All Forum Posts by: Michael K.

Looking solely at the rent to price ratio the deal isn't that appealing - but since this is a house hack the typical rules don't exactly apply. So long as you are buying it at a fair price (in line with your particular market) and you know you could easily enough get somebody else to pay a similar price if you decided to sell in a couple of years - then I'd say go for it. But clearly, 340k is not that price, otherwise it would have already sold. Since we can't see the building and may not be familiar with your market I suggest you ask your realtor their opinion on why it has been sitting so long. You can always put in an offer and go to inspection and if you don't like what the inspector finds just walk from the deal.

Smaller Multi-unit buildings will show up on the MLS along with all the other residential properties. If you're looking for a larger building Loopnet is a good resource. It would also be a good idea to get in touch with a local commercial brokerage. Reach out if you need advice on areas or neighborhoods!

@Juan Camilo Lovera I have a Columbian client who frequently travels between the US and Columbia, they might be interested in your group. Is there a way to get in touch with your investor group? or link to a website?

Here is the link to the units I purchased. https://www.uline.com/Product/...

How did the transaction go? Did you end up closing on the place? 

@Kimnee L.

Although I have never had this kind of thing happen to me I suggest you get out in front of the problem. If you accidentally hit someone with your car you want to be the one driving them to the hospital, not the one running from the crime scene. I think the same applies to this situation. Reach out to your insurance agent and see what/how much this gentleman might be entitled to within the limits of your policy. His family might be still be looking at this as a freak accident and not out for blood. Demonstrate to his family that you are actively working to help him. Get in touch with a lawyer (of course) but start off the conversation with some compassion and bring in the human element. Hiring lawyers might lead to an arms race and things could quickly get out of hand.

@Amanda Thompson

I don’t get it, how does her story have any bearing on getting an apartment for rent? She could have applied without telling (possibly making up) that whole story and it wouldn’t have changed anything. 😂

Hi Reshad, would be glad to connect. I have done numerous rehab projects on my own buildings and can help talk you through the process, I also can share some recommendations on contractors if you need any. Cheers!

@Bronson Simmons I like Numbeo and the St. Louis Federal reserve for macro data. In my job as a realtor in Chicago I rely heavily on Infosparks, which provides visualizations of data from our local MLS. If you have a realtor ask them to run some searches for you.

Wow, sounds like you already have the right idea. I wasn't entirely clear, are you saying that you have already done a lot of deals? or are you still looking for your first one? You mentioned a lot of different strategies, what has been working for you?

Are these 15 people all on payroll? And are these units newly acquired and need a lot of rehab? I think maintenance vs rehab is going to require different crews. You can probably get by with just a couple of full-time maintenance guys for 100 units. If rehabs are not an ongoing thing at your company it would make more sense to find a team of reliable sub's than to develop your own in-house team.  I'm sure you can get a discount if you do a lot of business with the same contractors.