All Forum Posts by: Jacklyn Robins

@Gregory Wilson can you be more clear about what you mean about a loss? Also, that’s not an image of my building. Can you suggest a way to update that image?

@John Morgan That's what some of my properties in Rochester, NY properties were like. Zombie movies. The 2 units that are rented are covering the mortgage so yes there's room to lower the price on the other 2. However, Cincinnati HUD is apparently backed up so we've yet to see the payments for the rented units from October.

@Nathan Gesner

I didn't say i've owned "a few properties" for 5 years. My husband and I have owned 20 multi- family properties. I had tenants that stopped paying rent for 2 years in NY during the pandemic and we couldn't kick them out, i've had tenants move out and leave someone squatting and NY made it impossible to evict them so I had to pay them off, i've had tenants destroy their apartments before they moved out (maggots in the fridge, flushing their kids toys down the toilet etc) so i've dealt with real difficulty. When I say i've never had this issue, I mean- Even in the D class neighborhoods i've owned properties in, i've never dealt with vacant apartments for this amount of time.

If you're comparing the 40 unit building next door to mine with security, it's sort of like comparing apples to oranges. There's a reason security is there. And it's not because of my 4 units (2 of which are vacant).

With all that being said, I do appreciate your feedback the images. This is the kind of advice I was looking for. Oh, and maybe someone that can get these rented. 

@Sam McCormack Sounds good. Thanks.

Hi all. I'll preface this by saying i'm not a new investor. I've been buying and selling properties since 2019. Stayed afloat (barely) through the pandemic with NY properties so i've seen it all at this point. 

Looking for some guidance here. Purchased a 4 unit property in Cincinnati (Avondale) 2 months ago. I went through a realtor we've been using for the past 3 years in Dayton, OH (he sells in both Dayton and Cincinatti). Property looked great on paper. 2 (3) bedroom units renovated and unoccupied, 2 (3) bedroom units not renovated and occupied by section 8 tenants. Plenty of room for upgrades in the building which was appealing. Seller was extremely motivated to sell and we closed pretty quickly.

Here's the issue- we've been unable to rent the 2 renovated units. I started digging deeper (which I probably should have done sooner) and it turns out, they've been on the market since March. There's a 40 unit building next door to mine which is primarily made up of section 8 and 24/7 security out there. Apparently some pretty sketchy people from that building are hanging out in front of mine which is scaring potential tenants away when our property manager brings them around. Cops have been called but nothing has been done. None of this was brought to my attention because the showings were strategically done when there was noone in front of the property. My realtor went there and did video calls with me a number of times to show the property and everything seemed legit. 

I've had properties in pretty rough neighborhoods and i've never had this issue. Anyone have any advice here? Our property manager is really aggressive and doing all she can, but we're going on 3 months at this point and we need to get these units rented.

Link to one of the units listed- https://www.trulia.com/building/3640-reading-road-1-3640-rea...

 

@Dan Thomas The reality is that many of your points do happen when you start investing. I know from experience that contractors disappear, tenants stop paying rent (good luck if you're in a blue state..sold everything in NY for this reason), interest rates go up as we've witnessed over the last couple of years, anomalies happen (Covid literally effed a lot of us investors).Not to be discouraging, but i've been through all of these and if you can get through it, great. You're right- you definitely have to buckle up because it's not an easy road.

@Emily Schneider Would love to connect. I'll send a message with contact info.

Hi all. Considering purchasing a 3 bedroom/ 2 bath condo for STR/ Airbnb in Killington, VT. Location is good- right at the base of the mountain. Has anyone had success with this? With the new Killington village coming, I thought we could get in at a good time. However, the new village in the heart of the mountain is coming with new lodging. Would love thoughts on this potential investment.

@Michael Smythe Probably not enough.

@Preston Garcia We're in contract. I can tell you to stay as far away from Atlantic Property Management as possible. We ended up going with Gallagher and they did a great job, but it was sort of a too little, too late situation.