Apartments for Low Income

Questions and Answers

Your Questions About Apartment Ratings

April 20, 2013

Donald asks…

Ok. I want to build an apartment complex. How do I get money?

This is a first time business. I can’t show a finance company 3 years financial statements because I’ve never been in business before. SBA requires all that! How can I build an apartment complex without prior financial statements? Is there a secret?

Administrator answers:

This is odd because typically the SBA will not finance a real estate investment co. You talked to the SBA or the bank and they said this was acceptable? To build an apt complex from the ground up is gonna be $$$. Have you considered buying existing apt complexes (crappy ones) and simply renovating them and renting them for a decent profit? That will give you some good experience with the business. There are several ways that you can finance this, none of them are easy. First, find a real nice person to cosign a loan for you. Short and sweet, but not easy to find a generous person like that. If you own your home, you can put that up as collaterol for a loan. However, building an apt complex is going to be several million dollars easily, even in the cheapest areas of the country. This is why you rarely see small apt complexes. You have to do a good job of getting all your apts rented and have a lot of people in your complex in order to start making a profit within 5 years. This will be a near impossible task to accomplish anytime soon since you are kind of trying to start near the top. The typical way to do this is: 1, buy a house for $3,00-$5,000. Preferably fix it up yourself and resell it for $100,000. Repeat this with several more homes and you will soon have about $500,000 in your pocket in 3 years. Of course after you sell your first home that you renovate you should be able to pay some people to do the next few for you, so you will start to spend more time scouting new properties and doing paperwork than the hard labor. After you got about $500,000 in the bank and have become successful renovating and selling houses and condos, now things become interesting. If you have a good credit score, $500,000, and experience in the business the banks will start to take you seriously…and investors will take you VERY seriously. The more of your personal money that you are willing to risk the more likely they will listen to you. Anyone that is willing to put all their cash into a project is either extremely confident it will succeed or pure crazy. During the several years you are buying and renovating houses you should get incorporated and all that legal junk so your business becomes well-established in the community and has a good credit ratings. Hire full-time employees and pay someone to do an evaluation of the area and tell you how likely it is a new apt complex will succeed. To make a profit quick (within 3 years) i’d say you are gonna need several buildings in the complex and an average of 300 occupied units. Good luck

Daniel asks…

Should I turn off the heat everyday when I leave the house?

I rent an apartment (2nd & 3rd floor of an old house). Is it better to leave the heat on at the same temp or turn it down when I leave? My gas bill was incredibly high for this month after leaving it on 65 degrees all the time, so I wondering if it would be bad to be switching it all the time. Any advice would be great! Thanks!

Administrator answers:

Why, you might ask is it not more economical and why doesn’t it same energy to either turn the temp down or even off while you’re not at home. After all it is more economical and more energy conservative to turn the lights off when no one is in the room.

The answer lies in the drastic time and energy difference between transforming from dark to light versus cold to warm. Transforming a dark room to a well lite room takes usually less than 1 second. The costs in terms of both money and energy to reactivate the lights and to relight the room are not significant.

Transforming a cold room back into a warm room is an altogether different matter. Time and energy must be expended to bring the temperature of the air in the room(s) back up to the desired, inhabitable temperature. If raising the temperature of the air, were the only requirement, then the cost associated with maintaining the temperature and that of rewarming the room(s) would be close. In fact, if the air in the room were the only concern, in some room(s) the scales might tip the other way.

However, returning the air to the desired temperature is really the lesser not the major cost associated with a fluctuating temperatures. The real costs in rewarming a cold house are those associated with rewarming the structure of the house and all of its contents. Specific heat ratings or the amount of energy required to raise the temperature of a specific amount of a material one degree centigrade. In short, the specific heat values much higher than that of air. It takes much more energy to return the contents and structure of the room(s) than it would take to return just the air to the desired temperature.

While the air temperature can be returned to the desired level faster than the rooms and their contents, the room(s) and furnishings continue to absorb energy from the air in the room until the temperature of everything equalizes.

In your case, it may make even more sense to leave the temperature consistent. Because apartments usually have fewer exterior surface area; walls, floors and ceilings exposed to the cold outside air. When the costs of maintain a constant temperature reduced, constant temperatures are even more economical.

George asks…

Is the Northpark Estates Apartments in Alpharetta GA a good place to live?

Looking to relocate to the area and having a hard time on picking apartments. It looks like all the places have some sort of bad review, but this one has one of the highest ratings. Any advise is appreciated.

Administrator answers:

I’ve been a resident for 4 years now…

The good is area, plenty of shopping and lots of places to eat. As far as the complex itself…
Hmm… Rent constantly goes UP! Huge bug problem, not enough parking spaces, and the property manager is a real b*&ch too!

It was much better when Alicia was the property manager. The best deals are for new residents only, but expect a huge hike after your first lease term is over.

Sandy asks…

What do you like best about living in apartments and/or townhomes at Brier Creek or Southpoint in RDU, NC?

Why do you like your apartment or townhome complex? Is it family friendly with playgrounds and other toddler activities?

Administrator answers:

It does not look like a local is going to step up to the plate, so here are the reviews and ratings that I could find on the internet:

http://www.rentwiki.com/wiki/Raleigh/Brier-Creek

James asks…

What is thematic elementsmaterial in a movie?

I’ve seen some movie ratings that say “Rated ____ for thematic elements” or “material” and I was like “what the heck is that?” And I watched the movie and I still couldn’t tell what it was. Can someone tell me?

Administrator answers:

It’s what the movie’s about. For example, the movie The Moon Is Blue was considered controversial when it came out in 1953. The language wasn’t that bad (although the words “virgin,” “seduce,” and “pregnant” were considered racy). However, the film is about sexual behavior in society. The questions now are a little dated:

Is it all right to date a man you weren’t properly introduced to?
Should a woman sleep with a man outside of marriage?
Is it proper to accept money from a man if he doesn’t expect anything in return?
Should a single girl visit a bachelor’s apartment?

Those would be considered adult themes (in 1953).

“Language” in the movie rating system refers to usage of specific taboo words. “Thematic elements” covers what the conversation is about regardless of what language is used to convey those ideas. “Thematic elements” covers the subject matter of the movie.

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