All Forum Posts by: Chase Gruening

Does anyone have any experience in the cost of separating water meters?  I found a post from 5 years ago but would like to see if anyone has any recent experience. I have a four plex that has all water on the same meter in Springfield, IL. I was interested in obviously the cost and who you need to contact to get a accurate quote.  

Water and Gas cost about Approx 160/month as it is now (one bill)

Thanks.

Chase

@Twana Rasoul who do you recommend?

property is located in Springfield, IL for anyone that has keyword attached

wish i could delete this one haha

I have really struggled with the topic of hiring property management. I am looking at hiring a PM with 800 units with 97% occupied. 10% fee of income collected.... No vetting fees, however they do charge small fees that seem to able to add up quickly.  What are some reasons you would and wouldn't hire a property manager? This will be my first property (4 plex out of state) and my gut is telling me this is a no brainier to hand it over. However, my realtor and other investors I know cringe when I mention a PM. Any replies are greatly appreciated!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $170,000

Cash invested: $32,000

FOUR PLEX IN A NICER AREA, APARTMENT COMMUNITY WITH RENTS TOTALING 2780/MONTH

What made you interested in investing in this type of deal?

IT CASH FLOWED WITH PROPERTY MANAGEMENT AND VACANCIES

How did you find this deal and how did you negotiate it?

FOUND ON THE MLS, OFFERED 30K UNDER ASKING (189K) AND NEGOTIATED FROM THERE. INSPECTION FOUND A FAULTY ROOF, NEGOTIATED A 12K ROOF FOR 6K CASH OUTSIDE OF CLOSING. COMPS HAVE ALL BEEN ABOVE 200K

How did you finance this deal?

COMMERCIAL LENDER, 15% DOWN AT 5.15 OVER 20 YEARS. 5 YEAR BALLOON

How did you add value to the deal?

WILL BE MAKING SMALL UPGRADES. UPGRADE HACKING SMALL THINGS THAT NEED REPLACED AND SPENDING COUPLE EXTRA BUCK FOR TOP AMENITIES

What was the outcome?

STILL FINDING OUT

Lessons learned? Challenges?

STILL FINDING OUT

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tbd

Hi there,

I am under contract on my multifamily, a quad.  My question is I am getting quite a range of insurance quotes, what your recommendations on must haves or limits?

Also I have estimated 10% for cap ex with a income of 2,700 a month.  What are recommendations for estimating cap ex.

Thank you.

Chase

Curious about the BRRR strategy - is the rehab tax deductible since it will be rental property? Contractor Labor, new materials, etc?

My name is Chase, I am new to Bigger Pockets and have question in regards to meet ups and networking...

Anyone know of any networking events in Nashville, TN or Springfield, IL area. I live in cities and would like to get more involved in area events and networking.

Thank you!

Can someone explain the hard money concept in the context that someone knows nothing about it.  

Terms?

Fees?

Advantages?

Disadvantages?

Qualifications?

Which method of investing this works best for?

Which method of investing this works worst for?

Possible example?

Anything else that would be helpful for beginners

Thanks