All Forum Posts by: David Huynh

Pets: (are) (are not) permitted with a $35.00 fee. Special Provisions relating to pets: Must be under 35 lbs. 

This is all that it has in the lease in relationship to animals. 

The lease does not state very much, besides allowing of animals under 35 lbs. Which could be of benefit or not. I would be okay with it, given it was around that weight and was not a pup. I will review the lease again. 

Hey BP members,

I purchased an 8 unit that allows dogs & cats under 35 pounds. One of my tenants is currently paying the pet fee of $35 for her one dog but wants to bring in another dog (German Shepard) and I told her that it was not okay because the animal will be larger than 35 pounds before the end of the lease (6 more months). She informed me that she does not care and that she is not "breaking any rules" because the animal is under the 35 lb weight restriction and will pick up the puppy in a week or two.

I politely informed her that the partners and I find it unacceptable and that they must be vaccinated and have previous rental history or OK from another landlord. We do not want to make exceptions for certain tenants and then have others upset that they were not allowed the same circumstance. 

How else should I approach this situation? 

Logan Jones it is achievable. Peek at the success stories, I acquired 24 units and got to that point in less than two years. Not trying to steal your post. "Be careful what you wish for" is my post $190/door with real expenses in place.

@Nick D'AlessandroYes I read.. a lot. Many of the books that I've read are recommended at the end of the podcasts. Rich Dad Poor Dad, Sell or Be Sold, If your are not First you are last (one of my favorites), Elon Musk, Millionaire Next Door. These are some of my favorites. It's a mixture of business, real estate, and how get your butt up to hustle.

@Peter TverdovI figured someone would eventually ask. I am from Minneapolis/St. Paul and it is a fairly expensive place to invest (nothing like the West/East coast). It is north of $1.4 million (real estate only). These values are from what was appraised at time of purchase  2010-2015. I did not try to factor in - raised rents, appreciation, and etc..

My cashflow is right around 4k/month and this factors in all expenses, repairs, capX, management, and private funding (16-20% of gross rents). In some of my properties, I have never had a vacancy more than 1-2 days in the past couple of years. I go for $150/minimum per door. 

@Nick D'Alessandro Thank you. I hope you do also.

I have yet to work with a wholesaler or start the direct mail route. I've successfully used Craigslist (2 deals, 1 that I walked away from), MLS, and just talking to people. I always tell people when I am in acquisition mode "Contact me, if you want to sell your home". If you talk to a property owner and they don't want to owner finance or the price does not work out, you can always still find something else to make the deal happen, always find out what they intend to do with the funds. "Sir/Ma'am, if you don't mind me asking, what are you going to do after? Retire to Florida? 1031 into a new property? etc..." This helps you approach the situation differently and understands them more.

- My triplex I got w/ 10% down, owner financed for 20 years because she had small children and wanted to pay for college. So I heavily emphasized on that matter and we struck a deal that won for the both of us. 

Some people chase units, some chase wealth, and others chase cash flow. Identify what you are looking for first, then set out for it. I.E - I like appreciation, cashflow, and minimal headache. 

Joel Florek price per unit, sorry I sent that right after. What was the cost of the building?

Sorry, price per unit.

Congrats! If you don't mind sharing, what's is the PPU in that area?

I have my 8 unit but I passed on another 8 unit this past weekend (student rental). I'll definitely let you know how it goes (coin-op). My banker funded it with a SBA loan, 30% down.