All Forum Posts by: Michael Klinger

Might also be a good time to refresh the unintended terminology:

"Capitol" is where Congress meets.

"Capital" is (among other things) the financial term.

None of it is really relevant to the issue. Unless you can get some laws tweaked in a Capitol.

Please don't do nucular on me for pointing it out.

@Joe Bourguignon, It's been 13 months now. I ended up splitting the management between 2 companies, as 22 units are in one area and 42 units are in another.

I'll be straight and tell you I am not excited about either company I currently use. After constantly kicking their *sses about all of it, I would say that one company is adequate and the other company is barely adequate. But I have to be on their case all the time to get it where it is. 

I have explored other options, and I plan to make a global change of some kind in the near future.  I just get the vibe that other companies I've explored seem like a variation on the theme and the result would just be a different version of the same. My frustration with property management rivals my other big problem which is finding and retaining viable tenants. Which really circles back to management.

Also... Ask around about a "swap and drop" purchasing strategy that might help in some markets (I say in a whisper).

Not sure the information is worth much... However there is a very generic/broad stroke data point from the Marcus and Millichap in their Multifamily Research Market Report. Both their Q3 and Q4 2018 reports state Cincinnati's Cap rate averages 7.6 percent. 

My thought on it is more conceptual than a mathmatical formula or pinpoint on a calendar. And I hope it doesn't come accross as snarky...

The best time to sell/buy is when a new opportunity has greater merit than the current opportunity, after you consider the potenital aggravation and associated costs of converting to a new opporunity. 

Merit being some combination of financial upside and better alignment to your long term goals. 

Classic opportunity cost. What are giving up in other opporunities in order to hold steady in your current opportunity. Or after evaulating it all -- is it the other way around?

Just closed on a fixer, single family for what we intend as a fix and hold.

Out of the gate the first "issue" is a note on the door from the neighbor stating that "we must get our power lines off 'his' power pole." The pole is in his yard at the border to ours and feeds all utilites to his house and ours.

I'd imagine that even if he or any previuous owner of that property paid for the pole that there is an easement on the pole for use as needed by by power, phone and cable. It looks like its all been there for years.

Any insight on how this is goint to play out?

@Jason Bott and @Charlie MacPherson. Thanks. Two excellent suggestions and I will follow up on both.

I've called around a bit for insurance on a buy and hold single family house we are in the process of buying to rehab and then will rent out. After striking out a bit, I've learned the term is "Builder's Risk." I Found a company that put me through the paces of a quote, only to get to the punch line in which they said the policy does NOT cover liability. Liability for other properties in this LLC have liability on the policies for those specific properties, so the LLC itself has no blanket liability policy.

Am I going to find more of the same in the "Builder's Risk" category or did land on a company that doesn't suit the need? Even so I further asked and they said they don't offer liability in Massachusetts. Any other ideas on how to get properly covered?

Seeking recommendations property inspector type or contractor types to specifically help me look over the major components next week (Ideally 09/19 or 9/20 in New Bedford on 100+ year old single family house. I am in driving distance and will be there.

This property will be essentially a gut job, So I have no interest in knowing about such things as broken outlet covers. But a professional look at the foundation/structure and roof would be helpful, since daylight can be seen through ceiling cracks.

Any recommendations, or direct contacts let me know

@Dave Foster , Thanks. Definitely. You've earned the next one we need.