All Forum Posts by: Lexie R.

Quote from @Rick Albert:

So I'm not going to go into how you had poor representation during escrow because that already happened.

As mentioned, you are 48 hours into this. Some tenants are busy.

When I recently took over a property, my business partner and I (1) called each of them to introduce ourselves, (2) sent a text message and (3) sent a letter. We basically set expectations with follow ups. When you inherit tenants, sometimes they are testing you to see how you are as an owner. This is especially true if the previous owner didn't manage it well.

My strong recommendation is to go ahead and change all locks and provide keys to them and for yourself. Then I would give ample notice that you are coming in to do the necessary work. They had an opportunity to communicate with you. They are your customer but that doesn't mean they can dictate how you run your business.

We texted and waited 24hrs then posted a notice on the premises. Within a hour they replied back. So i definitely believe they are testing what they can get away with.  I definitely will be Changing the locks in the future so this doesn't happen again.

We plan for the tenants to sign the new lease agreement in December with the updated rent rate. And it will still be under market for a bit while we do maintenance and upgrades. Everything was asked for under our due diligence period. The property seemed solid so we followed through.

Yes off the MLS. We were granted a walk through and was able to talk with the tenants which made the decision to but seem easier i suppose. We did receive deposits at closing as a credit. We planned to do a year lease but raising the rent i think we will keep them month to month for a while just incase we do need to evict.

Class c property. There was no written lease agreement and rent was $200 below market the tenants have been month to month for 5 plus years. We asked for an estoppel and was looked at like we made the word up. We also had issues with our realtor who eventually did not have time for me and had to have "help". So there were many he said, they said thing. 

Thank you for your reply. You hit the nail on the head in your third sentence! I would have never thought of using an electronic door/lock. As of right now we did get some dialogue going. So im hopeful for the situation now. 

Quote from @Alecia Loveless:

@Dean Valadez I’ve had turnovers where the unit had already been renovated cost me between $0-$50.

For our units that need renovation I’d say we average between $6,000-$8,000. But this includes flooring, painting walls and cabinets, and some basic upgrades occasionally even new appliances.

Our basic stainless steel stove/fridge/vent hood combo is about $2,400. So if we go that route it tilts towards the $8,000 range.

I pay my contractor a flat fee each month so my labor costs don’t vary much. Some months he puts in more hours and some months he puts in less. If there’s a turnover it’s usually ready to rent in about 20 days.

There was no key's, only the tenants have keys. 

Ohio, first multifamily. I'm almost 48hrs into landloring with 2 inherited tenants. Im struggling to understand why they wont give general information. They were inherited with no proof of rent's but have been there for a long time. They didn't reply to messages explaining that there is new owner's and with said exchange of information. They are almost refusing to give their work schedules or just a general idea so we can work around to accommodate them. There is some maintenance that needs to be done and i need access to the inside. We were not supplied keys to the property so only the tenants have keys. I know to give adequate notice before entry and would like the tenants to be there at the same time. But should I get copies of the keys or replace all the locks? I don't want them to feel like im invading their space. But things need repaired and replaced. How should I go around this. Any ideas would help thanks!        Also its work they asked for and was something that was a very big complaint when we did a walk through before we bought the property and we are following through with it so i don't understand the resistance.