All Forum Posts by: Shayne Hastings

Please message me if interested!

Hello all, 

I'm looking to get out of a 5-unit multifamily property my business partner and I have. We have a 50/50 partnership under our LLC. I want to take my portion and diversify into other properties and he wants to hold. He is not willing to buy me out based on the fair market value of the property and so I'm a bit stuck.

What are some creative ways I can get out of the deal that would be a win-win for both parties?

Cheers!

Hello all!

Looking for property management company recommendations for the Detroit area. 

Appreciate the help in advance!

Thanks for the great advice! With replacing the boiler, we would still be on the hook for the utilities monthly. Is there a solution that yall have seen which allows for each tenant to be submetered? I'm assuming that falls into the $2500/meter bucket @Drew?

@Bob Solak

This is a Section 8 rental property which we receive a government coupon from the VASH program monthly for a portion of the rent. I appreciate your insight on the separate metering and the costs that will be incurred. 

Best,

Hey all!

My business partner and I have a 5-unit property and we have run into some issues with the boiler the last year or so. We are getting absolutely killed on the utilities each month because we pay for water and gas. We are looking for creative solutions to either make this older boiler more efficient (band aid solution), replace the boiler or install in-unit electrical and water units. A few questions for those in the Detroit market below;

- Has anyone utilized the Inflation Reduction Act rebates for the installation of energy efficient equipment in your property?

- I hear mixed reviews on the in-unit electrical heaters from other investors. High costs to operate but could pass the utility cost onto the tenant?

- Has anyone had success working with the utility to sub-meter the units in their commercial property?

- What are some cost effective solutions that we can implement to make the aging boiler more efficient or extend it's life?

I appreciate your feedback in advance!

Hello all!

My business partner and I have a 5-unit property in Detroit that we purchased 4 years ago. We are looking to sell the property but I was curious if anyone has had success converting a commercial property into a SFR bulk portfolio purchase? Was hoping to utilize a 1031 exchange but the guidelines are a bit loose. If the value of the bulk portfolio is more than the 5-unit, would that justify the 1031 exchange or does it need to be one building that has equal or greater value?

I appreciate your help in advance!

Hello all!

Im an investor in Detroit and currently looking to purchase a portfolio of 5-10 SFR. In terms of lending options, what have you found to be the most effective option? I've read briefly about loans targeted towards investment properties specifically but not sure how that applies with a portfolio purchase? Would it be an individual loan for each property?

Thanks in advance!

 For the SFRs, we would most likely buy 4-6 properties with the sale of the current property we have. For the multifamily, we would most likely use the sale price as a down payment and have a loan for the remaining portion of the property. We are leaning toward the multifamily and increasing our units but more to come. Thanks for the insight!

Hello all!

I've got a 5-unit property in Detroit, MI that hasn't been performing as well as it could. The building isn't sub-metered so we are paying for water and electricity which is killing our profits monthly. The building has almost doubled in value since we bought it 3 years ago and we are weighing our options. We are leaning towards buying a group of single families and upgrading that way but wanted to get everyone's opinion and see if there is maybe a better option?

I know there isn't a "right" answer but wanted to pick the brains of everyone here. 

Thanks in advance!