All Forum Posts by: Jim Robertson

@Sherman Johnson Communicate with your tenants, and see where the issue is. I had a tenant that was late 3 months in a row, but paid all late fees. After speaking with her, I found out that she was receiving her disability, retirement, and social security check around the 3rd of the month (rent due on the first). We changed the lease to make rent due on the 5th, and it eliminated the problem. No more worrying for me, and fewer late fees for her. Once you get a better picture of their financial situation, then you can make the call to evict. 

Congratulations on the 4 plex! It really builds on it self if you keep the same mindset. Good luck searching for deal #2

@Taylor Patterson Have you looked at other markets within a 1 hour drive of austin? If you are looking for similar price points, San Antonio is a very diverse market. San Marcos and New Braunfels are smaller cities, but still lots of growth. 

@Joseph WeisenbloomSaw this thread the other day and found this event through a friend. Might be worth your time, while you're in the planning stages.

https://www.preservationaustin.org/events

Big fan of Jason Perkins at Cap Tex Painting. PM for a phone number on email.

I have used him on a few jobs, and he also subs out some good drywall work too. 

Has anyone purchased a property with 1 lease per bedroom. I am looking at a property and the current owner is renting out the house by the bedroom. I have heard of this with student rentals, but the neighborhood is not close to a college or university. How much more of a headache is this? Other than the obvious 4 more lease to worry about? 

@Jeff B. Thanks for the info! Adding Estopples to my list of vocab words for the week. 

I am looking at purchasing something in the 8-10 unit range, and I was curious as to what percentage I should run my numbers with. Everything else I have done has been duplex or single family so I am taking leap out of my comfort zone, and looking at larger properties. 

Can anyone recommend a property manager for San Antonio multifamily? I would be looking at Class B or C properties. 

What rates are you paying for PM in San Antonio? I have seen anywhere from 4-8% in Austin depending on the level of service. Is San Antonio Similar?

I am looking into a multifamily complex, 8 units. During the option period what should I ask for from the seller to verify that rents are being collected? What documents should I ask for to verify that expenses are actual expenses, and nothing is being left out? Should I reach out to the tenants?

I know there is always risk involved, and the numbers work on the property for me. I just want to make sure the numbers are actual. What methods have you used to verify numbers.