All Forum Posts by: Matt Gilroy

What's the address? 

Jeff Schroeder with Pillar to Post.  When I was a Realtor he was the only one I'd suggest.  Honest, extremely knowledgeable and professional report at the end.  

PM me if you'd like his contact phone number.

Update:

I inspected the property yesterday without issue.  The house was in the condition I expected.  I let him know I'll be coming back with a contractor to look at some additional items.  No issues.  Honesty is still the best policy! Thanks for the input. 

Hello BP,

I've been looking at small multi-family investment properties and run into several early 1900's homes that have been converted into duplex/triplex or fourplex rentals.  I'm curios about any downfalls for converted homes.  If it all things were equal, I'd purchase a purpose-built multi-family vs. a converted home.  Am I wrong?  Are there benefits to a converted house?

Cheers,

Thanks everyone for the input!  I'm on good terms with my tenant and definitely wouldn't make up a lie to get in and inspect.  My main concern was having him on notice that something has changed from the norm and I really just feel like being in someone else's space "uninvited" is invading . I'm confident he wouldn't trash the place and have resentment.  

@Jay Hinrichs @Tchaka Owen , I've offered to sell him the house annually every time the lease comes up for renewal.  He's been "signing for one more year" for 4 or 5 years in hopes to purchase a home of his own.  In July, he was planning on moving but couldn't find something so signed for another year.  I don't know that he'll ever move... He also wouldn't be overly surprised by a non-renewal since I've been pretty transparent on my intentions. I like the idea of starting on some items sooner than later.

Ultimately, I think my "nice guy landlord" style has worked well for my one SFR rental over the past 10 years. If my tenant pays on time all year (only had 1 problem tenant) I reduce their December or January rent by $100 as a Christmas gift and goodwill. I know a family renting my house doesn't generally have a lot of extra money during the Christmas season and that gesture has seemed to go a long way.

I will definitely be more by the book, less of the "nice guy landlord", and punctual as I grow my rental portfolio. 

I've had the same tenant in my SFR rental for years and years. He's not one to call me with any issues unless they are legitimate so I'm rarely there. It's been a few years since I've walked through the house. I've always felt like I was invading my tenants privacy by entering the house but after listening to so many property managers/landlords on the podcasts, I want to be more proactive in inspecting the house.

How do I change the tone after so many years of being very hands-off? I'd like to inspect the house and see what I'm looking at for either turning it over or flipping it in the Spring and know more about how long it will take him to move out since I'm not likely going to renew the lease.

David, I went to the 3 day event a couple of months ago.  It will get you motivated but don't give them $30,000 - $35,000 or $50,000!  They are great at making the audience say "yes" 100 times throughout the weekend to gain the right mindset for their sales pitch.  I did not find them to be hard sales people, when I told them I wasn't spending that kind of money on their coaching/platform, they were very cordial and didn't pressure me.  I did see some folks signing up who I'm 100% confident were not in a good position to do so.  

There was value in the weekend (for me anyways) but my jaw dropped when they said the $30-$50K price tag.  I, like another post above, came home and googled Than Merrill and came across BiggerPockets!  I'd say go and learn for $200, it was a good use of time. 

Good luck!

Thanks for the input.  I appreciate it!  

I have had the same tenant in my rental for approximately 5 1/2 years.  I'm considering selling it and getting something else.  I'm confident that the deposit that was given to me before he moved in won't cover the years of wear and tear on the flooring, paint, overall upkeep, etc.  

If I sell the rental property with him in it, do I need to refund the deposit or ??

This is in Washington State.  Thanks!

@Caleb Heimsoth Thanks for the reply.  The dad is the one with poor health, thus them selling their properties.  I think their desire is to get out of the landlord business and the kids (in their 60's) retire.  I don't disagree that it might be a long-shot, but trying to make sure I could even present the idea.  I appreciate the reply!