All Forum Posts by: Tom Server

Hello, I am a new investor.  I am purchasing a 3 family home that has long term tenants.

So my question is... you close on the property and take ownership..., what are your next steps:? 

Is there any checklist items/templates that you have used to transfer everything and introduce yourself to the current tenants ?

Ill take a look at appfolio.. currently the property does have a property manager.. I may keep him for a few months and decide if its something I think I could handle . 

 the property is 2 hours away. 

Hello.. looking for some advice here.. new to investment property.

I'm currently in the process of purchasing my first multifamily investment property. I'm due to close at the end of January 

The home currently has tenants. 

The first rental is section 8 , the second and third tenants pay cash. 

How do I go about changing over to an online payment for the cash payment tenants?

How do I change the section 8 payment to myself?

What payment system do you use?  Is Venmo, or PayPal a way to do a monthly rent payment? 

thank you

Following 

This is an 3 family investment property im purchasing.. the home is a older home, priced right. 

I had a home inspection and it came back with a bunch of things that need to be repaired.

My relator is the selling agent and my agent.  

Here is his email to me-
If you can put together a list of the items that are most concerning and an estimated cost for each item, then we can approach the seller and say, " these are the issues, and this is what it is going to cost me", then we can negotiate with the seller on an agreed amount. Hopefully he is willing to give up something.

and Here is my list that I'm sending him. 
These are just estimates of cost 

Both Roofs- $20,000

Boiler unit 1 replaced installed $10,000

Hot water heater apt 2 (28 years old) $2000

wrong door/fire proof door- $500

Termite treatment $1000

Electrical box wiring wrong in garage ?

Back Deck, reinforced/rebuilt ?

Mold unit 1 bathroom-

Plumbing basement leaks-

oil tank rusting/ inspect and paint - ?

rotted wood throughout the exterior of homes -?

Little info of the home. Selling for 290k .. the accepted 250k .. I was thinking of coming back and offering $230 which he would come back most likely at $240

thoughts?

Hello, I'm looking to reduce my offer after the home inspection. How do I go about getting estimates for repairs when I'm not the owner of the house? I want to offer estimates proof to justify my reduced offers.  Such repairs I want to get quotes for are like the roof replacement, hot water heater replacement, plumbing repairs from leaks , electrical repairs ?

Any tips to write up and send to the seller?

my agent is also the selling agent .. this was his response 

OK, how do you want to handle this? Are you satisfied with the report , or do you want to try and squeeze the seller for some type of compensation? Let me know, we only have a limited time to do this.

I'm in the middle of purchasing a older property. Its a duplex with a detached 3 car garage with an apartment on top.. so 3 doors... 

The home is 102 years old. Seller was selling it for 290k, He settled for 250k.

I just had my home inspection completed, The 2 inspectors said the home wasn't in that bad of shape for what it is. "its a 100 year home, rental property, its going to have some wear"  

Im trying to figure out how much of a seller credit or have repairs done. Some major items do need to be repaired so I'm estimating the costs.

Major items

2 Roofs- $20,000

Boiler -$15,000

Termite damage- treatment $3500

Plumbing leaks- $2000 ?

wrong door/fire proof door- $500

oil tank rusting/ inspect and paint -  ?

rotted wood thru out the exterior -?

Whats a realistic credit should I ask for ?