All Forum Posts by: Ashley Kehr

Congratulations on your first multi family! You could have them sign a month to month lease. In new York state you then have to give 60 days notice that you are terminating the lease. Your state might be different. You could also offer them the new units to move into if you think they would be a good fit. The next couple months could be a trial period for you to see if they pay on time and respect the property. For the new windows I would just let them know ahead of time when they will be installed. You could always ask them too when it would be convenient for them and book the install then. I've found most tenants are happy with any kind of improvement even if it causes a little bit of an inconvenience for a day or two. 

Oh no! My friend just had this problem and it cost them thousands to have it removed. Hopefully if they love their stuff they will take it with them. You could offer them cash for keys with a twist. Offer to pay for a moving truck for them to load their stuff into. You'll at least save on movers if they do it themselves and dumpster fees. It might give them some incentive to move out prior to the eviction. If they have children you could threaten to call Child Protective services. I really hope kids aren't living in that situation though. Best of luck to you!

I manage rentals in a rural town and frequently receive calls for traveling construction workers looking for furnished rentals. We are going to start renting one of the apartments in a 40 unit complex as an air bnb. There is only one other Airbnb in our area. If we don't have success we can always turn it back into a long term rental. 

Hi Warren, for my properties we use locks keyed the same for all common doors then each apartment has their own key. So each tenant is getting two keys at move in. If the property isn't already rented then when you do showings you could see what the response is with only having one entry door. I would say to go with whatever is easiest and cheapest for you during turnovers. 

Hi Tyler. Would you be purchasing the house in cash then opening a heloc? In my experience you must own the house to open the heloc. If you purchase a property with a conventional mortgage that is under valued or you add value then you could go the bank and ask for a heloc on the equity built up. 

Hi Andrew, Interesting story! Looks like you have already done your first two deals! You have a great start and now that your finances are in control you can build wealth. Best of luck to you! 

Hi Tyler, I would recommend David Hawker from Bank on Buffalo or Kevin Quattrone from Cattaraugus County Bank. I have had good luck with both. 

@Nia Laing my sister purchased her first property at 21. A duplex. I gave her the 3.5% down payment. In return I’m on the deed with her. She is the only one named on the mortgage. The other tenant pays her mortgage and escrow. She pays water and sewer then her own utilities. Not a bad deal for her living rent and mortgage free plus building equity in the house. When she decides to move out we will split the rent proceeds from renting her unit and eventually split the sale proceeds.

@Brandon McBride have to agree, great advice from

@Robert LaPrelle. There are also a lot of high yield savings accounts out there for your reserves. You can find at least 2.3% at an online bank or 2.02% at a local bank. It’s at least something for cash that is sitting.

Hi Joseph are you able to change the structure of your financing to better suit the deals? For example I have done interest only seller financing for a year while I did some rehab and that kept my holding costs low until I refinanced at the new appraised value.