All Forum Posts by: David K.

Going through this process now. First things that come to mind are exterior doors and roofs. Also making sure there's no holes in siding, porches and railings ares secured.  Anything else?

Kinda what I was thinking.  Didn't know others were refi existing portfolios to do upgrades etc. 

Hire an attorney immediately.  The longer you wait the more pain you'll endure.  When tenants get notices the first thing they do is go to google or there other tenant friends who pretend to be lawyer.  Don't play that game!

I've got a few vacancies for long term tenants right now.  With proper upgrades I can generate an additional $500 per month in rents.  However between needing two new roofs, and other repairs I will soon be out close to $40,000.  I was thinking of refinancing one property whereupon my payment would increase $180 per month, and would pull 40k out of it. The new loan would be for $150k, with a value of $275k.    I have 25 years left on my current mortgage.  The new mortgage interest rate would be the same as the previous loan. 

I wanted to pay this off, however I'm starting to think otherwise.  I'd still be ahead of the game from a cashflow standpoint.  With so much equity sitting in one of these properties, I'm really debating this instead of exhausting my savings.  For the record all my properties have low mortgages compared to values, and with my credit and income the refi won't be an issue.

Just wondering what others who have 10+ units do.....

During the last recession rents didn't change here, although they stayed stagnant for year's.  

I recently paid anywhere from $200-500 for a good window installed.  Prices really change drastically by size.   Let the contractor get the windows. It's really easy to measure wrong, one mistake and you cost yourself money

Normally I file court papers as soon as possible, but during the winter I've never had luck renting units.  So my rationale this time was better to get something rather than nothing, and not have to pay to keep a unit heated. I'd rather get a fraction of the rent then $0, and have to pay to heat a place.  This of course would not be my strategy if this person wasn't a good tenant otherwise...

Regardless will file for the eviction if he's not caught up in a couple weeks, as the winter should start to come to a close.

So far received $300 December, $300 January, $700 February.  Rent is $950.  Another bigger payment coming in a week.

Conant St. area has plenty of parking

Do you ever let good tenants (keep units in good shape, get along with people etc) fall behind in rent without doing evictions when you have many units?  For instance the cost of a turnover usually is a few thousand, plus legal costs and potential heat payment over winter.  Good tenant changes jobs and falls behind a month and half.  Makes payments but you realize cost of turnover exceeds the 1500 or so you are owed?  You keep them in the unit.  Obviously you have to be selective in doing this and can't do it too often...