All Forum Posts by: Ben Rasche

You should develop your own criteria for what you want to hold (# of beds, baths, location, potential rent, condition, etc). The more clear you can be the easier these decisions become. We all know buy & hold is the key to long term financial success but you need to decide exactly which type of properties you want in your portfolio.

Doesn't sound like a terrible deal, but you want to be sure you have a reserve fund for problems that will arise. Also, don't bank on having your upstairs unit rented 12 months a year because you will deal with turnover at some point. Also might not be a bad idea to ask the current tenant what they'd like to see done with the property. Sometimes you'll get more insight as to needed repairs/problems by asking the people living there than you will from the person who's trying to dump the property. Good luck!

Hello BPers!  I just had a tenant call to inform me that they're having an issue with roaches and mice.  I plan on going over there tomorrow to visit the property and see what type of condition they are keeping it in, but I was wondering what recommendations you all may have for dealing with this issue, both products that are effective, as well as dealing with the tenants if they are in fact keeping the home in unsanitary conditions.

Our tenant hasn't paid rent on time for the last several months and still owes late fees that they haven't paid. When I tried to call them it appears that their phone has been shut off. Should I attempt to contact them on Facebook?

@nickrasche

Welcome aboard. I'm also an investor from central Illinois but have only purchased properties here. If I can do anything to help you out let me know!

Can you clarify your question

Also might not be a bad idea to ask the current owner to bump rents. If you're sure they should be raised then let him be the bad guy and let him deal with the potential turnover. I've always been cautious about saying units should be rented for more than what the current tenant is paying. If that is the case then I always wonder why the current owner isn't already getting all he/she can.

My insurance agent said in the 15 years he's been selling insurance he's never had a claim come close to 1 million. In fact he said the biggest claim he's paid out was a bit over 100k. He was telling me this as I was discussing the idea of forming an llc and moving my 6 rental units into it vs upping my insurance. What are your ideas on this and the question of whether or not to roll everything into an llc?

Looking forward to following the thread!