All Forum Posts by: Dave Charron

we do a brief pre-application online before offering to physically show any apartments.  This way we know its a good chance they should qualify before wasting any of our time showing units.  If they like the unit (and we like them) then we offer the full paid for application

So I hired a company to pressure wash my apartments (8 units) in New York State and the guy fell off the roof.   He broke his ankle.  Couple months later I get a letter from an attorney saying he is suing me due to my negligence.  WTF. I just hired a company.  I wasnt even there.

My insurance company took all the info and will take it from there but it looks like he may be able to get medical expenses.

They said that if it was a single family he probably wouldnt get anything but because its considered commercial then he might be able to get paid.

Those are huge increases.  Most likely the new rents are not going to be in the budget for them. Does the property cash flow at the current rents?  If you can afford it I would do them one at a time.  Raise one tenant up close to market and if they leave then rehab that apartment.  Then move on to another one.  You dont want them all moving out at once.

Thank you for the ideas!

My 24 yr old daughter works in our office and manages our rental properties.  Our multifamily properties are in good areas in the suburbs within 20 minutes of our office, probably B- to C I would think.  I have always personally shown the rental units to prospective tenants but am not always available.  I am considering letting her show some units but I am worried for her safety.

Does anyone have any thoughts on this like if its a bad idea or maybe has some safety protocols I could put in place?  The only one I thought of was to get a copy of drivers license before a showing.

Any thoughts?

thank you for the responses.

Just wanted to see what others are seeing for insurance rates?   I have a 13 unit under contract for just under $1M and my agent is quoting me $4700/yr with $2500 deductible.  Property is in Upstate NY

My tenant messaged me this morning that the son has left on his own.  Crisis averted, for now!  Thank you for the responses.

One of my tenants in my 8 unit has been letting her son stay with her for the last several months.   He is not on the lease and I was not aware.  Apparently my tenant does not want him there any longer but has no way to make him leave so she contacted me.  In NY anyone that stays longer than 30 days has tenant rights.  Therefore I dont know how to get him out other than evicting both of them?

She pays on time and does not cause any trouble so, I would like her to stay but dont know if thats possible.

Any input would be appreciated.

A couple things Im thinking-  

$49 application in a low income area might be an issue.  Can you use a short pre-application to screen them before charging them the $49?  Thats what I do.

Water, garbage and sewer not included could be an issue too.  In our area (upstate NY), its normal to include these in the rent.  Low income renters can sometimes have issues setting up accounts with all these utilities.

Other than that, like others have mentioned the inside looks good but outside lacks curb appeal (landscaping, lawn, fencing) and the non-matching siding out back.

Good Luck