All Forum Posts by: Ames Foley

I have an 8 unit apartment building that has two separate entrances (one for each 4 units) and each side has an internal door to the basement where there is laundry and extra storage.  This past week I had the laundry units vandalized and destroyed for the change boxes.  Some of the tenants are concerned about their safety.   I will be installing new security cameras around the area but that will only capture what has happened.  i am researching what I should do about lock sets for the shared doors.  Can I get some feedback about what others have done.  I am looking at storeroom locket on the front doors and basic two sided key lock for the basement door.  that way each side is secure.  Is there another, better way so that tenants don't get accidentally stuck in the basement?

Sorry to hear about your issue.  I also had appliances stolen at my flip.  What I found was that the thieves cam in through a window and out the door.  I had just installed new windows and they were able to use a thin wedge or screwdriver to break the sash lock mechanism as they are vinyl.  I would check all your windows to make sure they are still secure.

I have used Simply Safe and it has been reasonably prices and works fairly well.

Ames

Congrats @Justin Fraser.  Shows hard work can pay off. I hope you are able to keep on track with the business plan.  I was wondering what methods you are using to get your tenants moving out?

I think it was a smart move, there are more opportunities right around the corner.

@Joe Wenger, Keep moving forward it will come.  See if you can get your spouse to watch or listen to your favorite podcast to help spark some interest.  Find out her concerns and work to mitigate them.  Having her on board is invaluable.  

Hey @Pat Jackson, the only St. Joseph I know is north of KC.  I hope all worked out, I just got to read the thread.  I am from Metro East side of St. Louis and have only dealt with evictions in IL.  Not pleasant.  I would be interested in how it all turned out for you if you want to share.

@Park Pratt you may also want to look at your Property Tax statement.  In Illinois,  there is a deduction if you live in the property you own.  Or another way to put it, you pay more tax if the property is being rented.  that could be a nasty surprise. With CT being one of the highest it may kill any cash flow.

@Sean Edrington the property is in Belleville on the west side.  I am seeing a lot of houses on the market so prices are being compressed.   That was one of the reasons  I changed strategies.   On Main Street there is a block where over 1/2 the properties have for sales signs.  So you may be able to find a deal.  What you need to make sure you watch for which I did not is the property taxes.  If you are not owner occupied the taxes go up about 20-25%.  But if you can buy right, you can make money here.  That being said I hear KC is a great market to invest in right now.  

@Rigo V. I remember reading about the seasoning.  I have owned the property for just over a year.  When do most banks start the seasoning?  After purchase? Rehab? rent?  Thanks for the input

@Chris Mason thanks for the notes.  I guess it was the banks rules not Fannie Maes.

I am continuing to contact my local banks and Credit Unions.

I tried to complete my first flip. However, the market did not cooperate so I went to plan B which is BRRRR stategy. As part of the flip I got the first two steps completed; the B(uy) and R(ehab),. Since the market was not helping I started the R(ent) step. I am now on the R(efinance) step. I have started talking to my local banks and looking online for relationships and rates. I am finding that my small local banks will loan max 75% over 20 years for a portfolio loan. One bank told me that they can sell the mortgage to get a 30 year option but the house has to be off the market for a minimum six months.

Two questions:  1. The rates I am being offered so far are 4.75 or higher for the 30 year term I have found.  Not historically bad but it is higher than what I am hearing from others.   What have some of you gotten lately for a rate 

2. Is it common to have to be off the MLS for six months before a new cash out refi can be completed.

Thanks for the help