All Forum Posts by: Jason Xue

By the way, my property is in a C neighborhood. The two streams of income are currently regular rents and laundry income (two sets of washers and dryers). I plan to charge pet rent. There is a gravel parking lot that I'd like to lay asphalt, stripe, and charge down the line. Any other easy income streams I can start?

@Theo Hicks thanks for your input! What are some specific things that you've done to your properties to increase the value?

@Montel Ford perhaps you can see if any friends or family can loan you some money in the short term to help you close out the deal, then pay them back once your 401k funds have been withdrawn. If not that, paying a fee for an extension is not the end of the world if it means you can close on a good deal.

@Julie Miller

Great job! The place looks really, really good! For the renovation, how did you go about estimating the cost of doing everything?

@Michael Ealy 

Thanks for all the ideas! For your 48-unit property, was the game plan always to increase the value, then sell? Or did you consider refinance, pay everyone back, then hold?  

@Brian Metz that's awesome to hear! What were some of the cosmetic updates that you did to the units?

Currently closing on a 30-unit commercial multifamily building. What are some good ways that you've used to increase the property value? 

Thanks!

For the tenants, they probably would prefer two sets. Kinda hard to share one set of washer/dryer for 8 tenants. If you go that route though, perhaps you can have some sort of sign up system so that they can reserve their laundry time? 

@Jeff Bowen Congrats on the big step! Which part of the due diligence phase will you need help on? Also, will you be self managing or going for a property management company? If you are going to use property management, you can ask them for their assistance for the inspection portion. They should have good connections. I just went through the due diligence phase on a 30 unit and my property management company conducted the inspection for free. It also allows them to see what they are working with and to create the necessary action plan to create value once you take it over. You can also ask your agent (if you are using one) for their recommendations as well.

@Will F.

Look up nearby laundry mats to see what they charge per load. I think a good rule of thumb is to either charge the same or even a bit more because you are offering up convenience to your tenants. That could get you to a good income estimate assuming that each family does their laundry once every week or two weeks?

By the way, how big is your laundry room space? That would be a factor in which kind you should get.