All Forum Posts by: Cassidy Burns

@Jason D. this has been the reoccurring issue for the last 2-3 months, I start the eviction process on the 5th day (VA Laws) go through the process, add late fees , they pay the rent to avoid eviction, and then push back on the late fees. So my question is, is $75 late fee worth evicting over? Especially mid November/December. I know it is going to continue to happen, just vacancy has been what i'm trying to avoid.

Hi @Jill F. thanks for the response , very helpful.  I so I guess the question is, how do you get back on track if you haven't been the best in terms of the access.  I now understand I allowed the tenants to take a position of power in terms of allowing contractors in/out.  

@Richard Sherman Rents are $50/less than market.  $550 current.  Market is $600.  So i'm working in a lower income space.  Doesn't have the heart to heart put me more "accessible" and/or giving them the perception that I am going to be involved during the entire process, which obviously I am trying to avoid.

@Mary 

@Mary M. yes my tenants know that I am the owner behind the emails but don't have my personal phone #.  I have 2 team members that are the main point of contact for all repairs, leasing, showings, etc.  Maybe I just need to train those 2 individuals a littler better.  I just ordered them @Brandon Turner 's book Managing rental properties.

HI BP,

I've run into a little problem with 2 adopted tenants from an existing owner.  The first 8 months they were great, paid on time, no issues, etc.  As of the last 3 months they have been a nightmare.  One has definitely taken the power position and has gotten the other on their side.  Late of rent, pushing back on late fees (is it worth evicting over $50-60 in late fees), putting in a ton of maintenance requests that need to be done IMMEDIATELY (according to them), but then never respond with photos/ times of when the contractor can come in and/or don't want the contractor in while they aren't home.  One even called the old owner to ask questions about the building.  Very frustrating.

Self management has been great thus far, and quite frankly is necessary due to the lack of good property managers in the area. BUT THIS is really starting to frustrate me.  How would you handle this?

I would love to evict both of them as the building is very sought after and one of the nicer buildings in town so would lease up quickly.  

Any advice on how to get these guys back on track and/or if I should try to get them out and start fresh would be greatly appreciated.  

I wouldn't say it's a scam site, but I did prefer ErentPayment over cozy.co.  Strictly due to the ability to put auto late payments.  Cozy only allows you to put 1 late payment and the platform isn't as easy to use.  

BUT, IT'S FREE!  

@Loretta Gray Thank you!

@Brandon Frulla, sorry I didn't even notice that people could see the thread as I add the investments to my page! But the condo fee is $321/month and the PITI is $2,859.36/month. = all in monthly payment of $3,180.36 - $2,600/month from roommates.

My all in monthly payment is a whopping ......... $580.36.    

Also, I have seen great appreciation . I could sell this condo today for $649,900 in the Washington, DC current market. But instead I am going to be doing a HELOC for 90% of the ARV and using that $$$ to purchase other investment properties . This is actually the way I think most investors should get started, especially if they are in higher priced markets such as Washington DC. Like I said, I have only invested a total of $18,000-$20,000 into this property.

Happy investing!

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $550,000
Cash invested: $75,000

First Condo Conversion Project in Washington, DC. 2 Units. $550,000 purchase price. Estimated all in after construction/sales/soft costs. $1,150,000. Outsell = $1,500,000- $1,575,000. I am a 14% shareholder in this project with business partner.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $35,000

Currently on Market. Purchased for $120,000. All in construction + soft costs currently at $155,000. On the market for $229,900. 37% margin.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $50,000
Cash invested: $25,000

BRRR. Purchased @ $50,000. $15,000 renovation budget. Appraised for $97,000. Cash out refi. Currently rented for $610 & $450.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $35,000
Sale price: $87,500

First renovation project. $20,000 profit. 4 month.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $165,000
Cash invested: $25,000

Purchased for $165,000 using HELOC off of other property. Appraised for $180,000 at purchase. Increased rents on 2 of the units. Now renting for $450, $550, $575, $625 (market rent). Great investment, love this property.