All Forum Posts by: Kenisha B.

Hi @Rick Albert

Someone else mentioned not raising the rents to market. So my question is if I raised it only $250-300 would I then raise it the same amount the following year to get the units at market? I'm learning that the "approaches" are endless  and I've always been an "all or nothing" kinda gal. However, these are new waters for me and something tells me that if I go in expecting to spend a certain amount of money... I may need to double that cause there's always something that goes wrong that I never expected. It also, seems like it may be a little awkward since I'll be living there too. If the place doesn't seem like it needs any real repairs (besides cleaning, paint, and maybe fixing a cabinet) does that change how you would approach the situation? I mean I also don't wanna be overwhelmed with all of this new information/tasks... but I do love a good challenge and will be working part time so I will have time to dedicate toward this project.  Any additional thoughts would be greatly appreciated. 

@Jeff Schemmel

If I went the rental assistance route wouldn't that just put a bandaid on the situation? One tenant has lived in the building for ten years and the rent has gone up once. So they are paying $800 for their 3 bed room 2 bath home with a yard, central AC, 2 car garage, in unit washer and dryer etc. I'm gonna view the place today but from the pictures it looks nice and the building looks well kept it's just 44 years old. I agree keeping good tenants is ideal... but I don't know how when their rents are so low. Maybe having then apply for the temporary rental assistance would give them a year to find another place instead of 30 days and I'd have more time to look for tenants... I'm just processing this information as I type my bad if I seem all over the place. Any extra thoughts are always appreciated:)

Hi @Mo Karim

You said you wouldn't raise to market? So if the rents are $500 below market... would you do like $250 or $300 and then the next year  raise another $250-300? If I don't raise the rents to market.... I'll be helping them to pay mortgage so I guess that means I'd be losing money. Does this, now.... become a bad deal? I'm having such a hard time finding a deal that cash flows... or even breaks even. However, I'm also open to biting the bullet for a year or 2 if I'm able to make cash flow down the line. They say the 1st year or 2 you lose money in business. Not sure if the same applies to real estate investing. 

Hi @Jonathan Buelow

How much did you raise the rents?  If so was it was smooth process? What kind of problems is the last one giving you? What are you gonna do? I'd love to hear more about your situation:)

Hey @Tim Miller

That's the million dollar question "can they rent at market". The units themselves look good: kitchens, bathrooms, garaged, in unit washer/dryer, central AC, a little yard, within a mile of shopping. I honestly think so. It was built in 1978 so not super old. Right now the 2 bedroom 1 bath goes for $650 and the 2 bedroom 2 bath is going for $675 (there are 2 of theses). I'm hoping to get $1,100 for both... I'm a traveling healthcare provider in the area and I am paying $1400 a month for short term housing and I have zero of those things mentioned. So I'm trying to do my research and so far it seems like I'll be good. I'm gonna move into one of the units. Oh and the last unit is a 3 bedroom 2 bath with a 2 car garage and that one is rents for $800. Hoping to get 1300 for that one. 

Hi @Jordan Moorhead

I welcome all lectures at this stage of my learning curb... common decency goes a long way especially in sensitive situations where you are asking someone to move out of a place (they hopefully like) that they've called home over a decade and have been paying next to nothing. I will certainly do better!

Thanks at @Alex Evans I'm gonna give them 30 days and/or even see if the current owner can maybe have them out before I leave. Not sure how common that it but it does seem like less of a headache

Thanks for the suggestion @Curtis Mears .....I feel like every time I post a question.... I end up with a million:o). Something tells me I may lose money initially with this deal....so I gotta figure out if it's worth it. 

@Sergey A. Petrov

Hey Sergey,

Is my agent suppose to inform me of all of these documents I need.... or am I suppose to already know this? This place was recently listed (1 week ago). Agent says she has 3 offers. It's built in 1978 and the asking price is $450K rents total $2,800. All units have garages and are made up of 2: 2/2, 1:2/1, 3: 3/2 totaling 4 units. Why wouldn't you be surprised if agent gets several above asking offers? I would have thought it would be the opposite... since rents don't total the mortgage.  

@Charlie MacPherson

Thanks Charlie,

Just googled Estoppel Certificates. Added it to my list. I figured I needed to get something like that but didn't know what it was called. Appreciate you!