All Forum Posts by: Gaspare U.

Guess I am first second (nuts)... I am very interested in Hotels Mike. But to be honest I really am focussed on building my first bridge with syndications (we've discussed this before). But I do see Hotels in my future after I have solidified a foundation with multi-fams. 

Here's a question... how will you adapt to new technology where the dynamics will change the game, for example... AirBnB?

Thanks Mike, and looking fwd to this ride.

Popular opinion on BP is to set aside 20-25% for Vacancy, Maintenance and CapEx.

Why not go there and check out the home for a walkthrough?

Did you do a search to see what the going rates there are?

Are the tenants willing to sign a lease if this isn't a value add project?

Call the town building Dept and see if there was any permits issues on the home. See if there was major work done to demand that price jump. 

I agree with the rest, address them termites. This will allow you to address an issues caused by them during the rehab. Also during the rehab you can make fix the property so it looks like there was never an issue.

I would yes, this makes them more accountable. When they are paying the water, they tend to be more inclined to shut it off. Or close a window when the heat is on.

My father had a 6 Family home, 1 Rent Controlled and 5 Rent Stabilized. We sold it 5 years ago. I will say that he was limited to the amount he could increase renewals. He was only able to increase the rents X% from what he invested in a rehab when vacant. We were never able to get the apartments out of RC laws. 

I think it really all comes down to is how much of a sacrifice are you willing to make? The more apartments the greater the potential for income BUT the cost is at privacy. Are you willing to have someone live above you? Will your wife? I know my wife would not want to live in a typical apartment. We came from a larger 300+ unit condo and was looking fwd to having our own space.

If you and your wife want to keep your privacy and still wish to house hack I would recommend a duplex. That is a two unit apartment that is side by side NOT under and over. 

This allows you the quality of living in a townhome style home, similar to a traditional 2 floor home. Bedrooms on 2nd floor, living quarters on 1st. Think about not being woken up due to the people on the floor above you running around.

Most of these homes have separate utilities as well, which means less headache. The tenant handles their own heat, gas, electric, water, etc.

Good luck!

Following. Also interested 

As someone who has picked up the tab most of the time, the answer is fairly easy. Do you think they walked away from that loan happier than you? OR did the loan officer needed to explain himself why they agreed to such terms.  In the latter case, order the seafood tower and other apps and tell them to only worry about their entrees. 

If you think it was a fair deal, let them pick it up and offer to split it. 

 Would the owner finance with your 10% down? Also what is your partner doing? You found the deal. What would the investor bring to the deal, cash and? Who is finding the finances? Who will be managing the property?

Next time line up financial backers that are willing to let you keep a piece fr the sweat equity.

Perhaps find another investor and present it to him as a “syndication” type. Offer them a pref rate of X and then split the balance XX/XX.

I recommend you read the book The Best Ever Apartment Syndication Book. Even if you aren’t looking to go full blown syndicate this will help you structure your partnerships. 

The issue is how are the water pipes sent from the basement to each floor. 

If there is a T from the main and one pipe goes to the 1st floor and the other to the 2nd then it’s easy. 

But if the the kitchens are in the North side and you have a single pipe that connects both apartment’s water in the kitchen. Then a 2nd pipe in the south wall that connects both apartment’s bathrooms. It’s going to be difficult to split. 

I would always opt to charge less on rent and have tenants pay their own water, gas and electricity. 

If the water is not under the LL name the water company could refuse service if there are back debts? 

Also I too am curious about true submeter.