All Forum Posts by: Jonathan M Peters

 @Casey Kooiman I didn't add the garage. I did talk to the tenant and we worked out a deal. He has a general contractor business. So..... this might be a sketchy idea but I plan on adding a bathroom to the current sq footage and a carport on the back access to the property.

My cost is materials and permits etc. Labor is going to be 2 months rent. But we will do the work when he plans to move out. So I can raise rent close to 400 a month. Each room in the house would have it's own bathroom.

Let me know what you think! 😉

So I figured out a way too. Squeeze cash out of the property. I am going to add a garage and see about getting 100 more for rent.  making a 150 month profit that way... I'm planning on having it paid off by this time next year. I appreciate the help!

is it free for the renter? I thought it costed 2-3% or is that only if they use a debit card instead of a checking account?

Awesome.

I just started using Cozy.CO to allow my renters to pay online and also share important notices and vet tenants. 

Have you all used this service? What do you think? I'd love to hear about it.

@

That's Awesome, I still am trying to grind out that multi-family. I have been networking a bit to see about bringing in a partner in the area I'm thinking of investing in. Who knows if it will develop... But, at least it is fun and educational working out the deal to see what I am looking at realistically.

I am struggling with a property now that I do not make any money renting it.

 I love the location and over the last 5 years they have started REALLY developing with-in walking distance to the property. It being a 2 bedroom single bath seems to make it rent for almost exactly what the mortgage is plus taxes. 

Maybe I can take my profit from the sell and throw that into some investments... Might be a solid idea. :)

I ment property maintenance company.  Nice advice!

Thank you for the info

The renters have been asking for a place to store their cars and other things besides the driveway and the street. 

One reason I was thinking about adding the garage and increasing rent was to show a reson for increase and because the renter is starting a property management company and I was thinking that if I could increase the cashflow by doing so and show that I have his business and personal interest in mind we might also be able to form a partnership when I am ready. This might seem like a risk but after 10yrs of being there I have a decent relationship with the tenant and he has helped me with small projects in the past.

I might be letting relationships and business lines blur a bit. IDK what do you two think?

Also, the city passed to bonds for school that increased the area by 150 then 150 again. I was renting for 850 and making 200 a month now currently I am at 950 a month.

Another thing is that they have been living there so long the place is going to need to have a lot of work done to get it up to the raised rent rate. and the garage is around an 8k investment.

Comments on that are appreciated as well.