All Forum Posts by: Dave Charron

I bought properties in bad areas of the city.  I spent more time with tenant issues, late rent or no rent than i did anything else.  They wreck the properties and are just terrible people to deal with.  Never made any money.  Only when i sold, cleared a little bit.  That was 20 years ago.

Now Ive got better properties, in better areas with better tenants and actually have cash flow!

Ive got about 25 units in a small town in upstate NY.  Multi Family.  I would say class C.  When a tenant is late with rent past the 5th of the month, we tack on the typical late fee.  I just wanted to see what other actions you would take as the days pass after the 6th or if you just go right to beginning the eviction process.  Like, if a tenant communicates with you that they will be a week or two late or more?

When I had properties in class D areas ( I dont anymore), I went right to the eviction process.  What are your processes for late rent?
 

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.