All Forum Posts by: Chris Rogers

Thanks for the information.   What do mean by the markets changing?   Any idea of an approximate price for a 9 unit dated occupied.   I was told it’s a C area.  

Hello all. I’ve recently been made aware of a possible investment opportunity through a property manager that I was referred to. It’s a 9 unit 1 story building on a canal in Hudson, Florida. The property manager that I’ve been looking to work with currently manages the building and the elderly owner is looking to sell soon. The craziness of what’s going on currently has slowed the process but I’m not really concerned with the timeline as I’m just starting to refinance a sfh locally that I’ve recently purchased, renovated and rented. The property manager came highly recommended by a friend and he is putting together a large packet with all info on the building including the rates, rents, maintenance and everything else you can think of. Very professional operation as far as I can tell. I’m just looking to get a little educated on the area and of course I’m looking to my bigger pockets community to see if anyone has and good info. Thanks in advance, Chris.

@Hud Floyd I a m a firefighter in NYC with the FDNY. Also a general contractor in Long Island where I live. Firefighter of 12 years and in construction since high school. Recently purchased my first rental property. Feel free to message me to talk RE investing. (Also anyone else on here of course). Congrats on 700 units. You definitely have my attention.

@Dakota Coburn

Sorry to hear about the troubles. When the GC gave you the estimate 30k to high, was it higher than his own estimate or higher than you expected. You might have just underestimated building costs. Maybe you would have made 30k less than you originally estimated but it would still be profitable. Licensed and insured contractors charge more than some guy with a truck but you’ll save in the end.

@Derrick Reeves

How was the old bathroom set up? If the home is gutted you have an opportunity to reframe the door in another spot. That should cost almost nothing at that point. Sounds like that bathroom setup just doesn’t work.

I’m going into contract on my first rental this week. It’s going to be a section 8 rental in Suffolk County Long Island. I’ve ran the numbers up and down and they work well. I’m unsure about a couple of issues that I’m having a tough time getting answers on.

1. What is the story with utilities? I’ve heard that there is only a certain amount that tenets pay? It’s oil heat. Single family home.

2. How long is the process once I apply for section 8 as a landlord?

3. I realize it’s a big ask but if anyone has a lease similar lease that I can take a look at to help write my own it would be greatly appreciated.

Thanks.

@Hoang Bui

Truth is, you get what you pay for. Maybe sloppy guy is good enough for a rental but a guy working by himself may get held up on projects. Sounds like the third guy is actually a GC while the others seem like handymen or carpenters. You also didn’t mention anything about licensed or insured guys. Who has coverage or the ability to pull permits if need be?

@Mindy Jensen, in the case of repeat customers I’m far more likely to not take a down payment as I trust them. If I had a bad experience with s customer I wouldn’t work for them a second time so as far as repeat customers goes, we have each others trust. I try to schedule my payments in the contract so that we are both pretty even throughout. This requires more frequent payments of smaller sums. Ex: payment upon completion of Sheetrock, payment upon completion of tile, payment upon completion of inspections.

If my customer wants to order materials, I think it would lessen the down payment but I still have payroll and overhead to cover. Plus the occasional run out quick to grab some last minute materials. In this business time is money and if I need to reach out to a possibly unavailable homeowner every time I need something, this will slow up the project.

Not taking a down payment would also depend on project size. You can’t expect a contractor to not take a down payment on a large scale project that took six months or so to put together.

Thank you gentlemen.  Does it matter if there are two people on the loan?   A business partner who’s name will also be on the loan? 

@Donte Handy

I know that these prices differ in different parts of the country but that seems like a fair price to me. I’m guessing a handyman would do it cheaper than a contractor, but I wouldn’t send one of my guys over there for less.