All Forum Posts by: Brian H.

 Thanks for the thorough response. Some of it not easy to hear, but that's ok. I really appreciate it.  I had mentioned that there is an older man in one of the units in the problem area. He's maybe 80 years old. Spry, works still, super nice. BUT, he has so much family and other people there ALL the time hanging out. They've been a problem before and we are almost certain his grandson has been selling drugs and is possibly breaking into the empty units.  I hate evicting him because of his age and who he is, but before I passed the properties to a property manager I had had my own conversations with him about how he needed to minimize traffic and only have 1 or 2 people over at a time.  I also told him I was pretty sure his grandson was selling drugs in the parking lot.  Well, they are all still there.  So, I feel like evicting him is just something that sadly must happen now. I am a bit concerned about retaliatory action from some of his people.

Property looks fine. Kept up. No weeds. Paint looks good. Metal roofs.  Just in a much lower income area of the town.

He folks, hope you are all well. So the title says it mostly.  This is stressful.

I have 5 buildings totaling 11 units. They are all on the same property. I'm having increased issues with crime around two of the buildings. It's been slowly getting worse over the last 3 months. One building is empty right now and someone broke in one of the units and had been squatting, based on all the stuff, and then I guess tried to light a fire to catch the building on fire? So there is that. PMs nailed windows shut. Then someone got back in somehow.

Next, they finally moved someone into the other building and she was robbed, had her car broken into, and her gas siphoned out of her car. There have been on and off other crime issues over the last few months. This REALLY upset the PMs because it looks awful on their company and they had been doing a lot to help me really find renters for all the empty units and whatnot, on top of dealing with crime/insane tenants they evicted for me.

Basically, the property management company is saying that the amount of time they are having to spend on these units has become too much for the fee and their staffing. I can't manage these myself and I don't live there. It is a small town. These are very much low-income rentals. Lots of people on disability. So some unsavory characters end up there from time to time. The one tenant that has more of these sketchy people around is an old man that is really nice but his family and people are awful. We are fairly sure his grandson sells drugs out of there and has been breaking into the other units. We think he may sell out of the unit that the lady had been just moved into and was mad that he couldn't use that spot anymore...

Anyways, this is all obviously ridiculous. They didn't use to be like this. So much crime. I need help figuring out how I can keep the property managers. They do a good job and there isn't another company in the area since it is small. These properties have a fantastic ROI.

Do you think approaching them saying I am willing to install security cameras? And pay them more to help me out? And we probably should evict the older fellow because he's been talked to about his people that are always around and don't do anything to control them and keep some from coming around. That way they are all gone... but I do worry about some retaliation in the immediate future if we do that.

I'm desperate lol any ideas??? Thank you SOOOO much!

He folks, hope you are all well. So the title says it mostly.

I have 5 buildings totaling 11 units. They are all on the same property. I'm having increased issues with crime around two of the buildings. It's been slowly getting worse over the last 3 months. One building is empty right now and someone broke in one of the units and had been squatting, based on all the stuff, and then I guess tried to light a fire to catch the building on fire? So there is that. PMs nailed windows shut. Then someone got back in somehow.

Next, they finally moved someone into the other building and she was robbed, had her car broken into, and her gas siphoned out of her car. There have been on and off other crime issues over the last few months. This REALLY upset the PMs because it looks awful on their company and they had been doing a lot to help me really find renters for all the empty units and whatnot, on top of dealing with crime/insane tenants they evicted for me.

Basically, the property management company is saying that the amount of time they are having to spend on these units has become too much for the fee and their staffing. I can't manage these myself and I don't live there. It is a small town. These are very much low-income rentals. Lots of people on disability. So some unsavory characters end up there from time to time. The one tenant that has more of these sketchy people around is an old man that is really nice but his family and people are awful. We are fairly sure his grandson sells drugs out of there and has been breaking into the other units. We think he may sell out of the unit that the lady had been just moved into and was mad that he couldn't use that spot anymore...

Anyways, this is all obviously ridiculous. They didn't use to be like this. So much crime. I need help figuring out how I can keep the property managers. They do a good job and there isn't another company in the area since it is small. These properties have a fantastic ROI.

Do you think approaching them saying I am willing to install security cameras? And pay them more to help me out? And we probably should evict the older fellow because he's been talked to about his people that are always around and don't do anything to control them and keep some from coming around. That way they are all gone... but I do worry about some retaliation in the immediate future if we do that.

I'm desperate lol any ideas??? Thank you SOOOO much!

In Caldwell County, NC. Thanks for that. I will start calling around. Is there anything specific to look for with a commercial refinance? I learned all I could about residential loans and refinancing over a couple years on here... all about BRRRR... and all that. Then I end up needing to do a commercial loan for my first big investment so that has been a new learning process.

Hey folks! Hope all of you are well.

So I bought an 11-unit package just 2 years ago. 1 quadplex, 3 duplexes, 1 small block house. All next to each other on two plots.

I finance with a commercial loan at 5.75%.  Spoke with the rep at the bank I had worked with originally about refinancing now that rates have dropped so much. He claimed the best they can do is around 5.25% and said he would be amazed to see others offering less on a refinance for a loan of this type. Does that sound correct?

The value as a whole is around $210,000. I took out a $150,000 loan and have $129,000 left to pay. He said the amount of equity I have at this point doesn't really make a cash-out refi seem worth it. Or are they just trying to keep me from refinancing? I can't seem to find anything helpful on Google for who else I can talk to about refinancing this and geting rate quotes.

Thanks for any advice/leads! 

 Are you using Facebook Marketplace? Craigslist? That's a lot of people going that far in the process!

@Brad Hammond

So they have it set where businesses cannot directly post into the marketplace? Even for rentals and such? That seems incredibly ridiculous. Wonder why they would do that?

Was just hoping to keep personal and business separate on there.

Hey folks! Hope everyone is well.

So I haven't had Facebook in over 10 years. Just got tired of it a long time ago. 

I just signed back up so I can start marketing my rentals on there. I set up my personal account, then I made a business page.  Now, when I go to the marketplace to list my rentals it doesn't let me choose to list them as my business, I can only list them from my personal page? That really defeats the purpose of even having a business page, doesn't it? Or am I missing something and doing this all wrong?

Thanks for any help!

@Greg Dickerson So, I was thinking maybe this would be the best route as well. So even with rates as they are with banks and mortgage lenders, it makes sense to still pay 8% - 10% to the private lender? Not against that, just surprised they still are getting such high rates. Is this specific to private lending on flips?

The insurance... you mean property insurance? Or some other kind of insurance that will make this safer for the investor?

Thanks for the response! :)

@Steve Morris  I have done one flip but learned an incredible amount. Before even approaching the idea of doing a flip I had spent about two years on here as well as reading probably 10 books on the topic. That doesn't make me anything close to an experienced flipper, I know.  I just want to make the point that I have taken the time to educate myself as much as possible and also have some good realtors in my pocket to help me figure out which properties make the most sense as flips.  I don't do the actual labor, I find a deal good enough to pay people to rehab it and still make a profit. But I would be handling ALL of that. Contractor/sub-contractors, realtors, issues that arise, etc.

Thank you for taking the time to respond!