All Forum Posts by: Andrew O.

Thank you for the feedback! I met with them a few weeks back to introduce myself and ask if there were any issues. Other than a few minor things everything is in good shape. A couple units asked if there was going to be an increase in rent, but being so close to Christmas I didn't want to give them any bad news, plus I wanted to do a walk through of the units before I came up with a definitive amount for the new rent amount.  I know one lady said she couldn't afford a rent increase, but I got a bad vibe from her and she probably needs to go regardless. I legally only have to give them 30 days in my state, but I plan on giving them until March 1. It'll be a $100 increase, plus I am repiping the fourplex so I can submeter the water bill. That'll be another $40 roughly for them. I self manage so all of my tenants have my personal cell. I didn't want to use text message as the official notice, but I also didn't want to just show up at their door and hand over the notice. Since I've already met with them, you think mailing the notice would be okay? Would it need to be certified?

Good afternoon,

I recently purchased a fourplex fully occupied and all tenants are month-to-month paying under market rent. I want to increase their rent and I have a letter written explaining the increase, but I was told hand delivering it is the best way. The tenants either pay rent online or mail a check so I don't have a reason to go to any of the units. Should I just text the tenants telling them I have to increase rent and I have a letter I'd like to give them? I'd like to give them the news in person, but I'm not sure what to text the tenants to give me a reason to go to the fourplex? I'm looking forward to any suggestions on how I should give the notice.

Thank you!

It was definitely strange, but some people just want out.  County website shows it sold for $135k, which was asking price.   Maybe he was having financial issues or he was in over his head. He only owned it for a couple years and it was the only rental he owns (at least in the county I live in).  Tenants were a little crazy, definitely needed to evict everyone. We knocked on the door to one of the upper units and asked if we could come in and she started screaming at us and telling us we don't want the building because it floods lol. There were no signs of water damage anywhere and it's one of the cleanest unfinished basements I've been in.  I think the out of town investor just gambled on it and won, it was a good buy.

Thank you for the advice.  Most of the time I do the inspections myself.  Would that cause issues backing out of the contract if I didn't have a report from a licensed contractor stating the issues why I wanted to back out?  I'd also get earnest money back if I backed out within the inspection period, correct?

Good morning BP Family,

I've been reading the forums for a while, but this is my first post.  A quick intro about myself, I purchased my first rental property in Oct. 2017 and currently have 16 units.  I've mainly invested in single family homes, but this month I have purchased my first duplex and quadplex.  After doing this for 5 years I've learned that buying SF homes isn't very scalable, which brings me to the scenario below.

I recently looked at a quadplex that was listed on the MLS for $135k. No pictures of the inside, but the outside was brick and looked in good condition. It was fully occupied with tenants paying around $500/mo and market rent would be $800-$900/mo once remodeled. All utilities but trash were paid by tenants. I knew it was going to go quick. Since it was fully occupied, 24 hour notice was required for the tenants. I talked to my realtor and we set up a showing for 9am the next morning, which was the second showing of the day. By the time we left the quadplex and went to submit our offer it had sold. My realtor knew the first person that looked at the house and he didn't get it either. I checked the county website the other day and it shows an out-of-town investor purchased it, I'm assuming without looking at it. I know that sometimes you just lose deals, but is there anything I could have done differently? Should I have submitted an offer as soon as it was listed with a 10 day inspection period and backed out of the the deal within the 10 day period if the repair estimate was higher than I expected? I'm not really upset about losing this deal, but MF is relatively cheap and they go quick and I want to be in the best position I can be to get the deal. I'm curious what others do in situations like this?

Andrew