All Forum Posts by: Mike Dymski

Very nice post and thanks for all the granular detail. What a massive return on the purchase and rehab. Curious if you consider the post-rehab ROE when deciding whether or not to hold or sell the property. When you have such a successful value add, ROI looks great but post-rehab ROE looks odd. Another way to view it is whether or not you would purchase a $200k house with $1500/mth rent. Food for thought. Congratulations on the success!

I am unable to predict markets and my plans do not permit sitting on the sidelines; so, I try to purchase investments that cash flow similarly in up or down markets.  Fortunately, my market allows that.

With that fee structure and 50 units, you may want to consider hiring an employee.  You could also consider having them manage property for other owners with a fee structure that aligns the owner's interest with the PM's interest rather rather than lease up fees.

Good to see a Greenville post.

I have purchased 25 units from Jonathan's team and have another 4 under contract to close next week.  They are investors themselves, good to deal with, they hustle and, most importantly, they close.

If you can source properties for 75% of true market value, finding funding will be easy....just have to figure out who and how...could pay a private investor a high rate of return at that purchase discount.  You could also wholesale it.

Purchase a property that needs some work as your primary residence, fix it up, refinance and take your cash out, rent it and do it again with the next property.

I am paying $10.20/yard for 18 oz nylon carpet installed ($50 for stairs) and $11.79/yard installed for 10 year wood-look sheet vinyl ($25 to reset a toilet, $1.25/ft shoe molding).  Putting the vinyl in the kitchen, baths and living room.  I use Real Floors which is Redi Floors in GA...not sure if their Macon location is close enough for you.

People on BP swear by click-lock LVT.  I'd put that in but it was not an efficient solution for my vendor for an apartment.  The vinyl products appear to be an excellent solution and they look great.

@Andy Robison Interesting, I did not have any paperwork or sign anything.  I expect the policy documents to follow in the mail later like they did with our other policies after transferring them.  Thanks for the follow up.

@Nathan Miller I need more robust reporting for commercial lenders, financing packages and general analysis (separate and aggregated property P&Ls, T12s, rent rolls); so, unfortunately, I may need to handle the bookkeeping myself or continue to vet PMs who provide this service.  I see this reporting from sellers when performing due diligence on properties; so, there are PMs and systems that are providing this data.

My PM uses AppFolio.  Can any other users comment on the availability or lack-thereof for P&Ls, T12s and adding entries for items paid for by me?  My PM is telling me that the property reporting tools in AppFolio are limited and her investors aggregate in Quickbooks or elsewhere for taxes, financing packages and analysis.