All Forum Posts by: Matthew Morrow

What would be a great way to systematically follow up with listing agents? When I call an agent they either accept my offer price for their house or they don't even if they have been on the market for months and their asking price is clearly way above market value. Do I come back to those agents after a while or do I just move on to agents who are going to hopefully be more likely to say yes? If I do return to the agents who have said no but still can't get the property sold, how often? Anything advice any of you could offer would be great. 

Thank you Matt!!  I see we are investing in the same area :)  Not I but my twins are Whitehall XC alumni... I was just the very supportive parent and photographer

Hi, Matthew

Thank you for your advice.
Finally, my friend decided to sell the property after everything is fixed up since he wants to be released from lots of stress...

Leo 

Hello,

My name is Leo
One of my investor friend has an issue with his rental property (2 story townhome with HOA)

What was happened to him and the unit is
1) the drain pipe on 2nd floor bathroom was broken
2) water leaked in the 1st floor ceiling and walls
3) in contractors opinion, this problem was caused by just normal wear and tear (already 40 year building)
4) Those pipes are not shared wish other units (service the unit only) and HOA won't do anything or take care of it.
5) it will take 1-2 months for everything to be fixed up
6) Tenant will need to evacuate to a hotel or shelter 

I have two questions,

#1 In this case, whose insurance should cover the fee of tenant's hotel while the damages are fixed up? (owner's insurance should cover?)
#2 If the pipes were shared with others, does HOA have to take care of the issue?

Leo

I recently had a flood in one of my rental properties caused by a broken pipe outside the building. Unfortunately, There was a lot of water damage, and I relocated the tenant to a hotel. I got started on the repairs, which was about nine days. I then gave the tenant the next month's rent for free. I just now received a message that the tenant is requesting for me to pay for some of her items that were damaged. I highlight on all my leases that the tenant should have renters insurance in case something like this happens. Did anyone experience this? I’m curious how this situation was handled.

Thank you

Hey I'm looking for a friendly investor contractor, can anyone can connect me to a good and reliable contractor for foreign investor?

Hello everyone - looking for some feedback.

I just purchased a duplex side-by-side (Each side = 3br2.5ba and are basically the exact same copies of one another). Paid cash, so no mortgage. 

Tenant 1 = $3,200/month (Section 8)

Tenant 2 = $2,700/month (cash)

Tenant 1 just moved in a few months ago and is paying $3,200/month (Section 8). 

Tenant 2 on the other side has supposedly been living in her unit for 20 years, and she currently has a roommate. She pays $2,700/month cash, so $500 less than the Section 8 tenant on the other side. They keep the unit in okay condition. She's $500 below what the rent is paying on the other side of the duplex. In the area where this rental is, there's no 3bedroom units for less than $3k/month, and I already know Section 8 will pay $3,200/month. 

My thought is to approach her by saying that my original plan was to purchase the property and convert her unit into Section 8 so that I could get the $3,200/month rent -- but since she's a long term tenant, I would be willing to forego that plan and tell her she can pay $3k/month to stay.

What are your thoughts?

Hello! I am curious to get feedback from everyone about this situation I have found myself in. I am currently under contract on a property that has 2 duplexes (4 units) and shop buildings on it. The seller of the property built them back in the 90's and paid in cash for them. 

When running my numbers I got the current rates that he is charging, and they are 30-40% less than the fair market rent value in my area. He has two 3B 2.5B units rented out for $1,050 and $1,100, and 2B 2B units rented for $975 and $1,000 each month.

Based on my experience in my market the 3B 2.5B units should be renting for $1800-2000/mo and the 2B 2B units should go for $1300-1500/mo.

Tenants are currently on a month to month lease so raising rents won't be a problem, but how much would you raise it to?

Our contract states that I will give the current tenants 60 days notice from the day of closing that rents will be raising, but would it be too much of a jump to raise rents to $1600 for 3B units, and $1300 for 2B units? I figured I would give current tenants a better rate for a year, but if they decide to move then I'll market at the top rent rate. What are your thoughts?