All Forum Posts by: Nate Julian

Never had the issue but my stats have been awesome!

Hope things look up for you!

Depending where you are staying I have a friend who runs an Air BNB in SLC area that does stuff on the side and might be willing to rent you space.

Let me know if you’re interested and I can talk to him and put you two in touch.

@Bill S. yea for sure I don’t think I have a seller just yet. That’s where I’m hoping to get to.

You mention ask a bunch of questions, what would you ask?

What types of things should I be looking to draw out of a potential seller in order to understand her needs/motivation?

Just wondering what has been helpful for others rather than having to guinea pig questions on an opportunity like this :)

Thanks so much!

@Oleg Shalumovthats great advice! If I find out we are heading that direction I will certainly start w these thoughts on dialing in numbers 

@Todd Dexheimer thank you for the specific feedback!

So helpful!

That’s the type of thing I’m looking for is where to take the conversation next 

@Caleb Heimsoth true

@Jerry W. thanks man! I’m gonna dig in on preparing. I will PM you!

So I have been dreaming of purchasing these properties for a long time. I’ve known the timing wasn’t right so I didn’t pursue, but last week I said screw it and showed up at the owners house. We’ve never met, owner invited me in and we chatted for about 15 minutes about all sorts of stuff, and briefly touched in the real estate. I asked if seller  was familiar with seller financing, and the seller was.

Seller is even talking w her retirement manager? To see if she should sell.

I told seller I’d be back in a week or so because the seller needed to leave. ( seller wasn’t trying to get out of the conversation) 

Where do I go next ?

I’d like to show up prepared with some compelling arguments.

I’ve read a lot online, but if anyone who has experience in this situation has time I’d love to chat for a few minutes in the next few days.

Thanks all!!!

Thanks for all the insight everybody! I only have about 1/2 of the tenants that I could raise rent on due to clauses built into their existing leases. The others were already at max rent, or higher. Maybe a bit against the grain of all the great advice I received, I went ahead and served the rent hikes to all 6 potential candidates. 2-3 of these were M2M and also happen to be my worst tenants by far. I know because I have spent copious amounts of time there within the first 30 days of ownership getting my hands dirty. :) The others were smart enough to know it is coming, and also are the most willing. I guess the reason I took this course was I felt comfortable doing it based off my knowledge of the tenants, and their leases etc.

Appreciate all you guys do!

I'll let you know if it turns out sour, but I have had no back lash yet. These properties, while dilapidated, came with some really great tenants who have been entirely supportive of my "cleaning house" and establishing new rules/regs to their leases etc. They are grateful for a landlord who is taking care of business, and know that the attention to detail, or even larger items comes at a price.

Thanks again!

@James Masotti I don't have any major renovations I can't complete while tenants are living there. I don't need to shuffle anybody around, and am filling my last vacancy this next week so all units will be filled.

They are below market rent-yes and I plan on raising rent in all units needed as soon as possible. I also would like to sign new leases with all the tenants asap if possible because a lot of the leases that came with the property are absolutely terrible. 

I am just trying to decide if it is more advantageous to lock in the tenants first with a new lease before raising rent and then dealing with the rent raise afterwards, or to just get it all done in one swoop.

Not sure what the best choice is, as I don't feel super strong either way. Trying to get a feel from others on what their opinions are and why.

House hack dude!!!! Best way to get your feet wet and learn what it's like to actually be involved vs. reading/listening to all the stories. It's been the best option for me and I've learned so much!!! All the sudden all the things you have been hearing on BP will come into play, and you will find how to make it fit your property. The principles almost always hold true, you just hove to decide how it applies to your new rental! Best of luck! 

p.s. Don't be scared if you don't know everything. Just do it!!!!!!!!!