All Forum Posts by: Cody F.

I have about 1000 square feet to do with flooring. The main floor 500 sq ft is a concrete slab and should be fairly easy whatever goes in. But the 2nd floor is uneven and has old wood that has some slight give. What can I use that will last a fairly long time, will fit that uneven floor upstairs and doesn't cost a fortune?

Is it even legal for an insurance agency to ask if you rent to section 8 tenants? We have an apartment complex that is 40 units. They keep asking and frowning when we tell them.

Thank you, Bjorn.  Yeah, We definitely were not fully aware of the situation we were walking into like we thought we were. The lender looked at the books for the year and I guess they didn't care about the month to month. There was no seller financing involved. 

You're right, I have to make sure it's known that my partner and I  as the LL's will not let these things go on.  I plan on enforcing the strict eviction policy if it means I have to remove 20 tenants at once. it may seem painful but I believe it's like a band-aid, you just need to rip it off quick instead of letting the pain drag on. 

ohhh... I haven't even gotten started on the resident manager.  He is a super nice guy!! but he has no urgency and isn't motivated to get anything done. afterall, he is 70 years old. He's been managing the apartment complex for 20years and all of the tenants respect him and he's really good at keeping the riff raff in line.  He's good at collecting and depositing checks into my account and keeping small accounting and papers in line. but when it comes to getting new tenants, and turning over apartments, theres no drive to get anything done. He has a seperate job, and is very active in his church.  He is so busy with other things, that it seems that he has trouble keeping track of the apartment complex and is neglecting his duties it seems.  He gets 500 per month, a 475 dollar apartment, and his utilities paid as his salary.  I also told the former owners that he'd be in good hands, which I like to keep my word. 

not too sure about that situation yet either. 

The laundry.  Yeah, the bill I get is for electricity and water for the building the washers and dryers are located in.  it comes out to 1800 dollars a month.  We have a contract with a company who maintain the washers and dryers, and collect the coins. We split it 50/50.  Our cut on average is 400 dollars per month.  That can't continue, especially if we're in the red on our income. 

@Ryan Murdock we have personal funds and an emergency reserve fund that was a stipulation by our lender. We're going to try to get by without it but there's about 40k there.

@Kay Kay Singh thank you, I'm going to be letting these tenants know that we won't let it slide.

@Kyle Jean we did get rent rolls, unfortunately we couldn't verify them, so once the deal was completed I was able to rummage through the office and found the deposit sheets that told a different story... :(

@Nick B. Thank you. We do plan to raise rents once we make some improvements. And we have personal savings that we are trying not to tap into. Plus 25k reserve funds that was a stipulation by our lender.

@Cynthia McMillioan okay I will, thank you.

@Damon Pendleton Thank you, I'm going to let them know we're strict and won't tolerate late payment. What's a reposition play?

We just closed the deal on a 41 unit apartment complex. We got a great deal, but it's rough, really rough. Can someone help us with advice on how to get this thing running right? We have 32/41 rented with an average rent of 400 dollars per month. Should be 12800 income Our expenses are approximately 10k a month on average -3300 for mortgage -900 for insurance -3500-4000 for utilities (water and sewer are provided by us) and we have on site laundry that costs us 1400 dollars included in those utilities. -1000 to the resident manager -500 to maintenance guy -600 taxes Our issue right now is that the previous landlords let the tenants slide on rent sometimes. Now approximately 20/32 of the current tenants pay late or only pay part of their rent. We are hoping to get at least 8k rental income this month (09/2018) Our plan is to get pay or vacate notices up right away, and proceed with evictions and turning over the units right away to get the rental income back up to where it should be. We also have 3 new tenants moving in this month. And we have 4 units move in ready that will hopefully be occupied by next month. We are playing it close because we only have 11k in the business checking account and 9k in the savings account to run the business. What would you do? Any advice is greatly appreciated!