All Forum Posts by: Kim Younkin

Hi @Zach Crawford and welcome to investing (and to BP in case you're new here)! Will this be your first investment? Do you have financing in place yet? Have you driven neighborhoods to see if there are any areas that appeal to you? We have helped clients with a lot of duplexes and fourplexes this year but the multi-families that go to listing go fast, so it might be good to investigate your financing options and be prepared. Let us know if we can help with questions and good luck!

Super, @Mike German. It sounds like you're making great strides. We'll look forward to talking with you!

Hi, @Josh Helfer. I'm not sure why you would want to start your investing career this way, if in fact this would be your first investment? Do you have a large team of people to help you? You say in the title that it's a "slumlord" property--are we talking guns and drugs here? The work of dealing with all of that -- not simply the physical nature of the property -- is monumental. We helped an investor buy such a property (apt complex) this year and have had to clear out most of the tenants and do similar work to the property with a team of people and it's still an ugly project. Evictions, working with the local police to tighten security, repeated cases of bedbugs as we were moving people out and others in. I think it's great that you're ambitious but want you to realize that this is a PROJECT, and it will last a LONG time. Of course successful projects can make you feel great and after a long time and a lot of work net you some return, but I wanted to give you a real-world example. Good luck!

Welcome, @Nathan Enos! There are a good amount of Columbus folks here on BP and lots of people resources who know the city well to get your questions answered. Have fun connecting and good luck!

@Christopher Powell II, try Nate Busch at Blankenbecler Associates. We went with him last year and like him. He's here on BP as well. Not sure if he is currently accepting new clients but you can check it out. Good luck.

@Account Closed, have you looked at your local realtors' association where local agents all register? Those are great sources of information, most of which can be found online. You can even call them and they'll help you--I've always found our local association's team very helpful with my questions. You'd obviously have to do that for each area you want to sell in but it might be easier than you think. Or even call one such ***'n and ask them if there's a general list of top sellers for the whole state. Good luck! 

Hi, @Mohammad Sheatt. Does your current lease not have a renewal provision? If not I would recommend having a renewal provision. Here's ours, to help you:

2. LEASE TERM. The Tenant agrees to occupy said Premises for an original term commencing on [("move in date")] ending on [("lease end")]. The Lease shall automatically renew for month to month basis unless notice is given as stated in paragraph 7. 

7. MOVE OUT NOTICE AND RENEWAL. Unless another lease is signed by the parties hereto or unless written notice of termination is given by one party to the other at least 30 days before expiration of the lease, the lease shall be automatically renewed on a month to month basis. At least 30 days prior to due date, written notice of intent to move out must be given to the landlord. This means a full calendar month’s notice. All dates of termination must be the last day of that month. The tenant's move-out notice may not terminate the lease term or renewal period. The tenant's move out notice must terminate the lease on the exact day designated in the move-out notice. VERBAL NOTICE OF VACATE IS NOT SUFFICIENT.

So here is what happens with these provisions. We send out a letter a month before the original 12-month lease ends, asking if they'd like to renew for another 12 months and be bound by the lease as it stands. Usually, unless they are giving notice to move out, they say yes and they sign that letter as the extension of the lease for another year. The letter also refers to Section 7 of our lease and reiterates that they can let the lease renew month-to-month, but tells them there will be a slight rent increase for that. Sometimes they take that option because they're not sure what their plans are, and they pay the increase with the ability to terminate the lease at the next 30-day interval if they choose.

If you don't have any of this in place, perhaps add it to your standard lease and ask them to sign a new lease for the same term they have now so you'll have that issue handled for next time. Good luck and hope that helps!

Kim

@Lee Brewer, hi there...just wanted to tell you, that you can get referrals on NARPM.org for reputable PMs in your area. It's the national PM association and they have a search feature on their website. Good luck! - Kim

HI, @Ayanna Smith--since you are a Pro you can also list this in the Marketplace as a solicitation, if you haven't already, which may get more eyes on it. 

Hi, @Tracey Thornton, technically, property managers need to be licensed agents in Ohio if they're running a PM company. Read the real estate regulations closely to see what constitutes running a PM company. Of course there are people managing a few units for busy people like you who are not agents. Just check the rules closely -- especially if you are considering growing your portfolio. 

Other things to think about: would a contractor still work their own projects in addition to managing your rentals? Would you require them to do all of the tenant-facing work...running apps and doing background checks and dealing with maintenance calls? Can you farm out the tenant-facing stuff to an online system of some sort, and just pay your contractor friend on an hourly basis to do the maintenance work? Best of luck!

Kim Younkin