All Forum Posts by: Chase Gruening

Thanks for the response. You are using 10% of what? Monthly rents?  

Thanks for the response. You are using 10% of what? Monthly rents?  

What is the advantages/disadvantages to seller by doing this opposes to just lowering the sale price. I am not familiar with this approach.

Thank you

I am getting close to getting a contract on my second multifamily deal. I am having trouble estimating a accurate cap ex and we are about 20k apart on 330k counter offer. The deal involves 3 separate duplexes (6 total units) all next door to each other....

One of them needs a new roof. The total rents can be raised to the low end of the market about $350 total. AS IS it will cash flow about $150 per door with the worst month of expenses and 5% vacancy rate (great location), fully rented right now.  I have proof of annual expenses from water, tax, insurance companies that I used to calculate expenses. I have only estimated 1,000 per month in my cap ex (3,000 total) per year in my calculations. 

I know this is not very accurate and would like opinions on how get that more accurate. More from experience the a general rule of thumb. These are good properties in above average condition. All updated. 

Also in terms of getting closer in negotiation. Any ideas or suggestions in order to get closer to a contract?

Thanks.

Chase  

@Brian Van Pelt can you explain the term boiler plate a little bit more?  

Patricia,

Thank you! That is very helpful.

Any insight as to why this happens everyday? I took an hour of a attorneys time that was recommended by several people. With no bills or correspondence for almost a month.

Thanks!

I was recommend to meet with real estate attorney in the my area of investing (Springfield, IL) for quality state "bullet proof" state specific leases for Illinois. Legally sound and is in great pdf format allowing me to interchange names and numbers easily along with my companies branding on them.

Three weeks later...

After meeting with attorney I was told I would receive lease the next day via email and be billed separately. After multiple calls and emails I have still received nothing. Secretary said she would pass along information, personal email, and voicemail to attorney. Still nothing.

I have accepted that this is unacceptable service and not the type of business I want to work with. My concern is I will see leases and bill some random day. However, I am still left without a quality lease for new tenants I am acquiring. In time sensitive need for a quality lease or attorney for multifamily property in Springfield, IL.

Any help is greatly appreciated.

Thanks.

Chase

Soringfield, IL property 

Getting first four plex running smoothly. Taking my time before turning it over to a quality PM that I have been recommend too and have vetted over time (any PM recommendations are welcome).

In the mean time would like to find handymen in the area for odds and end jobs....

Small electrical work

Drywall work

Emergency calls

Etc.

Any help would be awesome!

Thanks.

Chase

I was recommend to meet with real estate attorney in the my area of investing (Springfield, IL) for quality state "bullet proof" state specific leases for Illinois. Legally sound and is in great pdf format allowing me to interchange names and numbers easily along with my companies branding on them. 

Three weeks later...

After meeting with attorney I was told I would receive lease the next day via email and be billed separately. After multiple calls and emails I have still received nothing. Secretary said she would pass along information, personal email, and voicemail to attorney. Still nothing.

I have accepted that this is unacceptable service and not the type of business I want to work with. My concern is I will see leases and bill some random day. However, I am still left without a quality lease for new tenants I am acquiring. In time sensitive need for a quality lease or attorney for multifamily property in Springfield, IL.

Any help is greatly appreciated.

Thanks.

Chase

Hi Craig, I am investing in Springfield at the moment and very familiar with Taylorville.... grew up in Sherman. Good luck getting started!