All Forum Posts by: Damien L.

Thanks @Josh Keeney for all that information that completely makes sense to me.

We decided to move forward and make an offer on the property.  This is the very first time we have made an offer on a rental property, therefore needless to say we are super excited and a little scared at the same time.  There is absolutely no doubt that this site has been the help to get us to this point. 

We figured that we will obviously respect the leases in place but will consider slowly increasing the rent up to market prices.

For the smoking situation we will have to address it with the tenants or send them a notice to comply with the lease agreement right away.

I will keep you guys posted on the progress of acquiring the property if its goes through!

Thanks to biggerpockets and you guys!

I have used upwork for VAs but it was not real estate related.  But at least I can say the people I used were reliable for the most part and the platform is solid.

Thank you Nathan and Jerry for the feedback.

Hey guys,

I am working on my first rental property deal which is duplex.  The overall numbers seem to be decently solid if I can get it for the right price.  I would like to buy it for $85k and the monthly income would be around $1205.

The duplex comes with renters which one has been there for 10 years but pays a bit under market value. Would you recommend increasing the rent slowly over the next few years?

The other tenants have been there a few years.  I understand that in the lease it clearly says no smoking but notice the strong smell when walking through the apartment,  I also wouldn't want my tenants to smoke in the place.  How would you deal with that?

Lastly, would I be able to ask the current landlord for rent history with the current tenants?  I would like to make sure they have good history of paying on time etc...

Thanks in advance for the advice!

Hello guys,

I have found a duplex for which the numbers seem to work out (this would be my first deal!).  There are two potential issues with the house and I don't know how much of a big deal they are.  I was hoping that with all your experiences, someone may give me a few pointers.  First, the foundation is leaking water in the basement from what I could see, it's a block foundation.  The only thing to do in my opinion is to get the inspection and see what they recommend.

Second, I only saw one furnace and one AC unit.  I did see two meters though.  What's the recommendation on splitting utilities?  Should I split the utility bill between the two units evenly?  I could see that causing arguments.  Or install a mini split system (heating/cooling) for the top floor unit? That seems like the most extreme solution.

Greatly appreciate your recommendations in advance.

Thanks!

Just wanted to say thanks @Ben W. for the insight into our local market. It's very interesting to hear from someone with so much experience. If things go well, I may have to hit you up for more advice. Right now I am particularly interested in duplexes in NKY. Most of my research is from the MLS. I'll look to connect with a local agent that has experience with real estate investing. Thanks!

Thanks Bram.  I emailed the agent a few days ago and no answer.  Business must me be good if they don't return calls or emails!  Definitely will be digging for the information though.

 I'm pretty sure I know which property you are talking about.  I did notice it recently as well.  It seems you can find quiet a few buildings on the west end of Cincinnati (typically 4 units) in the $50k-$75k range.  Even if the rents were $500 per unit, it seems like it's easy to make the numbers work.  But I am skeptical about that part of town and why are the buildings so cheap.  I would love to hear from a rental veteran from Cincinnati that could shed some light for us.

Thanks!

Does anyone else have any other recommendations?

Thanks!

Hey John

I went with the 50% for a broad estimate of my expenses which for me represent, taxes insurance, maintenance etc.  The property looks like it was updated recently and doesn't seem to need work but I could budget a few thousands just in case.  I will look at your book recommendation, thank you for the recommendation!