All Forum Posts by: Marysue Connelly

I have Airbnbed a personal residence before and had no issues with our home being treated poorly.  Of course there is always an exception but renting in general has this risk.  I would want to increase the rent or get a percentage of the Airbnb income.  You may be able to see what's going on by looking on Airbnb yourself as far as availability to your unit and asking price.  Seems like a good way to get your unit rented and make a little extra with no extra hassel.  If rental applicants are not a problem then just move on to another applicant.

 We have a 24 unit apartment bldg.  We are looking for impute on how to handle maintenance, install and removal of window AC units in Missouri.  In the past a self managing owner charged $100 to install and remove window units he owned.  We have a property manager and this will not be cost effective for us.  We would like to have control over the AC units used/ purchased because larger units will blow fuses in the apartments.  Does anyone have experience in a similar situation?

Hi Jack,  We are just beginners on this bumpy road.  We live in the hot market of Denver.  We wanted to scale and couldn't afford multi in Denver.  We looked out of state in less expensive areas, considering cost of travel, if we had family near, the cap rate, and population. Things to consider before going multifamily:  If the seller says it's B class it's probably C.  If they say C count on D class.  The sellers expenses may be different than yours being out of state.  They will not show all expenses on the pro forma.  Price insurance yourself do not rely on their cost.  A commercial loan can be called due while a conventional loan (4 plex or smaller) cannot.   Good luck!

@Jack Zhuanghi Jack.

Congrats on becoming a pro.

We have both duplexes and multi family out of state. We were excited to get into multi family and found a 5 unit and a 24 unit. We also have 6 duplexes out of state. I’d say it depends on your property manager and the deal. There is definitely more to learn with multi family and the loans are different. I think it’s nice to be able to stick w/ conventional loans. We are currently doing better w/ the duplexes. It’s all in the deal you get. We have a lot of transition in the multi family. Depends on the area as well. I would not recommend a lower class part of town in either type property. Learn the area!

Great Job!  Excited to hear of your success, especially being new to the area!  congrats!  Would love to hear more about the loan structure.

thanks, he was delivering some paper work. So I'd say he was invited.

Hi Eric,  How far is Columbia, Illinois from St Louis?  I invest in Carondelet area of St Louis.  I'm always looking for local contacts for work.  Do you know any electricians in the area?

thanks for the advice!  We are going to start with a phone call.  I'd never heard of the law of trespass.  Is it true we can enforce that even if a tenant invites him in?

Thanks for all the advice. Appreciated.  We will start with the phone call and go from there.

This is a re-post from multi family forum.  Not sure where best to ask.

I purchased a 22 unit apartment building summer of 2018. The past owner did self management and was lax and inconsistent with any type of policy. He has been visiting the property and seems to be advising tenants on how to deal with new management. It seems he had a tenant who had previously gotten favored treatment. She dislikes the current property manager due to lack of preferential treatment and enforcement of policies and procedures, as well as personality I assume. The management company overseeing the property enforces leases and property rules in a fair consistent manor. We are concerned about the past owner encouraging legal issues and generally stirring up conflict. Soliciting ideas on how best to handle this situation. Can we legally ban the past owner from the property? Is this even a good idea since there is not 24hr onsite management to enforce this. Also the conversation could continue by phone. This property is C class with vacant units. We are trying to gradually convert to better quality tenants.