All Forum Posts by: Craig Peterson

Thanks for the feedback @Account Closed, much appreciated.  I'll run it by the attorney.

Hi all, hoping for some advice in the following situation.  

I have a rented apartment (Arizona) with one inherited tenant on the lease.  Apparently his girlfriend had been living there as well without being on the lease.  He was late on April rent, then I got a call from the girlfriend saying he moved out and she was still there.  She was wanting to know how to proceed.  My plan was to screen her like any normal tenant, sign a new lease, have her catch up on April rent, and move forward.  Since that call, she has stopped returning all calls and texts.  Rent has not been caught up.  I started eviction paperwork for the original tenant even though he's physically gone.

What are the next steps with the girlfriend since she's not on the lease?  Is she technically trespassing?  Do I put a notice to enter on the door then change the locks?  What are my options?

Thanks so much if you've been through this and have advice!

Are there certain size brackets that tend to be more difficult to sell once their income potential is maximized? For example, I'm thinking a REIT might not really be shopping for a 12 unit complex. Maybe I'm wrong, that's not based on anything, just my gut. Or in your experience are there usually different types of buyers that fill out the spectrum?

Thanks for all the feedback everyone, makes a lot of sense now. It was easy for me to picture the retail buyer for SFR, but not so much for apartments. There's a lot more potential end buyers than I anticipated.

It seems like most everything I read or hear promotes a value-add strategy for multi family investments, regardless of the long term holding strategy (buy/hold, buy/sell, buy/refi, etc). Value-add from increasing NOI through various methods of increasing income (below market rents, rehab and increase rents, RUBS, etc) or decreasing expenses. With the same cap rate, and a higher NOI, the value of the building has been increased. My question is.... Once all the practical value-add opportunities have been taken advantage of, and one wants to sell their apartment, who is the end buyer that is interested in a non-value-add apartment complex? Thanks!