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All Forum Posts by: Henri Meli

Henri Meli has started 43 posts and replied 981 times.

Post: Multi family acquisition

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Dorian Guin Looks like you have everything well mapped out. Make sure to know the ages of the mechanicals and how much life they have left in them. For Example: How many years will the roof last before it needs to be replaced? Are you putting aside money to replace them? How about mechanicals? Will you be self managing? Are you going to hire someone to manage? If so, are you making sure to add the property management costs to the expenses?

Good Luck.

Post: Am I overpaying for this property? 6 Unit Sale Price $265,000

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Andrew Michaud . What's the seller's motivation? Have you checked any immediate CAPEX that might be needed? How old is the property and how good are the mechanical? The roof ?

The numbers look great as you presented. But make sure to check other things mentioned above.

Good Luck.

Post: Business plan template for multi family investing

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Darren Mesibov . I used a business plan on my very first commercial investment and here are the reasons why.

1. It helps you have things in writing. Writing down goals has always helped me keep track and be more accountable.

2. It helps provide a road map. You always know what you are working on. And you know what's next.

3. When you walk to a bank to ask for a loan, you want to have something in writing you can present. It shows that you have put some serious thoughts behind what you are doing.

4. I didn't have to write a complicated one. I ran the rental calculator on biggerpockets.com with the numbers I had and I provided additional information around it.

Good Luck.

Post: Multi Family Questions

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Franklin Bird . Plenty of solid answers already. I just want to add a couple of things for you to consider.

Have you ever analyzed a commercial property before? Do you understand how to analyze one? I believe this is really important.

Post: Penalty for getting out of a lease

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Wayne Connell  . Always have it in writing. If you feel the need to negotiate afterwards, it is up to you. But always have it in writing.

Post: House hacking question

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Stacey Lauren . Are both these rents at market? Above or below?

What's your marketing plan to bring in new tenants, if you needed to? Do you have rules and regulations for your property?

Post: Tenant Smoking Marijuana In Apartment

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

The quality of your tenant is really important for the profitability/sustainability of your business. Tenants who don't respect your rules will destroy your asset, waste your time, kill your cashflow and diminish the value of your property.

Only collecting rent is not enough. If you inherited the tenants, then it is important to understand how to move forward with them. 

How much time left, until their lease expires?

You don't have to renew their leases. You need to start advertising the property and lining up potential tenants.

Learn lessons from this and make sure to update your rules and regulations, your processes, ... etc going forward, so you can de-risk these types of situations earlier and better in the future. As was mentioned earlier, review the length of your leases. Review your rules and regulations. Visit the property often and enforce rules more strictly. Being a successful landlord is not a passive activity. It requires your oversight. 

Post: How I Made Over $1 Million on 1 Deal -after 6 years of headaches!

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

Great story @Michael Ealy . This is amazing and I'm glad that my story inspired you to write yours. You showed perseverance through all the difficulties. You showed vision and saw an opportunity, when nobody was seeing it. And when it was time to exit, you knew the value of your asset. 

This is amazing. Congratulations. 

Post: How do I make money on a deal with investors involved.

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@Davere Currie . Education is really key. How do you know you have been presented a deal?

Post: Should I just jump into a 45 unit multifamily?

Henri MeliPosted
  • Investor
  • Morrisville, NC
  • Posts 1,014
  • Votes 673

@James Canoy 

Are you buying at a price that makes sense? What is your exit strategy?