All Forum Posts by: Keenan Fitzpatrick

Well-played, Bob!

LWYRUP!

According to NAR and a bunch of other sources, real estate sells for more than the expense of a realtor when a realtor is used so why wouldn't you use one? You can literally do less work and make more money. And the seller pays the buyer's agent so again, why wouldn't you use an experienced professional fiduciary to protect you and guide you along a complex transaction that is almost always the biggest financial decision of peoples lives when you don't even have to pay for it?

Ideally? All of them! But right now I have a mix of small and large multifamilys.

Need to distinguish expenses whether it's cap X or just maintenance.

According to NAR and a bunch of other sources, real estate sells for more than the expense of a realtor when a realtor is used so definitely use one! But make sure to have a process of vetting agents or getting a referral from a trusted source.

I've been in a similar situation and I get PTSD just reading about this. I'm glad your hard-money lender got you that extension!

It's human nature to focus on hard costs. They are right there in your face and quantifiable.
But what is the costs of not inspecting a flat roof because the seller said it was ok?

A plumber can cost $250-$350/hr to put a camera in a drain line but a new sewer main can easily cost $30,000 - $50,000 and a new cleanout can be $6,000 - $8,000 or more depending on the depth and if it's by the driveway which it often is.

I can tell you from personal experience it can be up to about $34 per sq/ft for an EPDM roof with a taper kit installed or about $90,000 on my small ranch 4plex. A roof inspection costs around $350.

Sometimes you spend thousands on inspections and you come across a deal breaker or aren't able to negotiate terms to keep moving forward. That is the cost of doing business and why you have to make your margins on other deals.

There are a ton of freelancers (Fiverr etc) who specialize in this sort of thing. If you have several properties you need owner info, might be worth it to outsource this task.

I'd consider tenant history as well. If the property has long-term and stable tenants then a shared electric meter could work. But personally, separate electric meters give me more peace.