All Forum Posts by: Jonathan Stone

@Adam Johnson and @Chet Mazur it rained all day Friday and Saturday so on Sunday my Dad and I went to the complex to check out the parking lot and it was completely dry. We lifted the drain cover and there was no water visible and all we could see was sediment. Earlier this month my Dad went down to the Sewer Dept and pulled the sketch showing the location of the pipes underground. This particular pipe should've been located on the South side of the drain. Knowing this info, I took a 4ft metal rod and prodded the sediment on the South side of the drain and was able to locate the pipe!

Apparently the PM dug deep enough to allow the water to drain through the pipe. While we were checking it out some tenant from an adjacent building that I don't own told us we were the first people to ever dig out the drain in the 5 years that they've lived there, which sounds crazy to me. I couldn't believe it was this simple to fix this problem. But I'm ecstatic that I dont have to rent any equipment or get an expensive plumber to fix this issue. We'll go back in a couple of weeks to clear the rest of the sediment out of the drain.

Thanks so much for your ideas and suggestions!

@Chet Mazur unfortunately the city of Cincinnati won't step foot on private property. But it's good to know that a vacuum/water jet truck may do the job. I'll look into this further.

@Adam Johnson thanks for the reply. This is a blacktop surface parking lot and the sewer drain is concrete. The PM dug down close to 3 ft and wasnt able to locate the pipe on the side of the drain. I spoke with the city and they consider the lot private property so they will not assist with this.

Hey BP,

I'm hoping someone has experience in fixing clogged parking lot drains.  I bought 2 4 unit properties that share a parking lot and at the time I bought it I didn't realize that the drain was clogged.  Apparently this is something the seller didn't mention and I did not know to check for it.  

My PM sent a plumber down to evaluate it and they estimated the job would cost a minimum of $650 but didn't give me a price ceiling.  So I asked the PM to send one of their guys down to dig out he drain at a rate of $45 per hour. He spent about an hour digging and uncovered all types of trash and debris but after 6-8 inches he wasnt able to dig any further.  Whatever is down there appears to have compacted so tightly that it felt like he was digging rock.

I am hoping that someone on BP has had this problem before and can share what they did and how much they spent to rectify the problem.  My tenants are tired of walking through a lake to get to their cars everytime it rains and I want to explore options for fixing this before going with the plumber and literally throwing money down the drain. 

Thanks in advance for your help!

@Beth Cannon I would advise against offering a full month of rent free because you want tenants to have more skin in the game than just a deposit. I've got 2 4 plexes in a C neighborhood and sometimes finding a tenant that passes all of my screening criteria takes time. I've had success with offering $200 - $300 off the first month. This generates a lot of interest and I find that the majority of applicants still have enough income to pass that portion of my screen.

@Tim Kaminski it's always great to talk to a fellow Buckeye! My 4plex that I purchased using a HELOC is on the west side of town in Sayler Park. For the first year it was a base hit because I came in undercapitalized and underestimated the amount of turnover (2 of 3 initial tenants left within 2 months of purchase) and deferred maintenance needed. However, I renovated 3 units and have been operating at 100% occupancy since June. Purchase price was $125K, these are 3 bd 1ba garden style apartments renting for $700 per month. I pay about $275 per month for water. So all in all I'd say this was a solid double.

@Tim Kaminski I've used a similar approach as @Steve Vaughan and @John Morgan. Last year I got a 30K HELOC from my single family rental and used it as a downpayment for a $125K 4 plex in Cincinnati. The cash flow from the 4 plex covers enough of the HELOC to have it paid in 3 years and still cash flow $100 per unit each month. The only downside with the HELOC is that the interest rate floats and we're currently in an increasing environment. I'd recommend finding a deal that allows you to pay off the HELOC quickly and still not a positive cash flow each month.

Filip, Addyston is on the west side of Cincinnati and I've got a couple of properties in the area.  The PM I use specializes in the west side and have provided great service for my properties since 2012.  The company is called L&B Management. http://www.lbmanagement.net/home.html

@Justin Young thanks for the well wishes! The TSP is a valuable tool thay we have as federal workers and it's a blessing that we can use it for home purchases, education or investing. I see you're in Hawai'i. My wife and I were in Honolulu the week of the 4th of July and had a blast. We're back in Ohio longing for the pristine beaches and iconic volcanoes. Enjoy your time on the island. Aloha!

Congratulations!