All Forum Posts by: Tristan Colborg

Hey BP I'm just wrapping up rehab on a triplex in South Euclid and lending for lender recommendations to do a rate/term refinance. This is my first investment property so no issues with the 10 loan limit. I would prefer to build a relationship with someone local, but open to other options as well. Hopefully with a company that is fine with working with out of state investors. Thanks for the help! 

You could reach out to Caitlin@ Aloha Capital partners. I know they do business in Ohio and seem to have relatively good terms. now I haven't used her yet but I have met her at several meetups.

This is great to know. I just got my first tax bill on a property I bought in October and the taxable value is pretty much what I paid for it. Do you think I could still use the home inspection as a tool to lower the property taxes? I'm in the process of rehabbing it now and ARV should be around $140-$150. Purchase price was $102k and tax value is at $106k. When I ran my numbers I ran it at a higher tax rate. Just wondering if I should still try to contest the current tax value.

Also when I go to refinance how will that impact the taxable value?

If you have USAA you could always look at Navy Federal Credit Union for their business accounts. I have USAA for personal and Navy Federal for business accounts. I may still look at a local bank there but haven't yet. 

One thing you could use for just a couple properties is Stessa. It is free to use, connects to your bank accounts, and has some great features. I think if you get more and more properties you may need to switch to QuickBooks for some additional functionality unless Stessa adds it. 

Investment Info:

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

Purchase price: $100,000
Cash invested: $40,000

3500 sqft Triplex in the South Euclid Area.

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

Strong cash flow in a good neighborhood.

How did you find this deal and how did you negotiate it?

Realtor and used the home inspection as leverage.

How did you finance this deal?

Cash purchase with refinance after rehab is complete.

How did you add value to the deal?

Updated flooring, paint, bathroom, light fixtures, etc.

What was the outcome?

Still rehabbing the property

Lessons learned? Challenges?

Rehab always costs more than you think.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.

Just curious to how long everyone typically waits for contractor bids to come back? I know many contractors have a ton of work available to them right now so there could be a delay in getting these back. However, how long do you think is acceptable for the contractor to get you a bid before you just move on?

@Caleb Heimsoth @Peter Tverdov @Nathan Gesner @Kenny Dahill

So I have reached out to two additional PM companies and waiting on one more. Here is what I found:

• Property Management Fees all are at 10%
• Eviction Charges range from $400-$550 
• Lease Renewal Fees range from $99-$250
• Utility Pricing(Turn On Appointments) range from $75-$100
• Service Call Charge $75 - $95

I know it is only a sample size now of 3 companies total, but after reading everyone saying I am going to be nickel and dimed to unprofitability little worried. 

Do I just go with some mom and pop PM company?

Self manage at a distance and try and pay my agent to show the property?

Eviction filing fee is $110. So then really I'm paying $390 for the property management company to go through the process, cover legal fees, and any additional court costs. That doesn't seem crazy, but I have never done an eviction so could be wrong.

I don't know if it just me , does anybody else feel like the bigger pocket Android app is seriously lagging. Compared to the website on a phone there's so much less you can do. You can't edit one of your posts, add a picture to a post, quote a user etc... Unless I'm just missing it somewhere, but it just seems like there is so much missing from the app.