Sylvia Castellanos
Who do you hire to photograph properties?
23 July 2024 | 16 replies
For all of our clients we have everything from contractors, maintenance, lenders, property managers, and inspectors we recommend and work with everyday that can help get the information you need to make an informed decision before buying a property and help manage the property.
Andrew S. Hollihan
California Investor looking at Indiana as first market
22 July 2024 | 1 reply
No one has more "skin in the game" than a PMC as they have to deal with the property every day until an owner sells or fires them.Also recommend finding your own Inspector and not one referred by an agent.
James Lee
Add Unit or 1031 Exchange?!
22 July 2024 | 9 replies
The inspector in some ways was a pain and in other ways was lenient.
Elijah Morin
Inspection before you start rehab
21 July 2024 | 2 replies
If any of you local Florida people can recommend a inspector in manatee that would be great...
Jorge Garcia
Beach vacation rental
21 July 2024 | 18 replies
Inspectors are evaluating all high rise buildings in Florida for structural stability.
Karolina Powell
Questions to ask when touring a multi family
21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.
Bill Fanelli
StayFi wifi for STR
20 July 2024 | 15 replies
I literally have our inspectors plug in the device and we're up.The last benefit, which wasn't even intended at the start, is guest email collection.
Rob Bergeron
Let's Get Weird: Top Sneaky Insights You've Learned From Investing in Louisville
19 July 2024 | 3 replies
Ex: Best inspector to get for section 8 inspection.
Tom Thomson
Return of earnest money after home broke into and ac/furnace stolen and damage 2 home
19 July 2024 | 3 replies
I would not cancel the deal- I would allow the seller to do his thing, then schedule a final walkthrough and bring a 3rd party with me (contractor, handyman or inspector).
Jeff Gammon
Adding a mini split in a rental?
18 July 2024 | 5 replies
Even some home inspectors don't seem to realize this one.