All Forum Posts by: Michinori Kaneko

hey Nick, the REIA meeting that Peter Fennig just mentioned is probably best bet. @Drew Wiard and @Adam Beckstetdt can help you out there. i think there is a meeting coming up very soon. They also have facebook group page that i highly recommend you join as there are several really experienced people in the group (which i don't think necessarily come to the meetings either). 

@Thuy Twee Nguyen i looked at that card looks like its a business card (not reported on personal credit?) and 2% cashback but has annual fee! from that perspective i guess citi double cash is still better but i'll look into it since i need few more credit cards to increase my credit score!

Anyone else have any suggestions? :)

got it thanks.

@Evan Polaski i see, i will look into them to see if they serve the area i'm looking at.  Thank you!  i know roof is about 10 yrs old and the water heaters are around 7 yrs old, but i have no idea what else i should be looking at.  Do you think they would also be able to assess whether the meters for gas/electric can be broken out? currently the owner pays for it and i think there's a potential to breaking out the meters if its not too costly.

@Lawrence P. Schnapf thank you, is that "Phase 1" part of the PCA report that Evan mentioned? 

Thank you both.  I will look into an engineering firm.

@Greg Dickerson that sounds really low for replacement cost! why is cost of replacing for apartments so much less than cost of replacement for a SFH?

Hi All,

I've invested in several SFHs but i've been blessed with an opportunity to potentially buy a 60-unit residential building. Since this is the first time i'm investing in a building, i'm a little clueless as to what sort of CapEx expenses i should anticipate, unlike with the SFH i'm fairly familiar. In the SFH world, many investor suggests to stash away 1 month of rent as CapEx savings, is there something similar in the multi-family side?

Also how do i estimate how much i should anticipate on average for a turnover? is it comparable to SFH or much less? Thank you in advance, and sorry for a very broad question. I was just unsure where to start.

@vicki roy may be able to help you

that is not service provider or property management. If you did this all you are doing is collecting rent IF they pay, i hardly call that a management.   Definition of management:

The organization and coordination of the activities of a business in order to achieve defined objectives.

from http://www.businessdictionary.com/definition/management.html

and for this i am paying "management fee".  

Now i will say that the original PM that made me want to post this thread also charges 10% surcharge on maintenance (yeah they hire some contractor and make 10% of the service cost). Maintaining the property, and managing the tenants/income are the two thing i would look for in a property management. If i'm getting charged a surcharge for maintenance, and they are pocketing all late fee, what am i paying management fee for (rather what does "management" include?).  needless to say they no longer manage my properties, maybe your situation is different, and maybe you have an OUTSTANDING service that would make me ok with you pocketing a late fee if it only happens once or twice a year (but even then, probably not 100% of it). 

I may not have written this in the original thread either, but this manager let a tenant stay for 3 months with unpaid rent until i questioned about it.  their lease clearly stated that if the balance is not paid by 5th of the month, they get a late fee, and if the total balance is not paid by the 15th they get evicted.  They didn't follow their own lease (for 3 months!!!!), but hey when i finally pushed for it and the tenant finally paid off everything they kept all the late fees because they "worked so hard to collect it" while i paid 3 months of mortgage, insurance, and taxes out of pocket and giving the tenant a free loan for 3 months. This is why I am really sensitive about this topic right now. 

Bumping to see if there are any other cards anyone else suggests!