All Forum Posts by: David Thompson

thanks @Jeff Kehl 

I walked through property this morning and was sad to see people living in such bad conditions. I think the building has been let go so long I would have to move out all the current tenants just to get the building back to living condition. plus I don't want to inherit the current tenants. 

thanks for the feedback back! 

I think if the deal goes through it will be pretty easy to move tenants around as we rehab each unit. All utilities are included in rent! 

please send owner finaning info if you still have this property. 

how much down?

adress? 

Pictures if you have any

Thanks!

OK.... so Im just going to put this out there. I am kinda new to REI, and I'm about to put in an offer on my first 4 plex. Ive used the calculators, and the numbers look great even at asking price. Im just wondering if anyone here would want to see the numbers and see if there is anything i might be missing. I would love feed back from anyone who has experince with multi family complexes. i have comps, balance sheets from 2016 on the property, and financing in place. I guess I am just wanting a second option to see if this is as a great of deal as I think it is!

Thank you for anyone who wants to take the time to review this with me! 

Im about to make an offer on my first 4 plex. Im planning on rehabbing the entire property. Currently 3 units are rented. What do you do about tenants during a rehab? Do you evict them? Do you give them first offer after rehab? Do they need 30 days notice? I want to treat people like I would want to be treated, but I also need to do what is best for me. 

Thanks!

Thanks! 

Ok so I have a small Commercial property that I had a great tenant in it when I purchased it. In December I signed a Month to month lease with another tenant. Im new to renting and Ill be the first to admit, I did not do a good job and asking this tenant the correct questions and looking into his past. Now I do not want renew his lease for several reasons. But my question is do I have to give him a reason? Can I just give him a notice that Im not renewing his lease, and give him 30 days to move out?

My reasons for evicting:

always more than 10 days late on rent

lied to me about the business he was going to be operating

lied to me about having employees (one of which is sex offender and my building I own next him has a has a tenant that runs a business dealing with children (( Ive talked to the sheriffs office and there isnt anything they can do))

Property has several junk cars on blocks and is very unsightly.

If I have to give a reason are these legal reason to not renew his lease? 

Ive never had to kick someone out of my buildings so any advice would be great! Thanks!

Thanks for the advice. I tried this exact tactic, but they are saying the garage is considered commercial connected to a residential so that is a secondary policy. And they can not insure to the amount on the loan they have to cover replacement cost of 299000.
This has been repeated back at me in various ways from about 10 differnt insurers. Most them look and compare using several different underwriters. 

Ok..... So I am supposed to close on a SFR with a large 2 store attached garage march 1st.

Everything going great ROI was 17%; cash flow was going to around 200 per month. The kink in the plan came yesterday when my insurance company called and wanted finish the binder and asked if I was going to rent the warehouse (garage) after telling them yes the new policy went from 700 to 1900 per year eating up all lost of cash flow and turning my 17% ROI to 5%. Ive spent all day on the phone trying to find someone who would insure the the space for the amount of the loan ($84000). Does anyone have any advice? Or know of an Insurer that would help me out? I don't want to walk away from this deal because of insurance, but I feel I might have too :(

Thanks!

Do you still have this property? If so I would like more info and pictures please!