All Forum Posts by: Jennifer Rysdam

@Michael Cooper That is a great idea!!! Thanks :) I'm still pretty small (8-plex) so that might be the way to go for me for now. Then maybe @Account Closed's idea would work later when I have more going on.

Thanks again!

Thanks everyone. I just bought an 8-plex and will be inheriting some that are going to need to leave. Thinking maybe Google voice would be a great option :)

I'm debating this one. I hate the thought of having 2 cell phones, but I'd like to keep them separate I think. Thoughts???

If there are other properties that you are considering, just move on. Maybe if he really wants to sell he'll take your offer after a few weeks if nobody else comes around. If you're even still interested at that time. Frustrating I'm sure :/ 

Could that lot be considered commercial? Might be worth it just for clearing and selling the lot.

Thanks @Deanna McCormick I appreciate the advice. I will definitely joint the MMHA. That would be very helpful. I already ordered the book :) The USDA housing ended last November and there are no other programs available in our county (Rock). Everyone was notified of rent increases way ahead of that, but some still aren't paying up. Currently they are all on month to month leases, so that helps. I have already written a letter to send to them once the purchase is finalized. They need to pay full rent or find another location. They've had so much time to figure it out already. I also have smokers (non-smoking building) and one with a dog (service dog for a bad knee) that is not cleaning up after it. I have a feeling that my letter will upset the ones that have to move, but be a breath of fresh air for those who are sick of the rule breakers. I'm going to ask all of the tenants that are planning on staying to sign a 1 year lease on June 1. I've went back and forth about the monthly vs. yearly but with hubby being a teacher & coach it would be nice to have people move during the summer so we can renovate the units. Plus I'm sure it's a pain to have people moving out during the winter.

Thanks again for your response. I really appreciate you experience :)

Hi all. I just bought my first 8-plex yesterday. I got a sweet deal on a contract for deed. My mind is racing on where to start. I have to get the inspection done first, but after that I have a lot of housekeeping to do. I really need forms. He was on a rural housing program, so all of the forms and processes will be different now. Please let me know if there are any great sources for sample forms. I'm in MN if that helps. I also have to get some tenants to start paying the going rate of rent or move to another low income property. That will be the tough part. As people move out I'll be renovating the units to update them. This will start with a letter to all, stating the new ownership, any new or newly enforced rules(no smoking, cleaning up after dogs, etc.), and mentioning that they have until a certain day to start paying the rent or move on. Any advice would be greatly appreciated. Thanks!

Hi all. This is my first post. I'm thinking of purchasing an 8-plex. Up until last November it was under subsidized financing and subsidized rent. The loan was paid off in November, so he gave them notice that rent was going back to market rent and if they still needing housing assistance that they would have to apply to the state and get it through themselves.

He's been trying to sell this place for a year and dreads dealing with the rent situation so much that he just wants to get out of it. Since the low income housing financing ended in November, can we raise the rent to market or do we have to wait until leases are up? I'm assuming since the state isn't paying the other portion that the amount in the contract is null and void. 

Also, I'm wanting to create an entity for the place. LLC or SCorp??

Thanks for any advice.

Jennifer