You must either have an in house collector that you train & monitor or do it yourself.

Core Logic now offers a service to monitor future sales of those properties for compliance.This is a big business.

I also monitored there payments or lack thereof.

Hello BP community.I need some help.This is my first post on here, but I’ve been quietly monitoring the forums, reading books, and listening to the BP podcasts for a while now.I’m currently negotiating a deal on a multi-family property, and as this would be my first multi-family, I wanted to get a sanity check and see what the great minds of BP thoughts are on this potential deal.Here’s the info:Property description: 5 unit multi-family with all units currently rented.One unit is on a year lease, and the other 4 are on month to month.There is a sixth unit that has never been finished, but I plan to finish the unit upon purchase.There is currently no laundry on site, but if possible, I would like to add a community laundry as part of the unfinished space in the sixth unit.Additionally, there are 4 garages on the property that are currently rented as storage units.The units are all separately metered (including the 6th unit).The landlord currently pays the heating bill for the entire property because it is using steam heat and boiler.I plan to add electric heaters to each room and get rid of the boiler as this would allow me to transfer the heating cost to the tenants, and they would be able to control their own temperature.My rough estimate (I have not got bids yet) for the rehab of the 6th unit/laundry and adding electric heaters to the units is 25K.Purchase price: currently negotiating (approx 250K)Income:Current Rents:units 1-4: 549/mo.Unit 5: 595/mo = $2791/moGarages: 4 x 70/ mo = $280/moProposed Rental Income = $3,436 (6th unit at $595/mo plus laundry at $50/mo)Expenses:w/s/g = $475/moInsurance= $106/moMaint/repairs = $317/moGas = $180/mo (boiler steam heat cost)Property Management = $274/moProperty Taxes = $184/moVacancy rate is sitting around 1%-2%The going cap rate for the area is 7%-8% After finishing the sixth unit I plan to rent it out for $595/mo.

The only reason we'd sell is a possible move out of the area and/or wanting to get a multi we can live in.We are making gradual improvements and are monitoring the big things that need done just as anyone should do with any property.  

@Eric @Eric Mattisz, also be sure to monitor the assessed value every year and challenge it if needed.

Neverthless, one's operating account isn't something that is monitored after they sign you on as a client.

I plan on installing surveillance cameras in the common areas to monitor this and the place generally.   

  - Some conferences offer an overflow area where monitors are up showing the different talks from the smaller rooms.  

(though I monitor these topics, I don't always get the updates for some reason) We've developed office space, medical office space, office/retail condos, single family residential subdivisions, etc., and heard many times that projects couldn't be done, but haven't had any we wanted to do and didn't.