All Forum Posts by: David Louthan

I forgot about this post... fast forward 5 years and I have converted this to a 4-plex by adding a kitchen and bathroom and a bathroom to one of the other units.  I also added 4 new basement windows that provide proper egress, rewired the basement and landscaped the yard.  Rents are at market level now and I paid off the loan from the proceeds of another house I sold.  I also own the duplex next door and have paid it off and added a 3rd bedroom to each unit.  

Needless to say, I am very pleased with these units.  @Ernesto, I was conservative with increases at first and my renters were flexible with me as I did the remodeling with them in the units.  I had a few months of vacancy for remodeling in the basement unit as I converted it to two units but outside of that, I have been very fortunate to keep them rented.

@Ernesto Hernandez thanks for the insight, two have been there for about 1.5-1.8 years and the other for 6 months.

I’m buying a truck-plex and the rent for each unit is under market value by $125-$150.  

1. What is the best way to raise rents?  The contracts all end at different times over the next four months.

2. Is there a way to force those contracts void as part of the sale? Is that a good idea?

I am at the beginning of the process my offer was accepted 2 days ago and I just looked at the place today.

Thanks for sharing Brandon.  I have a similar potential deal and I am interested in how you came to a valuation with the seller.  What formula did you use?

Thanks Sterling, what is the best way to find a real estate meet-up?

I'm looking for a sweat equity partner to help me build a portfolio of properties.