All Forum Posts by: Jimmy NA

MikeOH-
I like the appraoch of having the landlord introduce me, etc. But the closing is tommorrow, so I am out of time, unless we do it after the closing which is possible. Ok, yeah, I can do after thhe closing . The current landlord is reasonible and will help me out, i am sure.

Thanks MikeOH and BeachBum.

Complication: I got caugtht up in the negotiation and lining-up contractors I forgot that there is NO written lease in place for one of the units. I did have the landlord verify (for what its worth) that the the rent is $600, but that doesn't change the fact that nothing is written. Does this change my approach with that one unit? I think my approach should be the same. I am the manager of a corp. owned property if you want to stay this is the offer: rent, terms, condition, blah, blah, etc. Do you accept?

What do you fellow posters think?

Just because people are asking these prices does not make it a good investment. THis fact you must accept.

Does anyone have a sample for an introducton letter to inherited tenants?
I don't want to miss important points, so if anyone has an example it would be appreciated.

Does anyone have a sample for an introducton letter to inherited tenants?

Thanks for the responses.

all cash---You are right on target. Much of the junk around these properties seems to be child related and all half-broken.

MikeOH---I think you're right. I am going to have to lay it down clearly from the start. I am closing in two days. First thing to go is the unregistered car that is dripping oil in the backyard. I am sure I will hear "oh, man, its a perfectly good running car." To which I will say, "then sell it."

What is your approach with tenants you get when you buy a property? Do you lay down-the-law? Tell them these are the things that have to change or a more subtle approach. I am buying 5 units. I had the owner kickout the worst 3 prior to closing. The issues I have with the remaining tenants are fairly unimportant but need to be dealt with: unregistered car, general debris in public areas (porch/yard). I know the former owner loosely managed the properties. Late rents were allowed, junk in the yard, basement, cars, etc. So, I don't want to rock the boat on day 1 but.....Thoughts?

Classic MikeOH.......right to the point, no punches pulled.

whom provided the estimate of 166,000 for repairs?

when do you do the work yourself? some people believe that its not worth their time, they hire for everything, others the opposite.....