All Forum Posts by: Brett B.

Let them know that they lose their security property and are responsible for paying you every month until you rent it. I just had this issue last month and found new tenant pretty quickly. You can also allow them to sublet if person qualifies with your standards. Did you use a realtor?

@Brandon Turner@Alan Vieyra 

Thank you guys very much

M.U.L.T.I. Stands for Money, Utilities, Legal, Tenants and Investment. All of these intersect in your Multi Family units. Each discussion I would like to focus on one aspect of the M.U.L.T.I acronym and get people's feedback on that discussion topic.

Topic 1 - Investment - Downed units

I hate to put it in these terms but a downed unit in your Multi-Family Investment is almost like a cancer. If not treated or taken care of in a quick manor, it will spread. In a very small amount of time 1 will grow to 2 which will grow to 3 and so one and so forth.

I am not really referring to the Class A or B properties. Usually tenants in those properties take good care of your units. However, when dealing with Class C or below, it can quickly get out of hand. What is the best way of dealing with this??? PREVENTATIVE MEASURES

When you own a Class C or lower apartment complex, you need to check out the occupied units every two months or so. There are very legal ways that you can do this. If you property has Central Air and Heat, go in and change the air filters once a month. Another way to to have your Pest people go in and treat every other month and report back to you about your units. You can replace the flappers on the toilet every 6 months to ensure no water leaks. They Key is to get a hold of it early. 

Many landlords don't do this and find out that when a tenant goes to move out at the end of their lease, their apartment is destroyed. If you use the preventative step, you can see how that tenant is treating your property and make demands on them to keep it clean. Or if you happen to see a small window crack or hole, you can address it now before it gets out of control. Trust me, if you wait until the tenant moves out, you will be left with a large bill, reduced income and start down a path where more and more units will start going down.

This is my .02, what do you think?

@Huy N.

Cap rates will vary between 8-12% You can find 8 everywhere, the 12 is sort of hard to find.

I also find, many brokers will flub their numbers, so beware!!!!

@Dmitriy Fomichenko Thank you for all the info and telling me how to tag.

Hello BP members,

My name is Brett B. and I am an investor from Houston, TX area. I currently own 117 units ranging from 8 plexes to a 48 unit property. I am currently under contract for another 29 units and a 24 unit. All my units are located inside the loop.

All of my projects have been, or will be, rehab projects. I buy them, fix them and rent them out. I hold on to all of my properties and manage them. Needless to say there are some very long days involved in this.

I am looking forward in using BP to learn more about the business and even lend a hand when I can. I am trying to develop question and answer topics under the acronym M.U.L.T.I. which stands for Mortgage, Utilities, Legal, Tenants and Investments. I hope I can get like minded individuals to help me with this to be another resource to Mutli Family Investors.

I look forward in meeting all of you and I am excited to start to use this wonderful tool of Bigger Pockets.

Brett B.

I am new to this site as well, today is my first day actually. I am an Investor in inner loop properties and I am always on the lookout for rehab opportunities on 20+ units. 

I am new to this site and this is my first post. What I have found is that most banks will not let you "Cash Out." To quote one of my bankers " We want you to have skin in the game." So what I am finding is most banks will give you 70-80% of appraised cost or actual cost, whichever is less. 

I am finding that I have to remain "Cashed in" to my investment for a certain percentage. Some banks will let me refinance after a few years to pull all my money back out, however, not crazy about that option either.