All Forum Posts by: Thomas Hickey

I doubt you will be able to pull that off, is it in writing that she used last month rent as rent during her tenancy?

If it hasn't separated from the actual house your plan will work. If it is pulling away from the house the chimney should be ripped down and the exposed areas sided

Here is a good question for everyone. At what unit count or dollar amount do you typically start to see sellers operating more by the numbers and less by per unit residential style valuation?

Rob L. Thanks again for the invite. Do you have the name of the lead inspector that was there, I didn't have a chance to get his card.

Steve McGovern Thank you for the thorough response. Most of the properties I am coming across do not have upside potential of doubling my NOI and this gives me pause like you mention.

Andrew Johnson Very good points, my cap rates that I price on have been very similar units often times on the same street that have sold recently. Russell Brazil I also suspect many of these properties are being priced on a residential per unit basis. The ones that actually close seem to close on a number closer to the income based approach. It could be that this is a bad segment to pursue during this time of the cycle.

Max Taylor Thanks that was my next question, it seems as though to actually close underwriters would have to consider comps instead of just income? Which I thought they did not do in commercial? If such a person overpays $200k aren't they going to have a very hard time meeting the balloon payment in 5-7 years?

Hello, Looking into purchasing a 5-10 unit property north of Boston. I was always taught that the value of a commercial property is NOI/ cap rate= value of building I have done my research and determine my cap rates based on comparable sales. When I make an offer based on this math it is typically much lower than what the seller is looking for. Underwriters are unlikely to approve a loan that is say $150-200k more than this correct? Thanks, Tom

Bettina F. Thank you good idea on the notice to quit. Hoping it never becomes that severe, but it could certainly bring the entire building down

Hi All, One issue of contention over the years I've found is tenants using the hallways as personal storage. Typically when I leave a note/ ask the items do not leave or return eventually. This is not effective. I'm pretty busy so I don't have time to be wasting communicating/ keeping track of items in hallways so I sometimes throw away items when there are signs stating "no storage" and it says in lease items will be disposed of. Obviously I get complaints about this but they do get the message. Has anyone found any better methods to prevent storage in the hallways? Thanks, Tom