All Forum Posts by: Chris Merchant

Quote from @Viral Patel:

cool....

@Chris Merchant, on one of the other house it is duplex. Due to stormy rain.. one side of the unit had leak from roof... so when I when claim was sent to adjuster after the Insepction she said my duplex has only one unit name on the policy so they cannot cover damages in another unit. However, my property tax, loan etc only have one number since it duplex.. so how can I tell insurance claim adjustor that it one address which has 2 units.

Thanks

 That I do not want to give you wrong information on, but it sounds like your duplex has 1 street address say for example 100 Main Street and then within 100 Main Street you have 2 units, so 100 Main Street Unit (or Apt.) A (or 1) and then B (or 2)?  Does the city know that there are 2 units in the building?  It almost seems that it may be an unapproved apartment or something similar. 

But to be sure I understand you correctly: you have a duplex that had roof damage and caused a leak during heavy rain which then caused interior damage to the unit, and the insurance company said they are not responsible for the damage inside because your policy only has the other unit listed on the property and not the damaged unit?

Quote from @Viral Patel:

Hi @Chris Merchant, thanks a lot of your such a detail response. It does help. Yes insurance company said they will give me 30% cheque now and then 70% once roofer completes the jobs and send them picture invoices etc. 

That is awesome, know too that most times, the insurance company is/has someone on your side too who you can contact if you have concerns about the work being performed or the quality of work.

Awesome ROI

@Omar Ababneh Just never let tenants try to haggle with you, your price is your price, especially in multiunit buildings because the tenants will probably talk to one another and if tenant A finds out that tenant B was able to convince you to not raise their rent it will just cause future headaches.

Quote from @AJ Satcher:

Quote from @Chris Merchant:

Just a question here, are you opposed to a long-term rental?  If medium isn't renting have you at least tested the waters to see about long term?  Is there a specific reason you are looking for medium?

Would like to hear the benefits of MTR vs. LTR.

1. I think MTR is more profitable

2. I feel there's a bit less risk involved. One in terms of tenant responsibility and two being repairs (higher chance of larger repair items in LTR)

3. I've tried MTR in the past while I was traveling and it worked out great. I secured 3 different tenant within the span of about 4 months. So right now I'm just sticking to what I already know and am comfortable with

This isn't an all inclusive list, but just some of the major items I can think of. 

 I appreciate your response, I was not trying t change your mind was just curious as to your mindset.  I hope things work out, at least you could state some valid reasons to support your opinion and didn't just say "because its the best".

Just a question here, are you opposed to a long-term rental?  If medium isn't renting have you at least tested the waters to see about long term?  Is there a specific reason you are looking for medium?

Would like to hear the benefits of MTR vs. LTR.

Quote from @Omar Ababneh:

Quote from @Chris Merchant:

What is each unit bringing in for rent each month?  When are the current leases up?  What are average comps renting for in the immediate area?

What is each unit bringing in for rent each month? $850-925

When are the current leases up? This August. What are average comps renting for in the immediate area? $850-$1000

 $850-925

If you go by the 1% rule (only a rule of thumb not an exact set in stone rule) you need to bring in $937.50 per unit to cashflow or $3750.00 per property.  I am not saying that is the problem or only problem here but I would definitely raise the rents to at least $950/month in August if you think you can get that in rents.  That is still under the high end of the comps but puts you in a better position to cashflow on the properties.  Or simply talk to your PM, it is in their best interest to get you the maximum amount of rent they can, the more you make the more they make working on commission.  Ask them if they feel yo could get 950-1000 a month per unit.  
I am assuming the units are not all identical?

Quote from @Carlton B.:

First I would ask him to leave letting him know my intent to make his actions public. If he did not leave I would call the police and let him know I'm calling the police even if its not illegal still have it on record. Next i would let everyone he knows understand he is a pervert. Basically try to embarrass him to the point he wants to leave.

 Is there a fine line there of slander/deformation?  Not saying there is or isn't was just the first thing that came to mind reading the post.  Personally I like the idea, just unsure of the legality of it haha.

As far as calling the police generally around me the police hate and sometimes flat out refuse to get involved in tenant/LL conflicts and tell you it is a civil matter and unless a criminal law has been violated there is nothing they can do.  The most I have seen them do in similar situations is show up to allow access and deter any conflict during such times.  I am not an attorney but I do not believe the tenant has done anything criminal even by sending inappropriate photos, that I think would only rise to the level of Sexual Harassment which I do not believe is criminal that is a civil matter until it becomes assault/battery.

You would maybe be able to get the police (if you get the right one) to go talk to and possibly scare him telling him to stop what he is doing.

*Disclaimer this is not a bash on police, I support law enforcement. 

What is each unit bringing in for rent each month?  When are the current leases up?  What are average comps renting for in the immediate area?

I have been trying to do as much cash as possible as long as it works.  Get as much credit as you can with lines of credit has been my strategy since my first purchase, just requires serious discipline to not go buy the flashy car or boat while having that line of credit available to you.

Cash availability and ability to close quickly puts you in the drivers seat in the negotiation process.