All Forum Posts by: Joel Florek

@Charles Kennedy have 8 units in South Bend, about 40min drive for me and its no problem. Also have 23 units that are 6.5 hour drive and that really isnt that difficult. I go up about every 2 months to check on my 23 units and stay with family that are about 1hr30min from that town. For my 8 units in South Bend I do all of the day to day work except emergencies like HVAC. Honestly, I would say you could get away with it as long as you have a maintenance guy you can really trust. The other trick is quality tenants. The easiest way to get those is to have a decent property and price out the bad tenants. 

Emergencies are 95% plumbing issues, appliances, and HVAC. Almost everything else can be planned out in advance or at least work completed within a reasonable time period(1 to 3 weeks).

I order appliances from Home Depot and have them delivered, they take away the old one. Takes a 15min phone call. HVAC in South Bend, I have Great Lakes which is a bit pricey but they have always done a great job. I have been in Florida and had HVAC issues and a quick call to Great Lakes takes care of it. Plumbing is usually fauces or a drain that is clogged. There are a number of reliable services who can help with the various issues. 

Until you get your own license to write offers all day I would work only with listing agents. Its a bit more work on your part because you have more people to deal with but what is great is in asking questions you can hear from as close to the source as possible. I find this is best to learn where low ball offers are likely to be taken. 

They are drywall sheets. Had to replace a section near the kitchen cabinets. I have never seen drywall like this before and am curious to learn more. I have a significant amount of renovation experience so I do understand the difference between different materials. 

@Wayne Brooks It could have been a modular construction for the units. Just wondering what that type/style of drywall is called.

I am reaching out to see if anyone knows anything about the type of drywall that is designed to be hung vertically from floor to ceiling, glued to the studs, and has no nails except the bottom(under trim, and top)hidden behind crown molding. In the corners they tack some small 1/4x 1" boards to clean off

I purchased an 8 unit property consisting of 4 duplexes. There is some interesting construction techniques that I haven't seen too often. One being the walls which have drywall described above. The edges have a smooth quarter inch rounding which the sheets butt together. After painting, it looks just great. Lots of labor saved on the installation but I have yet to find info on the internet regarding the technique or product. 

I am hoping someone else knows more about this and specific type of drywall that is used. It doesnt have the indent that normal sheets of drywall has on the long edge. 

 I would argue knowing what the heck you are looking at. If you don't know common pitfalls with the construction of properties when you do an initial walkthrough you may be skeptical of certain attributes of a property. Or you may overlook a major issue. I have the experience and ability to repair almost everything in a property(furnace repair and replacing the electrical panel are about the only things I can't do). It makes a big difference when you are trying to scale your business initially. Sweat equity has made all the difference for me to save dollars and reinvest that difference into the next property or pay down debt. 

 South Side of town where I am at I can get between $700 and $800 for the units. Nicer 2bed with garage in the neighborhood rent for $800 to $1000. 

It's not easy that's for sure. You have to have your ducks in a row and be willing to move quickly when the right deal comes across. I live in Michigan City IN but invest in South Bend IN and Iron Mountain MI. 31 units total between 4 properties. 

Thanks @John Warren . Currently, have 8 units in South Bend. Would love to buy more in the right neighborhood but not jumping unless its a good deal. The property I purchased had some intense exterior neglect in the landscaping, doors, and paint. Been a lot of work this summer/spring cleaning it up be we are making good progress. Repositioning to get some great tenants in the property. 

Always on the lookout but really surprised by the lack of Class B and Class C inventory for the size of the market. Another town up north I invest in is a fraction of the size and it has seen a lot more inventory coming available bit by bit through the years. I can only imagine a lot of potential sellers are just hanging on for a while. Also not sure how much small to midsize multi there has been built in the city over the past 50 years. Seems like driving around there is lots of big stuff and lots of single family or dueplex/triplex/4plex stuff. 

Ill add my name on the list as an investor in South Bend. Have 8 units in SB and looking to grow. 31 total in my portfolio. Small and mid size multi family is my primary target. 

@Cassidy Burns Make sure you think of every dollar as 12. If you reduce by $50 you are reducing by $600. What does $600 buy you? Over 2 years that is $1200? I can do a lot with $1200... When I first started I was way too nice in keeping rents low. Now I push rents and inevitably have those who move out. But I also have a lot more cashflow and can be more proactive in making upgrades to other units who are able to pay higher prices. Your the one that has to sleep with the decision but if you can fill the unit fast I would go get someone new.