All Forum Posts by: Nick Rivers

I have a unique property, it's a 4 bedroom home with a lower level having a few small commercial offices and then there's a 22x35 oversized garage.  I'm having trouble finding a tenant that I feel comfortable leasing the space to. It would be perfect for someone running their own business and wants to live on site.    I'm considering making this property into more of a mid term rental as an interim spot for people that may have experienced a flood, fire or are moving or renovating and need an interim space.  It has it's own storage facility pretty much with the garage.  I'm just curious should I furnish the place or just keep it empty and people can move their own stuff in and just drop the minimum lease duration to 3 months?   Where do people market Mid term rentals like this?  Connect with an insurance agency or something?   Curious if anyone has thoughts or advice on this. Thanks

Hello,  Just curious how long it is taking people's management company to turn over units?  Had 5 vacancys this year and the turnover time it took to get the unit ready was 12-22 days.  This isn't relating to getting a new tenant.  All they were doing is painting small 1 bedroom units and cleaning.   22 especially seems egregious but just wondering what other people are experiencing. I'm relatively new to having a management company.TIA!

Thanks @Andrew Postell Yeah it's worth 600K and I owe 280K on it.  Just put about 50 into it.  I just cant help but feel like that amount of equity could be levered into something better or more doors.  Could be wishful thinking though 

I just got tenants out of an aggravating single family I've had for 4 years and fixed it up to sell.   I should net 200K off of this sale.  Property was only netting me $636 a month after all expenses but my interest rate is 3.75%.  Monthly payment $1836.  Rent was $2500 could probably get $3400 now.  I was planning on doing a 1031 into a multi somewhere else but I know I'll be scrambling and with rates where they are I don't know if I'll do much better.

I also have a 200K HELOC balance on my primary residence that I haven't been paying principle at all. That costs me between $850 a month. (fixed for a few years). So this money just feels like it's being thrown away. If I take the 200K I'll get whacked with capital gains also.

I'm a little torn on what to do here and hoping maybe someone has a different way to look at this?

Im under contract on a 2 family in Boston area. As an agent ive noticed backyard space and pools get more valuable since Covid. This property has a nice backyard and pool Im just torn on whether to keep it or not with a multi. Single fam I definitely would but I just foresee headaches but other than other hand possibly more income because it’s kind of rare around here. I know there’s been some older threads on this but curious what peoples opinions are during covid times? Fill it in or make it a selling point and set rules with the tenants?

@Luke H. I agree with the others on the parent co-sign. I think that holds more weight than additional deposits. Also if you’re worried about them often maybe a quick social media lookup to see if you’re dealing with any knuckleheads.

@Greg Dickerson @Jameson Sullivan .  Thanks for the input fellas, that makes sense on the residential piece.  I'll chat with my attorney about this.

I have a building that is commercial and residential. Tenant lives upstairs and operates business out of lower level. He pays utilities and I pay tax, insurance, snow removal.

If I wanted to give a longer term lease and make it triple net how does that work? Do they just pay the agreed lease amount and I just send them the insurance and tax bill whenever I get it? How do you make sure it’s getting paid?

Thanks!

 Hey @Dan Gamache it's approx 1400 SF RES 600 SF Commercial.   His score is below 550 which is killing us