All Forum Posts by: Christian Beebe

Jed, please send more information as we are in Cincinnati and specialize in apartment buildings and know this area well.  [email protected]

Thank you

Will, I am an apartment investor/company in Cincinnati...did this sell yet, especially at this price of $47k per unit?  Send over the details/package if you can [email protected].

Thank you, Christian

Clint, we are a company in Cincinnati that specializes in apartment buildings in the Midwest, will send you an email, so check your spam for [email protected]

Just email you from [email protected]

We are looking for good lenders/brokers first of all who know what they are doing, have already dealt with plenty that don't.

We have a 26 unit complex (three buildings) that are located in Cincinnati (top city currently for investing) that were purchased at separate times and have two loans totaling $427k.  The buildings values are $850k+.  

The goal is to refinance the loans into one loan, pull cash out for capital improvements and upcoming deals and keep the properties for another 5-10 years.

We have been doing REI for 15 years and focusing on apartment buildings in the last five and we are very good at it. We took these properties and within five years have increased the net income by nearly 150% with them being 100% occupied by long term tenants.

Current loans on the buildings are at 4.75% so we would to refinance near or better than that rate and are open to fixed rates of 5/1 - 7/1 arms. Obviously max LTV is important 75-80% or greater.

All paperwork is in order and ready to go, just need someone/someplace who wants to handle this deal and all our other deals coming up (nearly 200-400 units this year).  

Appreciate the time and look forward to hearing from you all.

Okay, so had the entire boiler system checked out and nothing is showing as weird.  And for reference, it's a Dunkirk DXL-170.   It's working perfectly, no leaks, expansion tank is fine, etc.  When we are talking close to 30,000 extra gallons of water every month for three "winter" months and only six one bedroom units, this one has us stumped.  If there was that big a leak in the system, we would have walls falling apart/ceilings apart as the boiler lines run through the walls and ceilings AND that leak would be happen all the time from a water usage standpoint.  If the water meter outside was faulty, it wouldn't just spin like a top unless something is moving past it and there's no leaks between the main and the building.  So if we aren't seeing major water leaks in the building or walls and the pipes are not underground.  

Thoughts?

Actually, could be the Russians...totally didn't think about that.  

No submeter system on the boiler so no way to tell currently on the makeup water.  I do not believe the DHW lines are insulated but honestly haven't looked at them closely and the building is built like a mirror with three total stories (lower level with two units) and four on the other two floors.  No in-line heaters, baseboard boiler heat for the rooms.  I looked at the other years and none of the other years have any of this dramatic change.  

The water saving devices are working correctly or August, Sept, October usage would have been much higher than previous years, which it wasn't.  Aside from actual leaks we had years ago, the usage has been normal until the last couple years during mainly the winter months.  

We are going to have a boiler company come by to check everything out and I will ask them about the makeup water thought.  

So we have a ten unit complex and have owned it for four years.  It's a great solid building but the main issue has always come down to water usage.  In the last two years, during the same winter months of Nov/dec/jan water bills and "usage" have doubled, EVEN WITH less tenants in the building.  

In our area, we are billing quarterly and here is the breakdown of usage in DCF's per month

2014

Nov - 765

Dec - 1110

Jan (2015) - 1135

2015

Nov - 690

Dec - 1050

Jan -1085

2016

Aug -395

Sept - 355

Oct - 195

Nov - 820

Dec - 985

Jan - 875

and keep in mind for 2016 out of ten units, three were empty from Sept on.

We have gas boiler heat and of course water heaters (two in this building).

In August of 2016 we actually installed water saving devices in every units toilet, shower, sinks, etc.  

We don't have any major leaks because the water meter outside doesn't move or spin after sitting still for minutes at a time.  There is no leak between the meter and the building due to the same thing mentioned above, no spinning meter.  

Now the kicker is we have two other building right next to this one and during the winter months, usage goes down! 

If 1 ccf (which is 10 dcf's) = 748 gallon of water, that means in the three winter months ten units are using 200,000 gallons of water in three months or 6,700 gallons of water per unit per month versus a normal 3000 gallons a month, which is still high for one bedroom units.  

So with no leaks turning the meter, what possibly could be causing the water "usage" to be so high during the winter months only?  There has to be water passing the windmill type water meter in order for it to turn correct?  And this is the radio type meter that is read from the street.  

I just checked the meter myself as today 2/15/17 is the next reading date and it's only showing for the last 35 days 184 dcf's or 18.4 ccf's or 13,400 gallons of water usuage.  And this is for a total of five units being occupied in the last month for 2,600 gallons per unit.  

The boiler is brand new from two years ago and is an 85% efficient boiler and the water heaters are three years old.  There is one coin laundry washing machine.  

Thoughts or ideas?

Thanks,

Christian

Hello, looking for a simple refi on a rental house we've had for 15 years. Has two loans on the property at $155k total. Appraisal value is $200k. All we want to do is refi into one loan to make payments easier, cheaper, and get rid of PMI. Property has always been rented in a very nice section of Cincinnati. Currently rates on existing mortgages are 5.25% on the first and 8% on the 2nd. Have never missed a payment in 15 years.

Would like to do this quickly and hopefully without pulling scores and all that jazz if possible as we are working on larger apartment buildings (as we own others) and don't want to ding the score but if we have, we have to.  

Appreciate the responses.  

Christian