusiasm! Great job on becoming financially free and sharing your story. Thank you for the motivation to invest. Love the thread. Got a little heated but I think everyone is just trying to help.