All Forum Posts by: Rich Somers

@Scott Lyons

Read my response to Phil about negotiating a split.

@Justin Wilkey

I own an 11 unit building in The Norwood area of Cincinnati. Which area are you in?

@Phil Denton

The larger laundry vendor in Cincinnati is called “Cincinnati Coin Laundry”. I’ve inquired with them but they want to give me refurbished machines and a 50/50 split for a 5 year agreement. I was hoping to do better. I know individuals who were able to negotiate 70/30 splits for new modern credit card machines (164 units in Phoenix) and 60/40 split plus a signing bonus for (8 units in Orange County).

I'm looking for a 3rd party company to execute a Utility cost savings analysis on two smaller Multifamily assets in Cincinnati (11 units) and Indianapolis (32 units).  Not necessarily looking for RUBS or any sort of utility bill back as this is already in our business plan, instead someone who can come in and identify utility bleed over, and implement cost savings solutions primarily for water.  Any suggestions or ideas would be great! 

I'm looking for a 3rd party laundry vendor or laundry broker to negotiate some new laundry equipment for a couple assets in Indianapolis and Cincinnati.  If anyone has any good suggestions, or deals you've been able to negotiate, please let me know.  I'm looking to sign a 5 year deal at 60/40 split or greater for new machines, with hands off repair and maintenance.  Thanks in advance! 

Please join us for a couple drinks and a chance to network with other San Diego real estate investors.  No pitching, no fees, just networking! 

Stone Brewery Liberty Station Monday, January 13th @5:30pm

Event is actually January 13th at 5:30!

Please join us for a couple drinks and a chance to network with other San Diego real estate investors.  No pitching, no fees, just networking!  

@Brandon Wood

When the bank says they will lend up to 80% in the form of a HELOC it just means they will lend only up to 80% combined LTV between your first mortgage and your second mortgage which would be in the form of a HELOC.

I would suggest shopping around for a bank or credit union that can do better. I have a HELOC out on one of my properties with Navy Federal credit union and they loan up to 95% for HELOCs.

Hey Michael, welcome to Bigger Pockets.  I host a local meetup here in San Diego, our next event is Monday, December 9th in La Jolla.  You should come out, many of us live in San Diego and invest in multifamily out of state.  Shoot me your email if you would like more information.  

Rich