All Forum Posts by: Deborah Burian

I live within a few miles of you and I see opportunities every time I walk my dog. In fact, it's driving me crazy. I'm supposed to be done acquiring and there is so much opportunity out there I almost can't stand it.

Try driving for dollars in the 73107 zip code. Even if you don't buy, you will see a lot of stuff that will make you think.

Hey @Alex M. - welcome from a fellow Okie investor. My husband and I spent 10 years acquiring single family homes and just bought our first multi-unit in June. It's been an adventure!

If you're talking about 30 yr notes, looks like it could be a winner... As far as offering less, it depends on lots of things. What are the comps, are there other opportunities, are you in a bidding war...

@Brandon Sturgill - you can read about the whole thing in gruesome detail on my blog beginning here...

http://www.biggerpockets.com/blogs/3976-the-next-adventure---small-multi-unit/filter?month=05&page=2&year=2013

To catch you up a bit, on 6/11/13 I paid 175K for 10 units, which is 7 buildings on 4 lots (it was about $19/sf). They were 70% occupied with rents of $3550.

Bumping this in the hope someone can help. Thanks.

More real, true, and accurate accounting of the multi-unit project...

Collected Rents = $3499

Actual Expenses = $3883

• Repairs and Maintenance - $505
• Office Expense, including some one time stuff and legal fees - $645
• Utilities - $323
• Insurance - $303
• 5% Reserve - $175
• 10% Management - $350
• Taxes - $331
• Mortgage - $1251

Or, if you prefer, a loss of $384. I guess I didn't earn my management fee this month.

On the brighter side (Pollyanna always has her say), Mr. Deadbeat did finally pay his rent, it was just deposited in August, Section 8 will eventually kick in their $225, and we had a approx $500 in one time office costs including buying nice signage and legal fees for Mr. D. Still very easy to see where this will be profitable, then the additional units will drop right straight to the bottom line.

.But... Isn't she PRETTY! This is the new roof going on the historic duplex that started the whole thing.

It has been a very wet summer here, unusually so. We're at something like 3X our average annual rainfall. After three years of drought we'll take it but it's been tough to get exterior repairs done.

I have one house with an area of rotted/damaged siding that needs replaced. While we wait to get to it, it keeps raining. Can anyone recommend a product that is a little slicker and more durable than ye olde blue tarp plus duct tape? My roofer uses ice shield on the roofs, don't know if there is an equivalent product for the siding.

If it ever quits raining, we plan to do exterior painting of 10 or more properties, about half of them two storied. This got me thinking about scaffolding... should I buy it? rent it? hire an exterior painter? (pardon me while I pick myself up off the floor from laughing after trying to do that for a month)

Nobody "gets" me... it was mostly a guru/rule-of-thumb joke... *sigh*

Yes, banks still do cash-out re-fi's and mine will do 80% LTV of appraisal. I will have to provide some evidence that I added value to the property, this helps the appraiser and the bank examiners understand the difference between the initial purchase price and the cash-out appraisal value.

You can also try setting out buckets of a product called Damp Rid (or something like that)... also a passive desiccant and easier to pick up than rice... but @Mike Franco - good thinking there!