All Forum Posts by: Andy N.

Rhondalette W. It was an mls property.

I am financing with a local bank. I'll be using a 5 or 10 year fixed with 20% down. I am still working out the details on this. This property was built using a program that offered special financing terms. It had rent control guidelines that had to be followed until the note was paid off. The rent control kept the rents well below market value. The mortgage was paid off in the last couple years. The property manager has only done rent increases of $25 per year for the last couple years. I plan to make stronger increases as units become vacant. I will be using a property manager. I appreciate all of the positive feedback.

That's great! Devan Mcclish I'm in Hopkinsville. I'm about 65 miles from Nashville. Glad things are going well for you.

Thank you!

There have been a couple off market sales in the 16-24 unit size the last couple years that I was able take into consideration. This complex is 48 units. Also, prior to listing this complex the sellers had 3 separate appraisals done to help determine the asking price.

2016 has been a busy year. My wife and I are each 30. I have had rentals for several years but this year I have wanted to grow my portfolio. I wanted to grow to 25 units in the next couple years. Fast forward... I have just finished building a duplex and have another 50% complete. While in the middle of this my wife and I welcomed a healthy baby girl, our first. I decided things were not crazy enough and got under contract on a 48 unit complex. I've had my eye open for a complex for a while. They never come on the market in my town. After a couple weeks of negotiations I am finally under contract. Hopefully everything goes through. It is a 48 unit mix of 1,2, & 3 bed units. It has an office and a small onsite laundry. I feel that it's going to be a great value add. Units are $100-$150 below market. Exciting times!

I am looking at a 48 unit that is managed by a property management company and has an onsite manager. How are you managing smaller complexes ? What are you being charged ? Any other thoughts would be great. Thanks Andy

Would anyone have an idea what it would cost to have an inspection done on a 48 unit complex?

Here is the situation, and I'm not liking it! I have a duplex about 30 minutes from where I live. I recently listed it for sale and let the realtor manage the property. He rented it at the beginning of the month and gave the tenant the keys. Early in the month I had a refrigerator and stove placed in the unit. Yesterday the tenant calls the property manager and says that she went to start moving in and the stove and refrigerator are gone. I have never ran into this before. Is this on me, tenant, property manager? I just bought the appliances. I hate to buy them again! Of course, the neighbors have not seen a thing. Thanks in advance.

Plumber is going to look at the hot water heater today.  I hopefully nothing that cant be fixed.  Ive heard of using water/bleach for mold.  Would that be a 50/50 mixture or less bleach?