All Forum Posts by: Ashley Pimsner

@Kevin Itima welcome and good luck and hit me up when multis are completed if you are selling.

@Robert Leach has helped me in the past so reach out to him and he will give you a "real" estimate which includes permits etc.

Best,

Ashley

@John Haberkamp welcome to BP you are definitely in the right place.

Try looking for a meet up here on the BP networking page under events, it might provide you another avenue to network and learn.

All the best.

Hello,

I need a licensed GC to fill out a simple 2 page worksheet proving a building has been gutted and rehabbed specifically plumbing, electrical, heating, and roofing.

I purchased insurance for building and State Farm came back afterwards and said they would double premium unless this worksheet completed and refused to send out their own people to confirm rehab??

I would be happy to meet you at property so you could verify work and/or send you listing with photos to prove work completed.

Please let me know if anyone would be willing to fill out worksheet and your fee.

Thanks in advance and any and all info would be greatly appreciated.

Ashley

btw dont forget the reason you are  thinking about buying and include the rental income;)

@Brad Gibson use the rental calculator on BP and use 10 % for vacancy and 5% each for capex and repairs, 8 % for property management, actual taxes, and get a quote from an insurer to gauge policy cost.

Get actuals for garbage, water, electric etc from sellers.

Check the assessor website for assessed value and treasurer website to make sure real estate taxes are accurate.

Plug in 25% down payment at 5.25% on either a 20 or 25 year am which most likely will balloon in 5 or 7 years...if you want a more specific rate contact a few portfolio lenders like small banks or credit unions near the apartment and give them your scenario to find most accurate/favorable rates to input into BP calculator.

Check trulia or www.spotcrime.com to gauge criminal element.

Finally check with commercial real estate agents and inquire about cap rates for similar properties in the area and see how that compares with the cap rate on BP calculator.

That should give you the basics to help you evaluate deal.

PS-Read "Multi Family Millions" by Dave Lindahl.

Good luck!

Ok BP I could use your help!

State Farm is happy to take my premium for insurance on a small commercial multi unit deal (6 units) that was completely gutted to studs and rebuilt in 2014, but 3 weeks after my close they notify me that I need this form called Age of Building Adjustment Worksheet (2 pages) completely filled out by a licensed contractor in order to get premium discount for age of building.

Does anybody have a reference for a licensed contractor near 60620 Auburn Gresham Chicago who could view building for 10 minutes and complete form so I can get discounted rate? 

Any idea what a licensed contractor would charge as it might not be worth premium discount if contractor fee offsets potential savings.

Thanks in advance for any references or suggestions.

@Cody Evans hopefully people who have worked with Phil chime in to allay your concerns and help you with vetting process.

The title of your post is a bit misleading.

Good luck and I agree with @Raul Rapalo don't be afraid to make mistakes, however there is plenty of information on BP to increase your odds of success.

@Cody Evans if you know so much go do your own deal and quit trying to throw people who you reached out to under the bus.

You are 22 and the reason you sought out a mentor is you intuitively know there are gaps in your knowledge.

Are you bringing any capital to the deal or is Phil backing you in exchange for you bringing him an opportunity so you can learn and share the profit?

What wealth of experience and knowledge do you bring to the deal?

lt IS more important to learn what you don't know and it is not about maximizing profits at the beginning of your career.

What you learn from Phil or any other mentor will be extremely valuable down the road.

Be humble, heed your mentor/s advice, grind it out, use your skills in mathematics to evaulate deals deals better than most, and succeed massively.

@Mark Ainley

Check your inbox I just sent you a PM for welder referral.

They will give free estimate but usually want 50% up front, have an iron clad contract (excuse the pun) and are not the cheapest but they do good work.

@Mark Ainley