All Forum Posts by: Chetan Malik

 Total of 6 properties: 4plexes, 3plexes and 2plexes

Hey Lenders,

I currently own 17 doors in Little rock and surrounding areas and i have about $530k in equity at current market price factoring in the appreciation at a sale price of $1.5 million and the loans are 5/20 at 8% or more. Are there any lenders out there who can refinance the portfolio at a better rate or help me close more deals with this equity? Is it even possible? Any help is appreciated.

 It is a mix of both plus too many evictions with tenants in NLR neighborhoods have costed me a lot in recent year. The management costs are very high even for minor things. I was paying them 12% and just now got it reduced to 10%. They also charge me close to $1000 for evictions and lawyer fees plus the repairs for make ready are extra. Mismanagement is not the reason but too many expenses all the time and than charging too much for little things is what is expensive, death by small cuts kind of thing. Average rent is $785 per door. 

The PMC was charging me 12% until very recently and just now reduced it to 10% for all of the above. Average rent is $785/door. I have had to do multiple evictions and fix up after the evictions which have costed me over $2500 each eviction. Also, the repairs that the property management company does, they charge me arm and a leg to do the repairs so now i have started hiring people on my own outside to do my repairs which has helped with costs. 

Now i have decided to take a lot of things in my hand and also removing the PMC from many of my properties that have good tenants in Cabot area and Conway area and do not require much management and only keep them for inner city NLR type properties that have been veey challenging to manage unless it is section 8.  

They are really good with getting property leased and taking care of tenants but very expensive, it is just that. Also, the tenants i am running into in inner cities have not been good. They seem good but than they change after a few months. And it is just a cycle one after the other. 

All my loans are at 8% or more with the bank so that does not help either. 

Woodbridge, VA all day.

Hey all, I am an out of state investor in North Little Rock, Little rock, Conway, Benton, Cabot and Sherwood areas. I own 17 doors in these areas and i am having a lot of challenges with property management companies. A lot of out of state investors in this area have challenges with property management companies. It is becoming harder and harder to cash flow with property management companies in this area. I am thinking about self managing my properties from out of state so that i can cash flow. Is there anyone that has any suggestions or any good leasing agents that can help lease my properties out and help me get them vacated. I would be more than happy to close more deals with you if so. Any suggestions and help are appreciated. 

Hey all, i am relatively new and curious about the Ensley neighborhood, is it in a good part of Pensacola. Looking to buy a multi unit deal in Ensley, Pensacola. What is the max rent per door one can expect for a 2 bed 1 bath 800 sqft in that neighborhood? Thanks in advance.