All Forum Posts by: Karolina Powell

Have you shopped other insurance?  I ran into this and my new policy that allowed ESAs was actually cheaper

Even if I’m willing to do a separate loan on the odd one (a five plex)?  Everything else in the portfolio is 1-4

Negotiating on a portfolio of 18 properties (25 doors, almost all SFH. some duplex, one odd one) for ~2M. 1.4+ DSCR, 800+ FICO, plenty of W2 income if needed, borrowing in an LLC. in western Pennsylvania. Anyone working with a lender that will do 85% LTV or higher under 8.5%? if you have a lender that is possibly willing, let me know and I can share the details. Thanks!

Im looking at a triplex where one of the units is occupied by a very elderly hoarder and there are roaches everywhere.  I am trying to figure out how to purchase this without 1. Roaches being a problem for the neighboring units and 2. Get them exterminated out of that unit without evicting the elderly tenant.

Seller is adamant that it just needs another exterminator trip but I don’t see how that will resolve it long term.  Any creative solutions along the lines of making them responsible for two years of bug treatments or delivering it empty?  

If, instead, the price is good enough to make it my problem - any solutions for fixing the problem besides evicting the hoarder, cleaning it out, and then fumigating?  And what are the chances it’ll impact the clean unit next door?  I’ve never had a roach problem before so I’m thinking through this.

Thanks for your help!

Disregard

It's very common where I live (western Pennsylvania).  Mitigation systems cost 1-3k in most cases in my experience so it's not a deal breaker

What does your lease say about how much notice you have to give to increase rent?  Make sure to follow that and any local laws.  I personally would be very upset if I was a tenant and made a decision based on a verbal agreement and then got a larger amount told to me later.  Imho, the right thing to do is honor the amount that was discussed and you can increase it again at next renewal.

I buy a lot off the MLS. I just offer what I think it's worth no matter what the listing price is. Last year I was closing about 25% of the offers I made. This year I'm only at about 10% unfortunately so I do see a lot of properties and make a lot of offers.

 I self manage.  Good point on the generational differences

I'm interested in hearing about the differences in tenants that you get in a 1-4 multifamily versus a 10+ apartment building?  Let's assume they're both in a C+ neighborhood.  I currently only have experience with the former and am looking at possibly acquiring the latter.  

Thanks for any insight!