All Forum Posts by: Jonathan Beasley

I am an agent and real estate investor. I own a fair amount for rental property (both single family and a couple small apartment buildings). I also flip homes. My agency / sales business is essentially comprised of a couple of home builders both of which are close friends.

I want to get into the development of tracts of land as my team is perfectly set up to pre-sell new construction homes, and I have access to capital both personally and with private lending. Looking for any advice from experienced land developers on how to enter this space. Having worked with my builders over the yrs on minor subdivisions I have some, albeit limited experience. And would love any thoughts on education, resources, books, or just general do’s and don’t’s

Thanks!

@Brandon L.

Investor specific. Particularly flipping and rentals

I am looking to join a quality / well organized mastermind group to share strategies, perspective, best practices etc. I'm involved in many aspects of real estate.  I am a licensed agent intimately involved with finding/developing land for local builders. I also flip homes, and own single family and some multi-family rental property. I'd like to connect with a mastermind to share ideas and take the business to another level. . .I'm happy to pay for a quality group. If anybody out there can connect me with some groups to consider that would be appreciated. Thanks!

@Wesley W. Yeah man!! Just instructed my assistant to do that today. We’ll create laungauge in the lease that if we have to pay it, we can collect It from the tenant as rent etc.

@Sam Carroll Starting point is to call the local / municipal utility office. In my case, they will install the meters for a fee, and I pay a plumber to connect. From there, you need to have a good and trustworthy plumber look at how it’s run and discuss the cost and logistics of separating it. In my case, it is still fairly expensive (gonna be about 2k a unit once all said and done) BUT will save me 500-600 bucks a month, and will add 80-90k in value that I will capture when I refi. Hope that helps!

@Mike McCarthy Right on. I figured as much. Unfortunately I made the mistake of signing these new leases before I had finished figuring out that it was going to be financially smart to sub-meter, and the market will Support it. I’m looking to refinance. I’m guessing the lender will only take into account the decreased expense of the 4 units? Not all 6??

Hey BP Studs and Studettes. I'm pulling the trigger to submeter water and sanitation at an apartment. It is a 6 units, with 3 of the leases up in the next 30days. I have a 4th renter that is very behind in rent, and so I may ask them to agree to pay their own water or just proceed to eviction. 2 questions. 

1. How can I get the last 2 tenants to sign off on paying utilities mid-lease? Or can I do that at all?

2. What is some good "language" to put in the new leases to account for paying their own water and trash??

Thanks!!!!

@Anthony Angotti - Good advice. I may just see if it is reasonable to sub-meter, particularly on the new purchase since we are still in the feasibility/negotiation period. Good stuff. Thanks man!

@Omar Khan - probably 50-65bucks a unit on the 10 unit we have under contract. The cool thing is there isn't a TON of rental property available, and it is a military town. So people are constantly coming in that need to stay somewhere for 2-3yrs. As far as legality, I don't actually know. I think I'm going to make a trip to waterworks to ask some questions. Any tips on how to do some spying on the competition to see if theyre doing RUBS? Thanks !!

Hey friends. Couple main questions. 

#1. I am in Norfolk Virginia looking at a 10 unit. Currently Owner pays electric and water. Is the best place to start looking into RUBS, the local waterworks department? 

#2. Is there a general rule of thumbs for either the size of the owner paid water bill, or number of units that makes it "worth it? I currently own a 6 unit that I would love to collect water payments from the tenants. I just don't know if it would be worth it. I've heard it only works well at scale. 

Thanks!

Not so much worried about the lender being a road block. I move money in and out very frequently to flip houses with this particular investor, and in large amounts. We have many joint accounts and my banker doesn't ask a lot of questions. We have the capital to make our own downpayments as well, and could just reimburse with his funds. . .that part won't be hard to figure out. Knowing how to pay him (how much, how often) is my challenge.