All Forum Posts by: Bill Phinney

I was wondering how many people have had success with offering exclusive cable contracts.

If so, what companies and how did you approach the topic?

Was there a specific department or term to use when inquiring about this?

I have a 4 unit building and 2 duplexes in the same town and it seems like it might work.

I tend to agree that the best thing is to let the complaining tennant move, complete the improvements and charge more rent. My wife is of the "A bird in the hand is worth more than two in the bush" mindset. I however am always trying to figure out a way to buy the bush and charge those two birds rent for cash flow!

I think I will let him go with no attempt to sway his decision and also speak with the other tennant about opening a window when cooking. I will also be offering the tennants that cook the odorous food a lease for $500 which is an inrease of $15 per month. This may prompt them to move. If so I feel it is time for som KILZ! If they accept the increase (with no improvements) and I recieve any more complaints from the other 3 renters than I will know that this is a real problem and get rid of the tennants that make the odorous food.

Thanks for the replies.
Regards,
Bill

Michael,

Thanks for the reply. Definately not meth!

More like fish cooked in a dirty gym shoe. When I have obsereved the odors it did not trigger the happy rumblings of hunger in my belly as would a pizza, roasted chicken, or a sizzling steak would have. I assume that the current tennant will be moving out as a result. I have no problem with that since it will allow me to gain access to the unit to make a few improvements and get $500 a month instead of the $300 he is currently paying. My concern is this being an area of concern with a new renter as well since it seems to be an at night thing.

I'm just wondering how people here might word a written notification.

Thanks in advance.
Bill

Greetings to all:

I have just received an e-mail from a tennant which I will paste below. We purchased a 4 unit building 3 weeks ago. 2 units unoccupied and 2 units occupied but no leases. Top floor tennant has lived there over 15 years and pays $300. Bottom tennant pays $485. Both of the other units are now renting for $500 and are occupied. The plan is to raise the $300 rent to $485. Logic is we did some improvements in the unoccupied units which allow us to get $500. No shortage of inquiries when we advertise in local paper and post sign in lawn.

How would you handle this type of complaint?

I received and reviewed your lease and appreciate all that you considered. Very hard to make a decision. However, the strong odor coming from the apt. below has forced me to come to the conclusion that it is time to move out. I have the windows in my apt open (gets kind of cold), but that does not seem to do much to control the smell that radiates upwards. I have friends who have told me what my neighbors are probably cooking. Nights/evenings seem to be worse with whatever it is brewing slowly below. I have a history of sinus problems and Asthma which is completely under control. I must be sensitive to smell and the odorsare triggers. The smell is probably not going to ever go away from whatever they are cooking, and the last landlord allowed them to move in probably not knowing or caring anything about their cultural cooking habits. The odor permeates into all of the rooms in my apt making relaxing and sleeping somewhat difficult. It is not fair for me to continue living with the odors from below that permeate into all of the rooms. There is no insulation in the apt between the upstairs and downstairs apt. My lungs are starting to burn and my sinuses are not tolerating the continual odor. You will have difficulty renting out this apt in the future considering what I have discussed. I completely understand your lease and terms. But, the odor is driving me up the wall from below and that will not change.

I agree that the food smells. I have place two timer realesed air fresheners in the hallways and they seemed to help a little. The upstairs tennant asked that I remove the one near his door due to his breathing. I know it may appear as if this guy is complaining too much but he is a long term tennant and plans to remain renting. I also agree that it smells. How would you notify the "cultural" tennant about the odor of their food? I do plan on replacing the charcoal filter in their range hood since I suspect it is no good.

I look forward to your replies.
Regards,
Bill

Ryan and Grandwally,

Thanks for the warm welcome. We currently live in Hoffman Estates and will sell the condo there upon my retirement. We completely remodled the kitchen and installed all stainless appliances. Saved a lot of money at the Sears scratch and dent on those! I do commute from Hoffman Estates to Great Lakes (43 miles) and look forward to that ending upon my retirement. The 2 duplexes and 4 unit building are near Ottawa, IL. (120 SW of Hoffman Estates) and is where we will move at retirement. If I am able to negotiate orders to Navy recruiting in Peru, IL. I will consider staying for 23-24 years vice 20 since I would be able to easily do the recruiting job and network the area for 3-4 years prior to retirement. If not we still feel that we are ready for me to retire at 20 years. Ideally I would like to continue to purchase the right properties in that local area to continue to increase rental income. I have looked for REI clubs in the area around Peru, IL. and have had no luck so far, most I find are in the Chicago area or near suburbs. My wife and I make a pretty good team in my humble opinion. I do all the wheeling & dealing ( I'm pretty good at getting discounts), and all repair/improvement work needed, and she keeps very meticulous books and does tenant screening.

My immediate goals are to:
- Continue purchasing at least 1 buy and hold property per year.
- Educate myself on the tax lien process and attend a few auctions.
- Keep my eyes open for my first real "flip". Free time is the major roadblock right now, but I am chomping at the bit to get right into it at retirement. In the meantime I read the stories and lessons learned here.
- Educate myself on the features & benefits of LLC's (This has me very confused). We currently have an umbrella policy covering all of our properties, including our residence and I'm not sure if that is the correct approach.

Regards,
Bill

Greetings to all:

I have spent some time reviewing and learning to navigate this site. I think it is awesome and really appreciate the points of view and valuable insights. I look forward to learning and helping out where I can as well.

Since I will be retiring from the Navy within the next 2-3 years my wife and I have purchased 2 duplexes and a 4 unit building. It is our intent to move to the city where they are located upon my retirement. Until then we will look for more rental properties and may attempt a flip in the near future.

I look forward to spending time learning here.

Regards,
Bill

Mr_Fred,

My wife and I also own several rental properties (2 duplexes and a 4 unit building). We are currently asking ourselves the same question. We recently purchased a substantial umbrella insurance policy to cover those properties as well as our condo until we figure out what to do. I'm sure that opinions will vary as to the correct way to approach this. I too am very interested in hearing the responses.
Regards,
Bill