All Forum Posts by: Kevin Siedlecki

I love keypad deadbolt locks.  Once I tried them on one place, I started to use them on every entrance to every unit.  You can reset codes when tenants move out instead of replacing locks, and you will never be called to let a tenant in because he lost the key.  

I've been advised to pay for water and sewer because the house can be foreclosed on by the municipality if those bills go unpaid.  Maybe that varies state-to-state.  I have always planned on the expense and built it into my rent.  I only rented one place for a short time after college, but I know I did not pay water and sewer as a renter.  Anyone have more detailed information or advice on this?  

@Ben Leybovich

I just posted a blog today about understanding (as opposed to crunching) the numbers on a multifamily investment.   I'm still relatively new to investing (compared with you and the other BP BMOC's), but did I do okay?

http://www.biggerpockets.com/blogs/6815/blog_posts...

I'm with @John Horner on this one. While 1% rent to price can work in some markets, you're ROI is actually lower than it would be on a normal 1% rule property, because you're putting cash up to fix the water problem. I think you're onto something with option 5 (Don't buy it).

I realized that my update didn't post to the bottom.  Here is the first installation of my blog series about buying a small multi-family property.  

http://www.biggerpockets.com/blogs/6815/blog_posts...

My next blog post is about this exact thing.  I'll post the link here when it's done.

@Shawn Connors- seems to me it's very obvious where to go from here: move on. There is no deal to be had here. Keep looking and be patient; someone better will come along. 

I agree with the other posters. You didn't screw up nearly as badly as your tone suggests. You now have two nicely renovated units producing positive cash flow.  You spent more than you thought you would to get there, but as long as you did your long-term analysis properly, you are in good shape! I'd rather make the mistake you did than make a mistake in the cash flow expectations. 

@Mark Brogan- have you done subject to purchases?  I have no experience with them, so I'm just curious.  How does that work if the bank doesn't have to approve?  

@Matthew Castle- if you're planning to buy this based on the listing and advice on this forum, take a step back, learn some more before you jump in.  There is a lot more that goes in to analyzing any property, and even more with a commercial deal like this.  Good luck!