All Forum Posts by: Keoki Kimzin

When you think you've thought it through, leaving to fellow BPers to blow your mind with some pro tips! We've decided on doing a combination of things. We plan on raising rents 20% to meet market comps and renovate the exterior. If they leave we gut and renovate, if they want to stay, my PM will do a walk through with the tenant and give them 7 days to fix the issues or vacate. Renovated units will be relisted at a 35-40% increase to try and hit top third of market comps. End goal is to rehab two units over the next two years and refi to 75% LTV.

I really do appreciate the input.  Newbies like me really rely on sound advice from pros like you!

Great inputs guys, to expound

If I don't reno the interior, the plan is to increase rent to market (~15%).  If I do reno the interior the rent increase will garner around 25-30% increase in rents.

Love the input about keeping the dirty tenants on month to month if we decide to keep them.  I'm wondering if reno'ing the interior is even necessary to do the cash out refi, what percentage of appraisers walk the units?

Thanks again Amy and Peter, awesome stuff.

-Keoki

BPers!

I'm closing on a 4 plex in a C neighborhood.  Two of the tenants have fairly maintained their units but the other two have trashed theirs (hoarders).  Both of these tenants have been in the units for 20-30 years and don't pay late and never ask for maintenance.

Goal: Exterior Remodel, increase rents 15% ,Cash out refi (BRRR) in 1-2 years

Option 1: Not renew leases and give 30 day notice upon closing.  Rehab and re-rent both units.

Option 2: All new year leases.  Rehab only exterior and save cash for rehab if/when they move out.

I really do appreciate your input!

Best,

Keoki

Thanks Deanna and Walt!  Great inputs, looking forward to implementing them.

Over the weekend one of my duplexes got broken into.  It appears they did it at night and kicked down the front door.  Luckily only the door was damaged, but my tenants had some pricey goods stolen (they thanked me for recommending renter's insurance prior to signing the lease).

I've done the following to prevent future break-ins: security door, motion lights and a deadbolt on the fence gate.  However, my huge front door will need to be replaced.  It appears to be a custom door at 35 1/2" x 95".  I'd love to put in a steel door, but it's almost prohibitively expensive.  Would really appreciate any suggestions on the door and any other recommendations to prevent any future criminals.

Thanks,

Keoki

Hey Kat!

You are right in my wheelhouse, I graduated from the UofA lived in the general area throughout college amongst a couple of other places.  The area you are looking at is most likely a 50/50 mix of normal occupants and students.  I would say that it is a decent area and I actually lived on Mountain and Adelaide for 2 years.  The closer you can get to Mountain the better and the further you get from 1st the better.  1st and Glenn is the dodgiest area around there but everything else is pretty decent.  There are other neighborhoods in that price range and area that may be a bit better.  Let me know if you have any other questions.

Best,

Keoki