All Forum Posts by: Eric Pocker

My offer on my first rental property was accepted today and I already have a tough decision to make. The basic info on the property: -Asking 139,900, they accepted 134,000 and seller pays closing cost. -Triplex with two-bedroom units. - Gross rent is $1800 per month and I pay water. -One tenant is on a lease that expires 7/2015 and the other two are on expired leases. That last point brings me to my dilemma. The previous owner wanted to renovate #1 and it was occupied. #2 was empty. So they offered #2 to the tenants that were in #1 for $500 per month. #2 was previously rented for $750. The other rents are $600 and $700. So my question is how would you all handle this now that there lease is expired? Would you raise the rent on the current tenants or wait for the next tenant and set the rent at $700 or $750? Or meet the current tenants in the middle at $600?

Originally posted by @Richard C.:

This sort of policy document is way, way premature for you to be working on now. If you are working on a business model/business plan then that is what you should be doing. 

That is a very good point Richard. I think most of my restrictions will be covered in the lease agreement. As far as items/scenarios that should be included on a separate document go, maybe I should wait and see what comes up and make decisions on a case by case basis.

Antonio Coleman I have just been looking on realtor.com and my realtor that specializes in rental and investment properties is lining up two properties that I am going to look at Monday. If you have any advice on how to find properties that may not be listed on the MLS that would be awesome! EricP

I am in the early stages of developing my business model/strategy and basic structure of the business. I plan to buy and hold multi family properties long term for steady cash flow and equity building. My specific question to the forum is about having a formal "Company Policy" document that tenants would sign as part of the application process. What are some "must have" items and situations that should be included on this type document? Things that I am considering are pets, smoking, late fees for overdue rent, and modification of any kind to the property. Thanks for any input! EricP

Hello, My name is Eric Pocker, 32 years old, in Louisville Ky. I am married, 9 years this month. Two kids, 5 and 2, boy and girl respectively. I am an aircraft mechanic by trade and my wife is an Ob/Gyn nurse practitioner. We are in the early stages of buying our first rental property. I have never owned my own rental property but my dad has owned since before I was born. I have been helping him maintain his apartments and watching how he deals with issues for a while, so I don't feel completely new to the business. But not being the owner I am sure there a lot of details that I missed. I plan to focus on building a portfolio of multi family properties to hold long term for a steady cash flow and accrual of equity. And eventually quit my day job( night job actually). I found this website a few weeks ago and had been reading several hours a day since. It is a wonderful community that these forums can crate and I look forward to being a part of this one. EricP