All Forum Posts by: Joe Kulbacki

I know I knew this at one point, but I'd like to get some expert answers. In PA, when raising rent, how many days notice do I need to give the tenant? Also, if the tenant is on a month to month, what is the process to raise their rent? The previous owner just wrote the date and new amount on the old lease. Finally, when moving a tenant from a year to year lease to a month to month, how many days notice needs to be given. The previous owner had a year to year clause at the end of each year.

Thanks in advance!

Again, thanks for the replies. I should update what I first posted as I feel like he's getting a bad rap. We are somewhat partnering on this deal. He found the property and brought it to me. He is only going to get paid for material and for his crew until the property sells. After this, he gets 10% profit. I also wrote property manager, where in fact he will be the project manager. He stays on the project until the house sells. So, I am putting up the money and he is doing almost everything else. I hope this clarifies and look forward to more posts.
Thanks.

Thanks so much for the replies.
Dusty, he would be getting 20% on top of the man hours for his crew and 10% of the profit I make. All of his payments would come only after the property sells. I pay the for the materials and workers' time before the sale.

Any suggestions on the right questions I need to ask him in terms of contractor work? Licenses, insurance, liability, etc?

Thanks!

Greetings. I'm in the process of investing in my first fix and flip and I'd appreciate some experienced minds' advice. I'd be doing the project with a contractor who has said he's done this before, but has no work going on right now and won't give me any references of people he's done this with before to speak with. He seems like a stand up guy and I've seen some of his work and he checks out with agents in the area.

The deal would be that I pay him for the man hours and project costs for the rehab to be accomplished. Once the house sells, he gets 20% on top of the man hours for the project and 10% of profit for being the property manager until it sells.

Does this sound like typical deal as far as the %s go and would you move forward without speaking with any references? Any other pieces of advice would be greatly appreciated.
Thanks in advance!

I am because I just purchased a 4-plex with regular financing and I don't want to pay another 20% down on this property. I won't be able to use my other 2 properties because they are blanketed together on another deal.

I'm looking into purchasing a duplex from a woman who's husband passed away and doesn't want the property anymore. It is totally paid off, so there she has no mortgage. I've never purchased any investment property without conventional financing, so I'm wondering what this deal should look like. How much interest do I pay...How many years do I amortize it for...How many years before I pay it off with a balloon payment and any other important information I may be missing. Thanks in advance.

Has anyone ever worked with or heard of this website: fundinganllc.com and I believe the company is "Synergistic Investments". I haven't read any terrible reviews online and, if legit, it looks like a great way to get capital to invest into flips. Any reviews would be greatly appreciated, or any other ways to get money to put into deals.

I really appreciate the info! Very valuable tips. Could you explain the lease option and lease purchase scenarios a little further? I'm not familiar with it.

Hi. I am in the process of closing on my second rental property. I will then have a duplex and a four-plex. These bring in more than enough each month to cover utilities, taxes, maintenance, etc. I often here of investors going full-time even when they are relatively new. My question is, how to get to the point, relatively quickly, to create enough cashflow to live on. I'm not looking for a get rich quick scheme, but when looking at my finances, it would take me and my investing partner 20 properties (paid off) to earn enough cashflow to live comfortably. That being said, most banks have a limit on loans they will give (and even with that, we need to have 80% paid down in order to blanket the other property with it). I guess we could go the route of private money, but I'm not sure how those deals would look. I hope I explained myself clearly. Thanks in advance.

Hi. I'm currently looking at buying a 6 unit apartment. All of the numbers make sense to me, but I'm hesitant because the 6 units share a hot water tank and a furnace. The furnace has a lock box on it and they supplement that heat with baseboard electric (tenants pay electric). I'm looking for some advice on what I should do. Is it worth it to run separate lines to each unit (guessing not = pricey) or is it okay the way it is, or walk away?
Thanks in advance.