All Forum Posts by: Chantz Ireland

Just closed on a Triplex last week and am required to move into one of the units. The tentant that is in the unit I will be occupying in 3 months is on a month to month lease from the previous owner. My question is how do I go about serving this notice, are there any secrets that'll help this process go more smoothly?

What type of notice should I serve..?

 Just closed on a Triplex last week and am required to move into one of the units. The tentant that is in the unit I will be occupying in 3 months is on a month to month lease from the previous owner.  My question is how do I go about serving this notice, are there any secrets that'll help this process go more smoothly? 

What type of notice should I serve..?

I just closed (8/18/15) on my first ever investment property which happens to be my first house as well. I bought a Triplex and plan on living in one of the units and renting out the other two. My father who has helped me through this entire process is a bit old school and is giving me some advice that I don't agree with and I would like to get a second opinion.

All the rents are $200 under market value and he insists that I do not raise them. I plan on renovating each one and raising the rents after. Is this okay?

Second, The tenant in the middle unit has Christmas lights hanging from the house over to bushes for some reason and also has a punching bag in the front yard, It gives it a "Ghetto" feel for me and I would like him to take his things inside. Would asking the tenant to move their things inside be over stepping the boundaries or am I in the right..?

I just closed (8/18/15) on my first ever investment property which happens to be my first house as well. I bought a Triplex and plan on living in one of the units and renting out the other two. My father who has helped me through this entire process is a bit old school and is giving me some advice that I don't agree with and I would like to get a second opinion.

All the rents are $200 under market value and he insists that I do not raise them. I plan on renovating each one and raising the rents after. Is this okay? 

Second, The tenant in the middle unit has Christmas lights hanging from the house over to bushes for some reason and also has a punching bag in the front yard, It gives it a "Ghetto" feel  for me and I would like him to take his things inside. Would asking the tenant to move their things inside be over stepping the boundaries or am I in the right..?

I am about to close on a Triplex and was wondering how I should go about managing my bank account and mortgage payments. Should I create a new account and have the mortgage come straight out of that and all my tenants pay rent directly into the account? Or open a new account with a new bank..?  

Any tips or opinions in this?

What works best for you?

I am about to close on a Triplex and was wondering how I should go about managing my bank account and mortgage payments. Should I create a new account and have the mortgage come straight out of that and all my tenants pay rent directly into the account? Or open a new account with a new bank..?  

Any tips or opinions in this?

What works best for you?

Under the FHA loan I have to live there for a year. All units are currently occupied so I need to have someone leave. I have yet to look into sub metering but I'm sure it is a possibility.  It was built in 1961 and has huge potential for value adding.Here is a link if you want to check it out, There are some pictures attached as well.

http://www.trulia.com/homes/Washington/Marysville/sold/1328955-1926-4th-St-Marysville-WA-98270

 

Thanks for the reply. John, currently all three are on MTM leases, There is room to go up about $100 each if work is done to make it more desirable. I did an FHA first time house buyers loan, $30,000 down so I owe $275,000. As far as maintenance, this is the first house I've ever bought and just decided to jump in. Below the water looking up I'm hoping this site can help pull me out with advice.

I just closed on a Triplex last week and am worried I made a bad investment. I found this site after purchasing... Now with all the formulas and equations I've come across it seems I'm going to struggle. Here are the stats, All three units rent for $800, my monthly payment is $1900 including insurance, water sewer and garbage is $500 every two months ($250 a month) 

Anything I can do to make this thrive? There is quite a bit of Value add things I could do but have yet to start. 

Thank you

- Chantz

 cannot seem to find much discussion on Rv parks and how to obtained them. Mobile home parks look like a good idea but I really want to focus in starting a RV park. Basically tentents live in their RVs on my land and pay me a fee each month.  

I was wondering if anyone new what it took to actually start one, what permits I would need and the type of land?  

I need a starting point, anything will help. Thank you!