All Forum Posts by: Bryan Vince

Is it vacant?   

If so, think about potential problems related to that...

If not, be prepared to work on/with current tenants... 

Those numbers look like winners to me!   

Top 3 remaining questions in my mind...

1.   Why hasn't somebody else purchased it?

2.   Is it in a desirable/easily rentable location?

3. What kind of fixers/repairs are needed to get it rentable? What other Capex type items aside from the roof?This needs a real close look...

Thanks for the responses!   Who else has an opinion on how they would respond???

I have a neighbor of his (good tenant) that is not a fan.  If I had to choose, I'd keep the neighbor rather than the cameraman...

Still thinking through how we will deal with this...

BPers!

We own a 2 building (1 story) rental property with 5 units in each building.  We have a long term tenant (month to month agreement) that has installed at least 4 cameras (that I see) that would cover the entry into his unit and the common courtyard behind his unit.  The range of the cameras probably would capture the entry to 2 of our other units as well.

He did not clear this with me.  It is not covered in our Rental Agreement.

Without providing any me providing further background, what are your thoughts???

Creepy or Caring?  How would you as an Investor or Property Manager feel about this.   

I have a definite opinion and a sense on how I will respond, but am curious of your thoughts!!!

Thx

Bryan

 Thx Neil!

We have rental units of various types (Multifamily - a 6 unit and a 10 unit, Duplexes, SFHs, and a couple condos).   

Our rental agreement clearly puts all liability for accidental disasters on the tenant (worded well).   We have also made any rental/liability insurance carried by tenant optional (again, it's clear that they are on hook for any disasters created by them).

We are properly insured with separate HO and Liability Policies on all property.

Had a situation where tenant left tub running at condo causing 7k in payouts to us and neighbors.  Tenant does not have insurance.   Insurance co is subrogating to tenant.   They'll be on hook for 7k to insurance.

MY QUESTION:   Do you require and/or periodically follow up on Tenant's Renter Insurance to protect them?  If so, are you selective on which type of property to do so at?   

Thx!!!!   Debating this with partners.    Appreciate your thoughts...

We have a 10 unit property.  I got a complaint from a tenant that one of our other tenants was dealing drugs (I previously had an unconfirmed suspicion).

We use a month to month rental agreement.  I simply gave the tenant a 30 day notice (Florida Law is 15 days) in writing.  I called him and calmly told him that we had made a decision to make a change.  No specific confrontation or antimosity.  

He moved in less than a month.  We had alot of cleanup and painting to do.  

It was the right thing to do for us and our other tenants.

Thanks for the thoughts! We'll keep working at it and share what ends up working best for us...

Bryan

We have been using QuickBooks 2010 for a few years to account for our Real Estate Business. We buy/hold and rent out our SFR/Duplexes/Multifamily Properties.

We use 'Classes' for our 'Customers' (Tenants) to help separate and sort the data. I think we are relatively efficient with it, but feel like "we don't know what we don't know"...

My question to QB users... Which report or reporting tool do you use to analyze Cash Flow by each unit or tenant? Have you found a report that includes all $ in/out?

Looking for an ahah moment...

Thx!!!

I give my simple expectations to any potential tenants several times from initial meeting (phone or in person) through move in: Respect our Stuff, Respect your Neighbors, and Pay the Rent on time.

If there is an issue that arises, I do my best to show that I mean business (using Rental Agreement) and work to show respect back to them in providing a quality place to live.

We do month to month Rental Agreements for all our units (over 50) and have given two 15 day notices based on respect related points and have only had to evict one tenant to date (existing tenant on distressed property purchase). Family business, had 3 units in 2007...