All Forum Posts by: Brandon Thurman

Hello! 

I hope this message finds you all well. My wife and I recently acquired a 4-unit apartment building with inherited tenants, and I'm facing a bit of a dilemma that I'd appreciate some advice on.

Two of our tenants, both elderly ladies living alone, have been residing in the building for over 10 years. They've been paying a significantly below-market rent of $280/month. After assessing the condition of the apartments and the market rates in our town, we realized that we could potentially get $600-650/month or even more with some renovations.

In an effort to bring the rents closer to market value, we spoke with these two tenants individually and proposed a slight increase. One tenant's rent was increased to $400, and the other to $350. However, both tenants expressed that they could not afford any higher rent.

Now, we're stuck at a crossroads. On one hand, these two tenants have proven to be excellent renters who take great care of the property. On the other hand, there's a considerable potential income loss by not bringing in new tenants at higher rents.

I would greatly appreciate any advice or insights from the community on how best to handle this situation. Have any of you faced similar dilemmas, and if so, how did you navigate through them? Is it worth the potential income loss to retain these long-term, responsible tenants, or should we consider bringing in new tenants at the higher market rates?

Thank you in advance for your input!

- Brandon

Hoping to connect with you, Norm. Looking to acquire our first motel soon.

Hello Everyone!

My wife and I are looking to start the process of investing in a property in the Chesterton, IN area to use as a STR.

We are wondering if anyone has any experience in the area or has any leads to a good investor friendly realtor that we would be able to utilize. We currently live in TN and have not been able to make it out to personally visit the area, but our initial research has shown that the area is promising. If all goes well, we are looking to purchase as soon as we find a property that works with our numbers. 

I appreciate any help!

Hello!

I am curious to see if you managed to find access (or developed something yourself) to a spreadsheet like the one you described? I am currently finding myself looking for something similar!

Thanks!

- Brandon

Looking for any insights and opinions to help with our final decision on whether or not to close on a couple of duplexes. My wife and I (rookie investors, 5-10 deals) had an offer accepted on 2 duplexes from the same seller. We are now only a couple of days away from closing on the first duplex and found out that our property taxes are increasing & a new city waste disposal fee is coming in 2023.

Since the purchase of these properties will take a lot of our cash reserves, we are looking for any opinions from others on if this deal is worth the trouble. We understand that this is not a "home run" deal, but it has several benefits as being local, located in Henderson, TN only a couple of houses over from another single-family rental we own. It is also in a good community with a local, private University. Location is good.

Linked below is the analysis of the duplex that is going to close in the coming days. Any insight would be appreciated!!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Pros -  1. Local. Located next to another investment.  2. Solid brick home on slab 3.  Existing long term tenants

Cons - 1. Large cash down payment 2. ROI under 10%  3. 6% interest rate