All Forum Posts by: Felix Sharpe

Hey Louisville BP,

I'm have a bit of trouble analyzing deals and I was hoping you could help. The trouble is that sellers have not responded to my (or my agent's) requests for numbers on expenses. So when I go to plug numbers into the investment calculator I use random numbers which produce inaccurate cash-flow estimates. So I was hoping some of you with experience in Old Louisville could share some average expense numbers for a 3-4 unit multi-family. I'm looking for the average costs of water, garbage, insurance, and sewage.

Thanks for any help you can offer.

Felix  

i would only offer 1 year, perhaps 6 month leases.

Hello KY BP Community,

I'm considering purchasing a furnished bed and breakfast, and leasing the units (2) as apartments. Have any of you had experience marketing furnished units? Would these type of units be in demand? The units are less than 1,000 square feet.

Thanks for any insight you can offer

Felix

Hi Everyone,

My wife and I just walked through a historic home in Old Louisville that will need restoration. I was wondering if someone could recommend a contractor that specializes in historic restorations? I'd like to hire a contractor to walk through the house with me a second time.

Thanks,

Felix & Alixandria

Hi BP,

I need some advice. About two weeks ago, my wife and I were doing some house hunting when we came across a boarded up 4,300 sq foot historic home. To make a semi-long story short, we sent the owner a inquiry letter, and he'd like to sell the home. We will be walking through the home this week, and I want to know whether I should hire a contractor as a consultant to give me a ball park estimate on what the renovation would cost. What do you think about this idea? Would a contractor be willing to do this type of thing? Is it even possible to give that sort of estimate with only a 30 - 40 minute walk through the home? Are there any alternatives? What would you do? Thanks, I'd consider any advice you have to offer.

Felix

Hi BP,

My wife and I were house hunting/driving for dollars when we came across a boarded up mansion (I think...what size qualifies as mansion anyway?) in our community. The property is 4,300 sqaure feet, not including a carriage house behind the property. We sent the owner a letter and he responded! We are going to walk through the property next week. My wife and I are first time home buyers considering a standard 203k to restore the property. I thought of two immediate questions: (1) whether we'd even be able to afford the restoration and (2) whether the property is eligible for a 203k considering there are 2 structures. 

I wanted to post this second question because I'm hoping someone out there has had a similar experience with a 203k rehab with a house that had a guest house. And please weigh in on whether you think the rehab is possible considering the size, the property being in a historic district, and a $150,000 budget. (I know that may not be enough information to determine whether the rehab is possible on this budget.)

Thanks for any imput BP.

Feli,;

@Steve Vaughan we haven't got our first property yet, but many of the properties we've seen need wood floor restoration, if not more. There's a possibility that we'll buy an unoccupied property, but I just wanted to know my options in case the opposite is true.

Hi Everyone,

My question isn't quite as it's stated in the subject line. I know that entering the premises without tenant permission is a constructive eviction and would warrant criminal liability. My question is whether anyone has renovated occupied units, with tenant permission, and how receptive are tenants to this possibility? 

Thanks,

Felix

@Marina Sud, @Chuck B.

@Jason James, 

@Kelly Bankes

I just wanted to say hello to everyone in this forum. I'm guessing/hoping our paths cross, maybe at a KRIEA meeting. My wife and I are new to the area and we've been looking to invest in a multi-family in Old Louisville (Made an offer for place on Oak Street, but we couldn't agree to terms). Seems like there are quite a few knowledgable people here, so I wanted to introduce myself. Any advice you have would be appreciated.

Thanks,

Felix

My wife and I actually found a boarded up place last week that would be beautiful with some restoration. So we looked up the property records and sent a letter to the owner asking if he'd like to sell. In the podcasts, they call this "driving for dollars." Like the other poster said, all they can do is say no.

Felix