All Forum Posts by: Marshall Downs

I learned this one the hard way. In our case, we had four units total affected, one wall to wall and the other floor to ceiling. Essentially the architect didn't properly detail the separations and this was compounded by a poorly located return vent and shoddy insulation in the wall to wall area. For the floor-ceiling units we ended up installing metal channel on the existing ceiling that was held in place with rubber discs to provide a sound break. Then another thin layer of insulation was installed and double 5/8" drywall with Green Glue between the sheets, repaint, etc. With the cost to temporarily relocate homeowners, move belongings, repair and tests we were around $20-25K. If this had been done during construction it would have been $3-5K. 

Our sound test consultant recommended floor remediation, but the owner of that unit would not agree and we could not force them to, so had to go this route. I would closely read all of your condo docs and see if there is any provision for enforcement. Have an attorney look as well, which Will Barnard recommended. If you can't enforce, start looking for sound proofing contractors.  

Sounds like a great idea @Daniel Paul Goodman. I've got STR's and this is something that would do very well in my area. Just research the market well in your location. Best of luck!

Have you considered a mini-split? It would take less lineal footage of wall space and may be a better solution. 

Hi @Marcus Carr, welcome to the other side! 

One thing I tell newer folks is to begin figuring out what could be your specialization within real estate investment. Over time you will learn lots of information about the overall industry, but it is a huge industry. 

Within single family rental properties alone you could be the go to guy for deal sourcing, financing, construction, sales, property management, etc. Begin working on what sort of value you can provide in that space. Experienced investors and potential partners and mentors always can use the help of someone who provides valuable information on some niche that will help their business. 

This will of course take a bit of time. One way to figure out would be to attend REIA meetings and other meetup groups where you can explore the industry further. Here is a link to some in the Bay area. https://www.biggerpockets.com/...

Hope it helps and feel free to reach out with any questions. 

@Sarah Lorenz this is how we handled a condo project real estate relationship and pre-sales.

The commissions were 4.5% on outside sales, 2.5% to buyers agent and 2% to our agent. If our agent got both sides they earned an additional 1% kicker.

Commissions were paid at closing, same as always. We provided about $15K in marketing including a website, 3 day (Fri-Sun) party (lots of fun!), staging, marketing materials and advertisements. 

Sounds like you'll need an attorney, but you should check into it especially since the sheriff came to you, which could imply you currently have some ownership interest. 

You could also get any county records including copies of the deed and any mortgages since your parents have owned the property. 

Also, you may want to have a title company run a title search. At least then you'll have a more complete picture of the status. 

We do have an extension provision, but I doubt we will need to exercise it. We've done the heavy lifting within 12 months and the property is now stabilized. The current Cap is in the teens.

Definitely Joe. We're 11 months in and will be finished with our capital improvements this month. Will be selling or refinancing once that is complete. 

@Sean Rooks try Roy Koppelmann . He's a talented builder and investor in Charlotte. If it's out of his area, he might be able to recommend someone. 

@John Coppock I've purchased MF with seller financing. It is a smaller property (15 Units). Here are the terms: 

$325K PP with $50K down. 5% with a 2 Year balloon. 

We sourced $50K in private lender funds @ 10% for the rehab. This paid for several unit updates, common area and exterior improvements like paint and the parking lot.

The property should be worth $600K when complete.