All Forum Posts by: Michelle E.

@Jason Shackleton. Thanks for responding. We are not focused on the rate so much but mostly looking to maximize the LTV for cash out so we can do some other deals. We have put around $150K in and looking to get our money out and keep it going.

@ John Warren. Thanks for your response. “Agency debt”, is that a company? 

We are looking to refinance a 12 unit appraised at 870K with maximum cash out. We only owe $175 so there is plenty of equity. The bank we have a relationship with would only give us $250K (which would leave us with $70 cash in hand) - thats only 28% LTV! That is the max they would go but offered an excellent rate. We keep hearing about the BRRRR method and getting up to 75% LTV but where to you go to get it? Credit is over 800, building fully occupied and cash flowing and we have 5 years managing the property successfully. Is this something that we need to talk to a loan broker about or can we go directly to a bank? Who have you had success with? Our goal is to expand our RE portfolio and take advantage of the current favorable rates.

@Nick L. it was an electrician that did work for me every now and then. Unfortunately, he is no longer in Chgo now. A licensed electrician familiar with system will be cheaper than the intercom companies.  

Economy Pest Control, family owed and excellent!  Www.econpestcontrol.com

It is impossible to know where the bed bugs originated, they are not sanitation related.  The situation needs to be treated professionally and if it is a heavy infestation you will likely need to treat surrounding units or possibly all units. Effective treatment is a collaborative process and tenants need to prepare properly to ensure effective treatment. Not sure about the landlord tenant laws in your state but If a tenant is on a lease you have to abide by lease terms which typically does not allow you to kick them out due to ownership change or bedbugs. If the deal makes sense for you financially and location is good, those are key in the decision. Cleaning house and getting your own tenants may also be in order down the road. 

I strongly suggest that you call a pest control professional and have them confirm that the problem is bed begs, then treat the unit once confirmed.  While there you might consider having the pest control company inspect the sorrounding units. As others have stated it is best to deal with problem sooner vs later as bedbugs will multiply and get worse if untreated. Determining how they came in is next to impossible but treating them should be the priority. Good luck!

The pest control professional will likely not be prepared to remove furniture since that is really not their job. However,  with advance notice,  some companies may do it as an additional add-on service. I  suggest you hire someone to do that or get a couple fellas to help you. Beds and couches should be covered in plastic, remove the pillows from the couch and put in bags to make it easier. If the dresser is infested do the same. Also suggest you have Pest control company inspect the adjacent units. There are bed bug monitors that can be installed in these units so you can determine if there is additional activity or treatment needed. Good luck!

For a heavily infested situation,  one treatment will likely not resolve the issue. For our customers and the situation you described, we would recommend a follow up within 2 weeks to 30 days. It's a process. You may also need to treat monthly for a few months depending on the level of infestation. Another thing to consider is cooperation from the tenant(s).  Pests are looking for food, shelter and water. If tenants have pets and leave food out for their animals, this provides a competing food source for the roaches (and mice!). How are they handling their garbage as well? Closed containers with bags or what? Roaches have been around since the dinasours so they are persistent but they can be addressed with consistent integrative and collaborative approach. I can't speak to the pricing since different markets will dictate that but if they gave you a warranty, call them back out and consider monthly treatments for a few months at least if that is an option. Good luck!

@Brian Peterman here u go:

http://chicagorealtor.com/wp-content/uploads/2016/...

Happy to share!