All Forum Posts by: Adam Demchik

You are correct you would need a commercial loan.  I have taken out several in the last few years less than a million so you should be able to find a bank.

I would say no just for not getting you all the information required.

@Thomas S.

I concur.  She is a professional tenant.  I had a similar situation although she was month to month.  After dealing with her for three years (she always paid on time, but complained about everything!) I finally sent her a letter stating that if she wasn't happy living in the apartment then she should leave.  I gave her a 30 day notice with that letter.  She left right at 30 days, but not before trash talking the complex on Facebook and other local site.

I just purchased a motion activated solar led light for my parking lot in my quad for $17.  They normally run about $30.  Also purchased a keypad deadbolt for my office for $50.

If you are not holding 5 plus years, I probably would not entertain one.  I just did one on two of my properties and I am happy with the results, but I am planning on holding long term.  The company I used did a quick snap shot of what results I could expect for free without commitment.

I always try and work with renters when they are going to break a lease.  I don't see the point of being the "bad guy" and telling them they are going to lose all of their deposit...that gives them no incentive to leave the unit in good condition or not to trash it on their way out. 

If you can make it work the one piece tub and surroud has no seams, no need to caulk, no way for water to get out.  I think the cheapest I have seen them is about $500.  

As stated above I purchase stoves at a Restore or craigslist.  Your town may have a facebook swap page too.  For fridges I purchase only new during big box holiday sales and stock 1 or 2 so I can replace them quickly.  My residents are always very impressed when I can get them a new fridge within hours of calling.

As you stated there are things after 3 years that will need to be done so it might be a good idea to mentally bank on there being some items in need of repair.  This has happened with every property I have purchased.  It bothered me the first time and now I just bank on a few repair items the previous owners left behind.