All Forum Posts by: Ravi P.

Are you sure the commission fee is a total of 8.8%?

Or could the 2.8% buyer agent fee be paid from the 6% seller agent fee?

8.8% seems excessive unless this is a sub $50k property.

I will be closing on a small office building next month which I will be repurposing. My plans would require the Village to rezone the property. Since this will be a lengthy process I will attwmpt to fill these units up with short term office tenants, or anyone that is looking for storage space. 

One of the methods I plan to utilize is to list the space on craigslist. Is there an automated process I am not aware of? I see some listers go crazy and have 10 listings through out the day.  This would be a tedious task to do on a daily basis. 

If you don't mind sharing what do you use for your phone number as well? A service similar to Google Voice? 

Thanks in advance. 

A few years back I know a few hotel owners that had to install elevators. There were a few numbers that were being thrown around.  If I'm not mistaken, $60-90k is what what mentioned. 

This was also in Chicago suburbs and commercial properties that had to have elevators retrofitted into existing properties. Not new construction. I believe they were 2 and 3 story buildings. 

I too am looking for something like this. 

I was considering hiring someone as an intern or part time college student that is involved with interior design. I would pay a flat fee per project.

Is there someone that would be a true "investor friendly Interior Designer".  Someone that would provide basic design services at a fair price.


The few I have approached, present themselves as an Interior Designer but want to be General Contractor as well. 

Looking forward to hear what others do?

Based on your description of the problem, the bolckage seems to be isolated to the 3rd floor drains after the tub and toilet drain and before the main drain. 

I had a similar experiance in a commercial property (53 units) I onced managed. The property was built in the 1950's and had cast iron pipes. A tenant would flush the disposable waste wipes(similar to baby wipes), which would get caught on the rust that built up in the cast iron drain. Eventually, they accumulated to the point were it led to a blockage similar to your property. All the toilets before the blocked toilet drain would back up. But the toilets and tubs after the blockage had no problem. 

We first tried to rod the toilet with an auger with ni luck. We ended up having the plumbing service come out and hydrojet the main lines and the guest room lines. The hydro jet is like a powerwasher, it would pump about 25 gallons of water a minute with a lot of pressure. It would flush out everything. We ended up finding a washcloths, socks and underwear that would be flushed out.  All the loose rust would be scraped off the drains.

Needless to say we ended up doing this once a year as our preventitive maintenance plan. It is an expensive service starting at $700.00 for the truck mounted. Proactively jetting the lines were much cheaper than having an emergency service call and the subsequent damage that could be caused by flooding toilets. 

This does not seem to be that big of an issue based on my experience. But your probably frustrated with everyone at this point.  It all depends on the competency and resources of the company you hire. 

I will try and find the company I once used. 

Best of luck

@Nick Condie would you be able.to share pricing?

I have come across Yardi's name doing research online. I never bothered following up with Yardi because it seems liked it was for larger owners or managers. 

I just want to see if Yardi is something someone can buy and try to learn?

Thanks

The essential  KPI is RevPAR, it can be calculatedby the following formula.

Average Daily Rate (ADR)

x Occupancy (Occ)

= Revenue Per Available Room (RevPAR)

ADR x Occ = RevPAR

As you can see RevPAR take the average the property earns per total rooms and the occupancy which takes into the number of rooms that are filled. 

 But from a sales perspective you may be better emphasizing the ADR because that number is higher it would reflect the loss revenue by not renting the room out. By not renting a room out it would reduce the RevPAR since the Occ would be lower.  You should also factor in the cost of the service. These peat control companies charge anywhere from $250 -$750 per room being remediated. If the do it in house they can the can pay their in house maintenance guy 15.00-25.00/hour. That is where the true savings are. 

Cont...

If you look in the hotel trade magazines you will see some of the advertisements of other companies. 

David, 

You should look into exisiting peat control companies like EcoLab, Terminex, or Orkin use in their propaganda. There are also diy companies that offer similar products that you mentioned.  I am not sure if your product is proprietary or if you are pushing a white label product. But if you look into trde magazines

Chris, just make sure you are paying attention to the property taxes. If you buy in Cook County, the property gets reassessed every 3 years. If the property has not been reassess you should budget atleast 15-25% increase, higher in the areas that have seen significant appreciation.