All Forum Posts by: Daniel Luedtke

Justin Holwell Welcome Justin! I live in Windsor, and have a triplex rental in Greeley. I got the lead from my realtor, before it went on market. Ended up paying more than asking price, but still making a good return. There are deals to be had, though I don't think you're ever going to be able to buy anything off MLS for 70% LTV in the front range(maybe Pueblo?). You will be paying full asking price typically, as far as I see it right now. But, if the numbers work, then price shouldn't matter all that much. It really comes down to your strategy, or end goal. I think to be able to do the BRRR strategy, it will have to come from direct mail or wholesalers. I haven't gotten into that arena yet, so I don't know too much about this, but hopefully in the near future. I think having a good relationship with your realtor is a good start, as long as they know what your strategy is up front. Networking will be a good resource. Good luck to you!

What's the best process for taking apps and screening applicants? This is the first time I'm filling a vacancy. I am doing some showings of the unit to several prospective applicants, but think I may have put the cart before the horse? Should I have all applicants fill out an app(I'm using SmartMove) prior to showing the unit? Is showing the unit ok, prior to anyone even filling out an application? I have a lot of people interested, but not sure the process as to which would be best way to handle it? Currently, I have several people coming to look at it within an hour period on the same day, as to not have to keep going back and forth for each person(it's about 20-25 mins one way). With so many inquiries, I just want to know the most efficient way everyone is handling filling vacancies. Thanks in advance!

Thank you all for the feedback. I have many inquiries already after a day posting the vacancy! Will be showing to many applicants within an hour time frame as @brandon turner has suggested on some podcasts. I think it may be best just to end this inherited tenant and not fight the battle and cost me money, even though I think he wouldn't have a chance of winning. I don't have the time to put into it, and if I can get a better tenant, it's a win for me! Thanks again for the input.

@Gail No new has been signed. @Linda I do have a copy of the original lease, and there is nothing on it about early termination. Just a clause about abandonment.

Ok, a little more to the story. This is an inherited tenant. I did not realize they signed a 2 yr agreement (expires June 30, 2018) with previous owner of property. I supplied a new lease agreement to sign mid Sept. for 2 reasons: One I thought their lease was up June 2017(misread lease agreement), and two the tenant was responsible for lawn care as part of lease, and has let it go terribly, so I was relieving them of their lawn care duties. Tenant is now saying this new lease agreement breaks the old agreement, even though they did not sign it. He is giving me a 2 week notice to move out now. He is threatening a lawyer stating the new agreement provided, breaks the old agreement, though again, he did not sign. I am fine letting them out of the lease early, but I told him he is responsible until I get it rented out again. Did I mess up getting them a new lease agreement? Or am I fine since they never signed it, and the old agreement is still in place? HELP!!!

So, a tenant in my triplex just gave their 30 day notice this morning. They have been on a month to month lease the last couple months, and I just gave them a new lease to sign last week. She informed they will not be signing the new lease, and gave notice. She said she just got a call and accepted to a new apt and will be moving Oct 6. Do I still have a right to collect the full 30 days of rent thru their 30 days from notice? Obviously I could pro-rate the rent if I found a new tenant sooner. Can I collect Oct. rent (prorated) thru their 30 days still? Thoughts and advice much appreciated!

Thank you Carolina E. Kim Meredith Hampton Kenneth Garrett This is my first multi-unit property, and I inherited all the tenants. So I'm learning first hand about inherited tenants. The main level tenants have it in their lease agreement that they are to maintain the grass and yard (ie. mow 1x per week and water regularly). He is also my complaining tenant! This unit's lease agreement is up at the end of the month. And I have the top floor unit on a month to month lease right now. Would you suggest raising the rents on all 3 (3rd unit lease is up in Sept), and just hire out the landscape services? I will copy the section of the lease which outlines the responsibilities of the tenant for sure! Really appreciate the feedback.

How about talking to other agents you work with? There has to be other agents that own rental properties, or has ties to investors you could take to lunch and build a relationship. Could help with both sides, investing and finding listings?

I think the best way is to dive in. Find a deal, and if you've run the numbers, and it truly is a good deal, then you'll be able to find buyers. Networking with a realtor would help as well. They know of investors, or have client investors that are looking for good investment properties. As I said earlier, if it really is a great deal, then you shouldn't have a problem wholesaling it. Even if you only make a minimal amount, it will be worth the education and experience. Good luck!

I am having issues with my tenants taking. Are of the yard at my triplex. I have received a couple courtesy calls from the city regarding long grass and excessive weeds and the grass dying. I called a couple lawn care companies to get quotes, and one was booked for the year, and the other quoted $3k!!! I ended up buying a lawn mower with the agreement with the tenants that someone would now it and take care of it, which is not working out so well. What is an average price for lawn care? Is it worth investing into a sprinkler system? Any advice would be greatly appreciated.