All Forum Posts by: Christen G.

Thanks!. "Trailing 12..." is that just what it sounds like...?  A year's P&L? 

Hi folks,

I have 8 doors in some duplex/triplexes and am looking to scale this year - I want to take the jump to a bigger building. I'm finding that most of the MLS listings (that I'm interested in) are a mess: missing or incorrect info, undervaluing expenses, etc... I know that I'll have to run my own numbers and not rely on theirs, but almost every property I'm looking at and inquiring about has not provided rent rolls, etc... and won't without an accepted offer. Is this common? Is there a good work-around? Are these not motivated sellers? Don't get me wrong, I love putting lipstick on a pig and I see a messy listing as an opportunity to be honest - if their books are haggard then cleaning them up and re-positioning will be even easier, right? But how am I to run numbers well without the info?

The other thing I'm finding is my agent is super focused on "will it finance" and giving me those numbers - and I know I can get something financed - I have a good track record, credit, capital, etc... I'm more interested in how it pencils and what the cash flow is...which again...is impossible to get without rent rolls. Time for a new agent or is this par for the course?

I feel like I'm going in circles -- any advice, mentorship, etc.. is welcomed. Thank you in advance.

Thanks - I'm now starting to think it's cast iron...same concept?

Hey folks,

A renter at my STR cabin did a number on my vintage, perfectly restored porcelain sink. I'm not sure what it is/how it happened, but it's black streaks that no matter how hard I scrubbed I could not get out. I'm a little heart-broken, as it's such a beautiful sink and while I plan on charging them a damage fee, I'm wondering what the process is like of re-finishing / fixing this back up? A simple google search told me it's in the $250-500 range?

- but is this something I'm going to have to uninstall and bring to someone, or what's this process like? Thanks for the help!

Hey folks,

Unfortunately I'm having to demo a detached 2-car garage at one of my properties as it's beyond repair and needs to come down before the winter. I have a contractor that I like a lot, have used a lot and trust, but he does not carry insurance.

When I asked my broker if there was a product that we could carry for the month (or the term of the job) he said that I was covered under my current policy (Liability - Dwelling Coverage D - Safeco).

Any feedback, suggestions, teaching moments, scolding, etc... are welcomed.

Thank you.

welcome! I have a few multi families in Tacoma. Let me know if you’d like to connect or chat or have any questions. Cheers. 

I wish you all the best with this, it sounds actively not fun. This is one more reason why I never text with tenants.

I agree with @Mike McCarthy - it seems very straight-forward to me. Re-lease with an increased rent - If you can't afford to lose them then don't go crazy on the increase - but raise it enough to let them know you mean business. Explain that due to their last few years slacking that you now you have repairs you have to fix, taxes have gone up and you will need to do some upgrades. And then do it again at the end of the term. I'd suggest leasing them so that the terms ends in the spring when it is easier to find tenants. I am sure the tenants know that they're getting a steal and are taking advantage of that - probably not maliciously...but b/c they can. And no one likes to move, in fact we all HATE it - so much so that they'll probably take a stiff increase to stay put, b/c truthfully it sounds like even a stiff increase ($200?) would be hard for them to find elsewhere. 

What are the repairs that need to be done?

As for PMs - just starting making calls after researching local companies and mom and pops and seeing who you like the most - it will be a big burden off your shoulders to have someone else properly managing this, getting rents where they need to be and helping with upkeep. Best of luck!

Congrats on your first purchase. I'm glad it's cash-flowing. Do you have another way to pay back that private money that's not flipping this property? It'd be great to keep it and push rents, increase cash flow over time, gain equity, etc... if you can.