All Forum Posts by: Hank Fields

@Lauren Hogan is there a clause in your lease agreement concerning noise? If they are stomping around and making loud noises specifically when you are showing the available unit, you can point to the lease agreement. Albeit, the lower unit is not technically occupied by a tenant, you, as the owner are clearly being bothered by the unnecessary noise while showing it to potential renters. You need to document all of the noise in writing. When it happens, how long, type of noise, etc. You can serve them a notice with a written noise complaint describing exactly what they are doing to disturb the peace, etc. This will be a good practice to put into place for future tenants as well. Good luck!

@Anna Gogos My wife and I worked as property managers/leasing agents for 7 years. Let me give you one sage piece of advice. It is better for you to find the right tenant, than to quickly fill the unit with the wrong tenant. If you avoid the proper screening of a tenant by just wanting to get someone in ASAP, it could come back to haunt you. In my opinion, You are far better off taking a little more time to find the right fit. There also could be another reason why you are not filling the unit. Are you priced properly? You might have gotten “lucky” filling the first unit so quickly. Sometimes a new tenant might “overpay” because he or she is in such a hurry to find a place. I have seen it time and time again. Good luck.

Thanks guys for the responses.   We are still weighing our option whether to put in an offer or not.

Anyone out there having problems with a similar unit mix - studios or 3+2's?

We are looking at a property to purchase with this unit mix, and we are concerned more about renting the 3+2 as opposed to the studios when a vacancy comes up...I rent studios all of the time in the property management company I work for, but we only have three 3-beds in one of our buildings, but it's a large building and a 3-bed vacancy won't eat up much of the vacancy rate.  

With the 3/2 being 1 of 5 units, and the rent accounting for at least 1/3 to 40% of the overall rent, this is a concern. Is this a riskier asset?  The 3/2 does make me think this is riskier overall.

Any seasoned advice would come greatly appreciated.

Sure, send them my way.

Thanks.

Hank

Thanks everyone for the info!  Much appreciated!  I am originally from Texas, but live in Los Angeles now and am possibly thinking about getting property down there.  I just have to do more research into the costs, and I appreciate everyone who posted. 

Thanks.

Hank

Can anyone provide me with the tax rate in Houston TX for purchasing a multifamily?

It looks like it might be around 2.5% of the purchase price.  Is this about right?

Has anyone here ever bought a property with asbestos as the exterior siding material?  If so, what are the problems that might arise out of owning or purchasing a property with asbestos siding on the exterior?  (Exterior only...not interior.)  I am posing this question because I have seen a number of properties with asbestos siding, and am not sure if I should pass on these properties for that reason.  

Thanks in advance.

Hank

Has anyone here bought rentals in Gastonia?  If so, what's been their experience?  I read that the vacancy rate was high there.  If anyone is more familiar with that area with a rental and could shed some light, I'd appreciate it.

Hank