All Forum Posts by: Imran Khan

"What kind of upgrades will help with the long term tenants?"

IMO, competitive rent, safe housing, and good client relations help keep tenants in your properties long term.  For some reason, I notice many landlords focus a lot on the building and less on their service.  In my experience, people will move into your unit because of location, price, and cleanliness.  They will stay because their landlord is awesome.   

I don't think you will see a return for a long time on your "carport" investment.  I mean how much can you really raise the rent for a house with a carport vs no carport, that someone would realistically pay?  Then divide your total carport cost by the increase in monthly rent, and the result is the number of months it will take to re-coup your carport investment.  You can decide if it's worth it to you.

No not yet.  Tenant will not move on own free will.  She wants to play it out thru the system.  grrr....   So, I'm waiting for a dispossessory hearing court date.  In the meantime, im still hunting for an all-in-one handyman. 

Venmo.  Its free.  Easy to setup.  Offer to set it up on their phone.  If they are reluctant, offer a discount on the rent.  Usually they comply when there's incentive.

Can anyone recommend an all-in-one handyman/cleanup person or company?  I had a tenant move out because I filed an eviction.  I need to get the property fixed up, cleaned up, and back on the market asap.  In the past, ive had to call multiple contractors (handyman, painter, hvac guy, cleaning crew, junk removal, lawn crew).  Im looking to consolidate all this into one for convenience and cost effectiveness.  Any help would be appreciated. Thanks.

Sure man.  Good "luck" to ya!  Keep us in the loop on how this unfolds.  Im interested.

Interesting situation.  Heres what I would do. 1. I would get a copy of their lease agreement from the seller.  2. Read it for provisions regarding showing the property.  If it works in my favor, I'd give the tenants a copy.  Id leave my card so they could call me.  Im not in the situation so i cant assess how hostile they could become for a face-to-face.  Id avoid that for now.   3.  I'd call my attorney.  If I didnt have one, id find one online, in my area and get a free 20-30 minute  consulation (some do that).  You'll get your legal answer and probably your best options in that conversation.  4.  If all that fails, then I'd pay them to move and help them relocate, if it was cheaper than having them stay and use up the remainder of their lease.

Every now and then, theres a Groupon for pre-licensing courses through Metro Brokers and Better Homes and Gardens.

Hi Emily,

I think the real question is... do you want to be a slumlord?  Profitable... it can be.  Difficult to do... yes it is.  Hope you're stern, carry a firearm, not afraid of walking into "the hood" alone, and have the cash to clean house.  IMHO, these types of properties are best left to experienced investors who look to redevelop a neighborhood.  They have the knowledge, team, cash, and expertise to clean house,  make repairs, attract higher quality tenants, and raise rents.  This appreciates the property value and also the neighborhood. 

The property "as is" may seem like a profitable deal because of the low upfront price.  The hidden costs are in the turnover, eviction, non-payment of rent, damage, numerous trips to the property, etc...   That's going to eat into your gross income that you had originally calculated.  It will leave you with a net you didn't calculate.  What's that saying about real estate...  location, location, location!!!

My advice... save your money, find a better location, buy where it's safe for you and for your tenants.  Personally, I only buy in areas where I would personally live.