All Forum Posts by: Josiah Cooper

Thank you all for your input! I wanted to get a overall feel of what people do regarding evictions. Our tenant is late every month but has the rent paid off around the 10th. He also does a lot of work for us so we have been more lenient (whether that is good/bad that is what we do). 

Right now Jon buying 4Plexes fit good with our business model. We do buy in lower income areas but our plan is solid and our COC on this particular building is good. I do agree with your last statement of paying them to leave because of lawyer fee's. Thanks again to you all.

Hello BP Community!

We own 4Plex's in Alabama and so far so good. We do however have one tenant who is about to be 20 days late on their rent. I was wondering how soon do you start the eviction process? My thoughts are this: If they are late and are paying late fee every month who cares. However, once a tenant is ONE month behind this may be the time to start? Also, in Alabama I believe you can start the process once they are 7 days late (obviously will read up on the info if the time comes).

Thanks for the opinions!

After you register, they will hold $2500 from your account (if you win the bid, Homesearch gets a cut, could be more so read the terms). The site is a lot like ebay. The property will have a starting price, and with each bid the price increases. The bidding process lasts for 4 days. Usually there is a reserve (an undisclosed price the seller is willing to part with). If you win and the reserve has not been met, you will either get a call or email stating that you were the winner etc. and stating that the reserve has not been met. You then give them one final offer and they choose whether or not they want to take your offer or walk away. That simple. It has has served us well with 2 properties.

There are several ways to do that. I use an agent who searches mls for foreclosures and we also use homesearch.com. Homesearch is an online auction site where each person bids on properties (which are usually bank-owned/foreclosed). Good luck!

We use Experian. You fill out info about tenant, tenant gets email and they fill out info/pay and results are emailed back to us. I believe it's under $30.

Not sure if there are any laws against this but you could also let each inquiry know that there has been a lot of interest in the property and that they could make a "bid" for the highest amount of rent they would be willing to pay and go from there..

Kelly, thank you for your input! It makes sense to use leverage like you said, but when the banks stop financing, start paying down debt. Thanks again.

Hello BP community! We are currently investing in multi-unit (4plex) properties that range anywhere from $60-120K. Our goal is to obtain 40 of these properties within 20 years and hold them. We obviously want to be as efficient as possible and get to our goal as fast as we can. My question is this: should we pay off a few properties up front to generate more capital for future investments or continue to buy units until our goal is achieved and then worry about paying the notes down? Thanks again for all of your input!

Guys, thank you very much for all of the helpful responses! We currently have 100% occupancy. Our cashflow is around $1200/mo which is good. Reason for stating that is because we are not having issues paying expenses, we obviously want to increase max earnings and stay competitive with the current market. Again, thank you again for responses and now I have a better idea of what to do.

Hello BP! I wanted to get your thoughts on raising rent. I own multi-unit properties and a few of their 1year leases are coming up. If the tenants renew their lease, should I raise their rent for the next year or leave it the same? If I raise the rent, how much? Most of the tenants have been solid and that is why I am asking. Thanks again so much for your input!