All Forum Posts by: Aaron Hale

@James WiseI got my favorite hoodie out of a dorm dryer on my floor at BGSU! Haha! It almost makes me think I should just partition off the basement, three separate laundry rooms keyed to the units. 

Thanks, @James WiseSounds like a good plan. A few follow up questions:

1. In a common use basement, any worry about tenants simply tossing their laundry into their neighbors machines to save on electricity?

2. Would coin-op machines in a triplex be worth the cost/trouble?

Thanks. Love the videos, by the way. Keep‘em coming. 

Hey BP,

I’m closing on a triplex in Akron soon, our first multi-family, and was wondering how utilities for shared/common areas were handled. I’m sure for commercial apartments, there is a separate electrical box paid by the landlord. What about smaller properties?

I’m considering putting in coin-op laundry units in the basement and wondering who pays for the water and electricity? Should it be separated Do others just leave it connected to one unit? Maybe offer a rent discount for that unit’s usage?

Thanks.  

Welcome to BP @Benjamin Papet  There’s a great book on the subject, The Automatic Millionaire: Home Owner by David Bach that makes a great arguement for the bi-monthly payment schedule.

A few things to keep in mind, however:

Lenders make their money over the life of the loan  in the interest they charge you for partnering with you in the purchase of your property. They don’t like it as much when you pay it down vaster than their payment schedule. This doesn’t mean you can’t do it. 

Ask the lender if they offer this plans for if there are any fees associated in early payment to the principle. Some even offer their own automated programs set up just for this but they may charge a fee.

If they don’t have an automated program for additional payments but do allow for additional payments, you may have to send in a physical check and sometimes to a different address. Definitely let them know that that the additional payments are to go to the principle. Otherwise, they will just be put towards payin down the interest.

Most lenders probably won’t make it simple because you are essentially stealing their milk money, but ask around. Some won’t charge you additional fees and, even if they do, the fees may still be worth the effort.

Good luck! 

HI, @Alexa Your best bet is to keep scouring the forums and interacting with other members. You can do Member and professional profile searches to begin developing a network in the Lakeland area. I’m sure there is a local area forum.

As far HML, BP has a great database which is searchable by state.

@Derek LeviThere are all sorts of ways to find duplex and triplex listings on the MLS. Just go to any one or all of the major online real estate sales websites and utilize the filters to narrow your search parameters.

If none show up, you may have to widen your search or expand the parameters. If you are still not finding what you are looking for, you may have to begin researching how to find off-market deals.

Don’t forget that BP has its own marketplace where you just might find what you’re looking for. 

Good hunting! 

Welcome @Gino Tomba Keep posting, sharing, and asking questions. With your lending background, you’ll be able to add value to many BPers on the forums as well. Leverage that knowledge into some great networking relationships! ...see what I did there.

Can’t wait to read about your progress!

Aaron 

@Jeremy LewisCongratulations on the move to Akron and into REI! Will you be offering your handyman services? I think it would be great to hire someone for non-certified jobs who's an investor himself.

Welcome, @Timothy Gagnon I like the Fall River area too and am sure you’ll do well there.

@Ron HeverIt sounds like wholesaling may be the right option for you right now. Wholesaling, or “flipping paper”, is basically putting a property under contract and reassigning the contract to another buyer.

Your hard work comes in well before any rehab is done. All you need to do is find a property at a steep discount These are probably going to need a lot of TLC to bring up to market but that’s for the flipper to do. You just need to hustle to find the deal.

Wholesaling is how many get their foot in the dddddddddddddoor with REI and begin to build capital. Like anything, there are ways to get in over your head, but this method seems far less sticky a mess than what you've proposed.

Best of luck in whatever strategy you employ!