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All Forum Posts by: Alex Kofi Appiah

Alex Kofi Appiah has started 3 posts and replied 5 times.

Hi Gail... Thanks for your comment. 

The main reason for not renewing the lease is that, I agreed to fixed up those items when the property was being transferred. Therefore, the city held my money in escrow ($5000) and the money will only be returned when the repairs are completed. 

While I believe addressing the repairs and cleaning up is capital intensive and 200 additional rent may not be rewarding (200/3500, that is around 6% return... It will help get money with city (in escrow) back... 

The other option may be to have a discussion with her about addressing the repairs while she still in the unit which I'm not sure is a good thing... ( With this option.. I may need to increase here rent about 200 bucks which I think will be huge on the tenant)

Hi Everyone

I recently bought my first duplex in Cleveland Heights, Ohio (House Hacking). During the inspection/property run through, I noticed one of the units stinks very bad and the place was not being kept clean at all. In addition, because I assumed the point of sale violation, there are some few items that needed to fixed in that unit (Stinky Unit). I must say that over the past three months the tenant has always paid the rent on time (The rent is $200 below the market rate). After thinking through the situation, I have drafted a letter I intend to give to the tenant. Please let me know what you think about the letter or share your experience dealing with similar situation. 

This letter is to inform you that we will not be renewing your lease. Your current lease ends on XXXXXXXXXX. You must vacate the apartment and return your keys no later than this date.

We will be in touch with you as the date approaches to schedule a final walk-through once majority of your items have been removed. You will be held financially responsible for any damage above typical wear and tear, as written in your lease agreement.

Should you have any questions, please contact us via either of the following methods:

Thanks 

Originally posted by @Brock Mogensen:

Sounds like the numbers work and you were conservative on expenses, which is good.  You may even want to bump vacancy up to 10%.  I love the house hacking model though.  It is how I got started!

 I'm just not sure if the 5000 will be enough for the floor and kitchen rehab. I probably have to do it myself.

Duplex in Lakewood Ohio

Asking Price = 152K , Potential Offer = 152K , Gross Monthly Income = 1750

Total Expenses w/o Mortgage = 945 (taxes, capex = 5%, property mgt = 10%, water/sewer = 100, repairs = 5%, vacancy = 5% , snow/lawn = $50)

Rehab budget = $5000 (for flooring and the kitchen, the other unit has been fully renovated and rent for 900 bucks)

Summary:

Total Monthly Cash Flow with property mgt = 106

Total Monthly Cash Flow without property mgt = 276

Total Cash Invested= $12,351.00

Yearly Cash on Cash Return with property mgt = 10% 

Yearly Cash on Cash Return without property mgt = 27%

(This is my first deal so I'll be house-hacking, DEAL or NO DEAL)

My name is Alex and recently graduated from University of Akron, Ohio. After spending some months on some real estate books and saving, I am ready to build some connections and take action in the real estate world. I'm intrigue by the idea of house hacking and hoping to building some connections here. I'm looking at the Lakewood or Beachwood  area in Cleveland. Thanks in advance for your advice.