New landlord in Dayton, Ohio

[Jason Barnett]

Just bought my first fourplex. I'm into buying / renting out apartments. I am a value-minded investor looking for solid ROI. There are plenty of bargains to be found in this area, but quite frankly I'm having enough fun with my first apartment right now. After I get rolling and have a little emergency funds saved up I'm probably going to start looking for investors.

...some day. One step at a time.

[N/A N/A]

Good for you.

Let me know if I can offer any advice with regard to being a landlord, currently I have over 50 units rented. Through trial and error I have now have a good group of tenants.

Marc

[Jason Barnett]

I could absolutely use some help! I have three sticky issues at the moment, but I'll start with my most pressing problem.

There is a woman that was in my building when I bought it. She was never technically (I think) a tenant since the old landlord broke the contract early with this tenant *before* I bought the property. So in other words this tenant was in the process of moving out when I bought the building.

Some relevant facts:
- The woman is a section 8 (HUD assistance) tenant
- The damages consisted of major and minor damage (I replaced the flooring due to water damage, I replaced a door, had to paint, clean, fix the stove, etc.). Total damage is around $1500.
- I have pictures of before / after the repairs, but I do not have any pictures from when this tenant moved in (since I didn't own the building when she signed her lease).

Is it worth my time / money to take this to a lawyer? Or do I have other options?

[N/A N/A]

This tenant of yours is probably on a month to month basis with section 8. I take it that you want this person out and want someone else renting it. Before you go to your lawyer!!!

I would talk to section 8 in your area and let them know that since this is a month to month lease I would like to terminate this agreement ( I believe you have to give at least 30 days in writing).

Also talk with your tenant and ask them to move. Its better if they move out on their own. This way you do not have to evict the tenant. It's not the end of the world if you have to evict it just takes about 2 months.

If you need me to explain in more depth you can email me

[Kevin Boylan]

Originally posted by "juzamjedi":

Just bought my first fourplex. I'm into buying / renting out apartments. I am a value-minded investor looking for solid ROI. There are plenty of bargains to be found in this area, but quite frankly I'm having enough fun with my first apartment right now. After I get rolling and have a little emergency funds saved up I'm probably going to start looking for investors.

...some day. One step at a time.

Since I am in Dayton also, I was wondering if you could detail some of the specifics of your purchase? I am also interested in investing in doubles and quads. How much of your own money did you have to put into it? Did you get a conventional loan or seller financing?

Also, I see this was awhile back, how is your cash flow, maintenance, etc compared to what you had projected?

And how did it go with your problem tenant? Do you still have any section 8 renters?

This is a great forum!!! :-)

Thanks!

Kevin