All Forum Posts by: Eva Salas

@Barbara G.

As far as how much more CF I'm getting for the 2k units? My question is how much more than what? Apts selling here from 3.5-5 cap now. 

Hi, Yes the apartments are 100% occupied at the moment.  The plan is to upgrade when units become vacant with W/D's and then rent them for $100 or more than what I would normally ask, (I haven't yet heard the final word on that).  

The market here in Silicon Valley is such that other buildings, considered "luxury" are renting their 1 BR's for $3,500-$4,500 a month. My units are smaller, it's an older building, in a beautiful SFR "A" neighborhood, and so a new tenant paying $2,100, (or more), with an in-unit w/d is definitely in keeping with the market here.

Because I will install W/D's slowly, as units turn, the drain on my CF will be relatively painless...well, almost.  

My managers manage around 2,000 units here, and I would always seek their guidance before making an expensive upgrade such as this.  A good mgt. co.'s value is not only in being on top of what needs handling at my building, but knowing the market intimately!  I was recently prepared to put a 1BR on the market for $1895, until my mgr. caught wind of it and said to offer it at $1,995.  It was pre-rented to the first person who saw it.  She  happened to come to the unit with the rental agent when I was telling maintenance exactly what would be replaced, (It was in need of complete rehab).  The unit was upgraded exactly as I had represented.  

I consider my residents to be customers.  A good thing for all property owners to remember, IMHO.  

Manager said she thought I could get at least $100 more/unit, but is checking with the regional manager so will get back to me,  

She also mentioned getting 2 piece stacks instead of 1 so that if (more like when) the washer goes on the fritz the dryer will be fine and vice versa. 

Now to talk to my plumber...

oh now I understand, enough anyway :-) Is the home a legal tri plex? I have a bldg where nothing is separately metered so I build it in to my marketing of the units, but for sure residents probably don't give a hoot if they leave on the furnace, or lights when they go out. :-( There are companies who do the separate energy  billing for you, however. 

I think they base it on number of ppl living in the unit and other criteria. I don't use them because too much work for mgt with 10 units and if 1 or more falls behinds not worth the hassles. But could be worth it for you. 

15k loan pay off fee? To whom? The seller/note holder? 

So, I just heard back from my manager who said YES! GREAT UPGRADE! with W/Ds in my 6 plex. Took her more than 1/2 hr to get back to me!! ;-) If anyone on BP owns homes or units recommend my managers highly! 

Thanks everybody! I so appreciate your input!! I do have plumbing near the closets. And I'm sure electricity can be brought there.  BTW its a 6 plex. Gonna email my managers on this and get their take as well.  Will tell y'all what they say...

My sister lived in one of my units for a while and she brought the idea to me. As a busy full time employee, she did not like having to schlep outside to the laundry room on the weekend only to find the 1 washer already in use. Even in wonderful weather a hassle. Plus could turn laundry room in to downstairs storage, which I have very little of. 

Love that, Josh! I'm not in the biz of doing what you're doing so it's a boring for rent sign and an ad on Craig's List.  But it does the trick :-) 

Hi Mark, I LOVE your enthusiasm, and KNOW you are going to make it happen. I don't even need to say good luck. As you have so much more going for you than that! 

Best investing!!! 

@Tommy 

@Tommy Sowell Yes on the gut!   My first multi fam, a good cash cow, was a 5 minute drive and a 1/2 walk with my dog almost every day. So loved the time saver of that bldg. especially when something pressing went wrong, as my husband was in charge of maintenance. I now own 1/2 hr drive away, great bldgs, but those walks were oh so great!! As was the proximity for maintenance.