All Forum Posts by: Frank Dimino

I don't know the area, but I do know investing and property management, getting real numbers would help us give better info to you.

If you aren't getting much traffic or filled out applications for the place your rent is to high period. Buying new build usually means paying full retail, many times that means your stuck having to get high rents, not an ideal situation.

As a quick check use rentometer and craigs list to check rents in that area, at least it can give you a ball park value if you choose like properties that are close by. 

If your PM is also an agent make sure they understand the difference between a good value as an agent for buying and a good deal for an investor ( their PM hat ). It's possible the agent side was doing most of the thinking in this deal.

Not saying that happened, but your PM/Agent should be able to explain the reasons why they recommended this deal for financial reasons only as an investor. If those make sense OK. 

Bottom line if your rent price is set correctly for the area, you'd have plenty of possible renters, either your PM is dropping the ball or other places at that rent are offering more, like fully furnished, pool access, work out area, say something that adds value that you may not have.  

Is there an HOA fee, if yes is that included in rent or additional?

I'm not sure what criteria you are using, I use cash flow as the number one factor in if a deal works, I also pick slightly below average rent, and not bottom line price of purchase as an initial indicator on if I would by.

If you are only would make $200 on a &1700 per month rent that's cutting things close.

hope this helps.

Welcome to real estate investing. check out the FFREIA website, we have our general meeting this coming Thursday 7PM at  Ricks prime rib.

check out the FFREIA site. We gave meetings every Thursday. 

Your lease should have a clause along the lines of $50 for each adult/tenant over a certain number.  The $ amount can be whatever you want, AT 50 It's another 350 added to rent you can do 100 so it be 700 more. But you get the idea.

I agree with Todd Google voice.

Press forward, if you get all the money at court you get your March rent. If not you get the judgement, it will be recorded and other landlords will be able to discover this about the tenant.

What provisions for lease termination do you have in your lease 30 days written notice is a common one. Tenant may have just been sing what he could get away with you may have no issues collecting rent.

raise the rent to cover the normal water bill. Tenant may leave if you do that though. You need to decide if him not paying water but being good otherwise if you want to keep him.

What's the average rent for the area? can you get $1500/mo? How long to do the work? You are in the hole each month its empty how good is the area, you need to allow for vacancy at least 1 month.

What will repairs cost you in total? you need all these numbers to figure how long it will tak ejust to break even.

Are you going to self manage? I don't see management cost anyplace but it's a good idea to account fo it even if it's going to you.

Check Zoning if you are commercial, do a Commercial lease, usually tenant pays for snow removal, furnace repairs etc in a commercial lease. Have Him/Her personally guarantee on top of business name on the lease.