All Forum Posts by: Michael H.

@Nic S.

Remodel them well. Change out everything you can from faucets, water supply lines, toilet tank guts, and other possible future problems. Don’t buy the cheapest faucet. They’ll crap out on you in two years. Bullet proof it and you’ll have less to do and less maintenance.

Once you do this you likely won’t have too many problems. Pick a good tenant 🤞🏻that will enjoy the new place and they’ll stay a few years. You’ll recoup your money over the long haul.

It’s a business and most businesses don’t make a great income over the first couple years.

I know it’s hard right now but keep moving forward and you’ll be fine.

I had a bit of experience like this with my duplexes as well.

Btw, not all inherited tenants are bad. Strategize moving out the ones that give you problems. It will keep cash flow moving. Be or have a good manager and they might even turn into a better tenant and you can raise their rent.

Good luck in 2021!

@Taylor L.

I have considered it. I have enough cash and other resources to buy other properties.

The equity would help, but not significantly.

I’m looking for some assistance analyzing my next moves.

I self-manage 5 duplexes and they cash flow pretty well. I have remodeled 4 units. Low maintenance, low vacancy, few so-called problems. Half have of the tenants have lived at the property more than 7 years and one 25+ years.

However, about half of them are about a $100 under current rents.

Being that the tenants have lived there a while, some of the units do need upgraded to justify a rate increase. Not to mention they’re not as valuable on the market or if I want to refinance in their current condition.

Do move theses tenants out and spend the $10,000-$15,000 each to remodel and clean up for an additional $100-$150 a month?

My main goal is to obtain more multi family and then hire a management company for what I need. I have several different roads I could journey down.

I’ve flipped four houses as well.

I’d really like to talk to an experienced investor about what some good moves are for me moving forward.

Anyone interested?

TIA. I appreciate your input.

@Michelle S.

I’m curious about your comment, “she’s older so she makes mistakes.” What’s that supposed to mean?

The commission is the commission for a job well done. Pay it, build a relationship, and make money together.

Thinking that you know more than a person who actually took a test to obtain a license is probably a mistake needing corrected.

Thanks @Chris Teti. What are typical requirements to receiving a LOC?

My personal home is paid off and I am looking to obtain more rental property. I have a HELOC (I am going to switch back to an interest only loan) but all of the bankers I have talked to say I can not use it as a down payment for another mortgage to obtain another buy and hold.

I have used an interest only loan to purchase, remodel, and sell a flip.

What do I need to know?

TIA

I am going to be sending out a non-renewal on a lease that expires June 30th. Initially I thought I'd give them notice after I collected rent this month. Then I thought it might be too much notice. Locally, all we need to do is give them 30 days notice. Any thoughts?

I don't feel like I need to give the tenant an explanation because the contract is over.  Do you disagree?

I have a Tenant that appears to be cooking large amounts of food on a propane burner in large stock pots and selling it. I have seen people pull up, knock on the door, and walk away with a to go sack. They aren’t keeping it very clean either and have complained of cockroaches. What are my options?

What day is it?

I have been asked if I would be interested in managing a pretty large house as short term rental. The owner is going to be moving out of state. The house, cabin, and 2 car garage sit in 17 acres in a pretty affluent neighborhood about 30 minutes away. There are some possible good connections through managing it. However, is it worth it to manage 1 house for a short term rental? What advice do you have? Thanks I own and self-manage 5 duplexes.