All Forum Posts by: Robert M.

@Dillon Loomis Welcome to BP. You will learn a lot of what you need to know if you hover hear for a few months.  

One thing I tried early when I began in RE a few years ago is I could not find multifamily in Erie where owners wanted to sell. Maybe my RE agent did not really send all those letters out...?

I have found Erie's market to be similar to others. Cash flow in C and D with rents in 2% of purchased price range and 1% range in B areas. Cash neutral with 15 year mortgage.

Hope that gives you starting points. 

good luck and let me know if I can help in anyway. 

@Wesley W. I agree with other posters, it is not your issue to solve. I had to educate my own PM in an issue like this. Not my problem. Just be tactful when you advise complaining tenants to deal with it as they would if they owned a house and it was neighbors. 

I used to rely on a saying in my past business. It was "If it isn't written down it did not happen."   Rely on what is written down, not on something someone says. 

Everything written down sounds bad, unless of course you want to run a social services program. 

@John Taylor I would be interested in hearing about this service.

@Steve Babiak  Steve, can you save me some googlng and let me know the website for Pennsylvania?

thanks

l

The lease should specify what happens in a "sale" and how it effects tenants. 

I am in a similar partnership on a duplex purchase. I provided all cash needed at purchase. He contributes labor at an agreed upon rate ($55/hour). Each year he "earns" equity and my 100% equity decreases a like amount.

We agreed never to let the issues interfere with our friendship and we have an LLC and an operating agreement. Third year in with 15 year mortgage. All is fine so far.

We have annual meetings and discuss business so no one is surprised by anything.

100% trust.

I am interested to see what others at BP have experienced in the first few years of investments. I just calculated my best investment of the 5 I have done since beginning 3 years ago. It is a SFH with a 6 year lease at $1900/month, and shows an IRR of 12%.

Why would you return the fee if they do not meet your criteria? We provide all applicants with our criteria and then use credit/criminal/rental check to verify.  

Deal looks very good to me but your insurance does seem way too high!