All Forum Posts by: A.J. Chesney

I love hearing both sides of the story. I feel like it's mainly a case by case basis depending on reviewing leases and policies and make a decision based upon the exact circumstances.

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Originally posted by @Mike M.:

The generalization that most bad things happen with existing tenants is very broad and likely false. What's much more dangerous is coming in with guns blazing and getting yourself on the wrong side of a lawsuit.

I have an admittedly small sample size of one with respect to inheriting existing tenants. After the feeling out period they were good tenants for the next year they stayed.

I think that a bird in hand is better than two in the bush unless the bird you're holding is an albatross.

Honor all existing agreements and see if they'll honor theirs before running them out of town.

I may have been listening to the podcasts too much (I'm through around half of them)

I'm all for giving the current tenants a chance, but it seems like I have to just take them without knowing anything about them, no idea of how they were screened, their payment history, etc.

This is just a duplex, is it a very common thing to sell an occupied unit (on the lower range, not 4plex+)?

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How does this even work? Do i have to honor the old lease until it is up for renewal? Can I immediately change rules/rents? What is the process for taking over the old lease? Changing billing on utilities, etc?

Most of the bad things concerning tenants have happened from inheriting existing tenants when buying a property.

Any advice or experience on this issue would be greatly appreciated.

I'm currently looking at a duplex for sale with existing tenants, trying to learn the ins and outs of possibly dealing with that issue.

Thanks in advance.

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Originally posted by @Jay Hinrichs:

@A.J. Chesney

I just sold one of the two I had in Patrick farms... I have one with a great renter in it that I want to sell... Its getting a new roof.. remember the hail storm last year Patrick farms got hit hard.. But I will sell that one at a smoking deal just FYI... I am retiring from the rental game so just looking to move these.. I got such a huge tax break when I bought them resale price within reason is not an issue.

WE have a bunch of stuff we financed in Fondren... my Main Vendors office is in the middles there right on State street just down from Walkers restaurant.

Anyway good luck... also go to the RIG meetings there.. nice group if you have not been.

I bet you did not think some dude from ORegon would know as much as I know about your area LOL.... in the day I was the largest HML in the entire state !! all from ORegon..

Yeah that hail storm was nuts, I was on working on st street when it hit but my car was fine, my wife was parked at umc like 2 miles south and her car had tons of damage.

Good to hear from somebody with a "good" opinion about Mississippi :)

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Originally posted by @Jay Hinrichs:

@A.J. Chesney

the tri county area Hinds ,, Madison, Rankin ... I did a 11 home package for a vendor in Pearl a few months back.

And I own my last personal rentals in the area Madison,,, Patrick farms... Turtle something. I bought them for Go zone write offs they are some of my best rentals I have ever had.

Lower end rentals as you know are high touch though just like they are any other market. Jackson though provides one of the highest rent to purchase price ratios out side of small upper mid western towns.. and out right Ghetto areas of the larger industrial cities.

I like it there people are friendly children have manners etc etc.

Nice, yeah, I actually live in patrick farms, small world. I'm shooting more for the mid-high level rentals, although I can't decide if Fondren is going to take off or not with some of really cheap singles in that area.

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Originally posted by @Jay Hinrichs:

@A.J. Chesney

I am quite active in Jackson... I funded over 80 deals there last year alone.

ITs a completely under the radar market. watch out for that Yazoo clay though :)

What areas are you active in? I'm looking at all areas right now

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I'm gonna try out "the cashflow from the first house can help pay for the great dane puppy you want to get"...

I'll let you know how that works, the dog will probably cost more :D

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Hey guys, just introducing myself. I've listened to about half of the podcasts over the last few weeks and I'm wanting to learn more. Interested in buy and hold properties single/multi family units in the Jackson/Pearl/Brandon and surrounding areas.

My career keeps me busy as an overnight pharmacist but I want to build a real estate business on the side to generate extra income.

Looking forward to being active in the community and learning all I can.

A.J.

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All Forum Posts by: A.J. Chesney

A.J. Chesney has started 4 posts and replied 18 times.

Post: buying a property with existing tenants?

Post: buying a property with existing tenants?

Post: buying a property with existing tenants?

Post: New investor from the Jackson MS area...

Post: New investor from the Jackson MS area...

Post: New investor from the Jackson MS area...

Post: How did you convince YOUR spouse about real estate's awesomeness?

Post: New investor from the Jackson MS area...