All Forum Posts by: Isaac Swan

So here is the deal, currently all units are renting for 700 each. This is already well above average of the area, however the property is unique in the way that it has a 150 foot driveway pushing it far off the street and giving it a very safe and and secluded feel. It also has a very large front community yard as well as a large private back yards for each unit. I believe I can probably push for 850 as a max for rent in the area. This is a very rough estimate but looking at the area and the property that is the most I would consider paying, if I were to rent in the area. Thanks alot for the feedback so far, does anyone have any real life examples or equations they would suggest? Also what do you think? Would you pay more for a more open kitchen and updated cabniets?

So I have I have posted this question on my Bigger Pockets blog, but I want as much feed back as possible. I just got into the first unit of my Four-plex, and its pretty bad. Well I think it is, first a little background this is my first rental property purchase and I am trying to slowly work my way into the investment property world. So here is the main question I keep getting caught thinking I should do all these things like knock out the wall to create a better floor plan, replace cabinet set to allow for more functional use of space, crown molding, floor boards, ect. My question is what is work it and what is not? Am I doing to much or is it worth the money and time?

As always any feedback is great! No suggestion is too small or too outlandish I wanna hear it all!

@Mehran K.

That is great advice! Thank you so much I look into those ideas tomorrow! If anyone else has a perspective I would love to hear from everyone!

For all who are reading this I would love any comments you might have on your opinion about how much to renovate each unit... Also I want hear any feedback you guys have about which renovations seemed to make the biggest difference in overall opinions and rent return.

@Paul Timmins

Thanks for the advice! The help is really appreciated. I was having a problem with the last step you spoke about. I went to IREM.org and searched ARM certified managers and nothing came up...

I just started it, I have only had the property for a month. I intend to post once to twice a week talking about different problems I encounter and look for solutions from the Bigger Pockets community!

Thanks to both of you! It has been whirlwind of events so far, from trying to collect rent to organizing and implementing systems and rules. I feel like I am dealing with children but that may be just as much my fault as theirs as I am an extreme novice in this.

Its official I got my Four-plex! After about a year of searching, what started as a dream of simply buying my first house and making the smart choice turned into my love for real estate investing. As of last month i officially closed on my first place. I started this blog to get feedback, advice, and to invite you all to go on this journey with me. So here it:

Property location: Phoenix, AZ

Price: $254,000

Financing: FHA Primary. 3.5% percent down, and i got the seller to pay all closing costs

Breakdown: 4 total units, all 2 bedroom 1 bath units coming in at around 850 Sq ft.

Advertised: Rent Roll: 700 per unit, 2800 total, plus supposedly 200 per month from the coin operated washer and dryer

Actual after 1st months rent collection: Rent Roll: 2725, 40 dollars from washer and dryers.

Property Good's and Bad's so far:

Good:

• Brand new roof
• Newish ac and heating
• Tile Throughout
• Large paved parking lot (kinda of good and bad since it has not been upkept in the last 15 years)
• Long front driveway (for privacy)
• Large backyards for every unit
• Huge front yard.

Bad:

• Zero upkeep has been down
  • Pavements is cracked and has 2 large potholes
  • No parking spaces placed so tenants are parking wherever they want including the front yard
  • Most appliances are not working properly
  • Large leak under neath one units kitchen sink (possibility of mold)
  • No landscaping done at all in front or back (overgrown weeds, mismatching gravel etc)

Here is where we stand! All input, tips, tricks, advice would be greatly appreciated.

Let the adventure begin!