All Forum Posts by: Jeff F.

Do the above. I recently purchased a building with inherited tenants and had similar problems. I simply let the worst know that I would not be renewing their lease (I gave them ~50 days) and they drug their feet so I gave them a 3 day. They were gone 5 days after they should have been, but now they are not my problem and I no longer have to listen to their excuses about why they didnt pay (seriously, 3 consecutive months). 

Get rid of them, tell them tomorrow that you will not be renewing their lease and they need to vacate by april 30.

@David Zheng - Congratulations sir. You found a good deal, didnt hesitate and pulled the trigger with an offer right away. Then you found a way to make it work. 

Then you busted your @ss to make sure that you got it done quick. 

@Account Closed - Have you considered investing it out of state?

@Erik Martin 

I've lived here since 2009, and while I dont really have any real evidence except for what I'm seeing while out and with my own units (I have a 4 unit and a 7 unit), I feel like this is growing. 

My 4 unit I have owned since may, and 2 of the units have had vacancies in that time. Both were leased within a week of first showing, and first showings happened a few days after prior tenant vacated. They are (in my opinion) fairly nice, but small 1 bedroom apartments. They are close to downtown and the Air force base (FE Warren).

In terms of what I'm seeing just around town, there are FAR more young people than there were when I moved here. Restaurants/bars are no longer empty most days/nights. There's more energy here. Property is still cheap. Am I banking on major appreciation - no, but there's good cash flow if you look hard or do some direct mail. Like any area, Look and the deals will come. 

Im also of the opinion that this town will (eventually) succeed despite the numerous holes it decides to blast in its own foot. We are 45 minutes from fort collins - a place where people are rapidly getting priced out of, and 90 from denver, another place where people are getting priced out of. We're close to some good outdoor rec - both winter and summer activities are <20 min away, and the quality of life here is good. Traffic is non existent to anyone not from wyoming, property is cheap.

Storefronts in downtown are filling up (and occasionally churning) but that's far different than 8 years ago, when they were just empty with no hope.

Hi @Braden Hobbs - its close to downtown. If you're standing in the front yard, you can see the state capital building. 

A few photos of the other vacant unit, mid demo.

Bathroom will be mostly redone, and i'm thinking fixtures, paint & flooring for the rest. The bottom kitchen cabinets will be replaced, as will the stove (I have heard it does not work). I will keep the uppers. 

There are also a few broken windows to replace as well. 

@Account Closed - Yes, I do believe that this is the place that I talked about in the meeting at the house on the south side last fall. I closed in december and I think we (Me & the property manager) finally know exactly what's going on. 

This will be a good property once the units are turned. I'm pretty excited for the process to finish. 

I was planning on hosting the next meet up, but I think I'll wait until one of these units are turned. 

@Jerry W. - The tenants did get removed. They were served on a monday and were gone by friday at 5 pm. I did not have to give them cash for keys. 

I appreciate the offer for help. Let me know when you're around next and I'll buy you a coffee. 

Hi @Adam Ryan - 

I have to small SFRs in cheyenne - one im self managing (4 units) and one im working with 365 real estate solutions (7 units). 365 has been great. The 7 unit is a disaster (check post history) and they were the only ones willing to take it on. They've kept on top of everything and i've really enjoyed working with them.

J

Would love to hear your mistakes story as well. Congrats!