All Forum Posts by: Jennifer Clancy

Hi Patrick,

Yes, if I were in the area I could keep it in house and save some money but seeing as I am currently no where near my properties it is not a feasible feat.  Again hats off to you for managing them yourself.

Thank you all for your replies!  The tenants I was talking about in this post have since moved out after their one year lease expired and I have given the management of the property to a local PMC. 

I like my tenants so much more now that I don't have to interact with them.  It gets old hearing excuse, after excuse.  It's worth it just to pay someone else to handle the everyday issues and enforce the rental agreement.  Hats off to all of you who can take the abuse of being a LL.  I've learned property management is not for me.  I still enjoy finding deals that cash-flow, but now PMC costs are part of the monthly expenditure.

I have tenants that pay the last day of the grace period after normal business hours around 8pm.  What should I do?  I'm pretty fed up with this particular set of tenants not only are they personally inconsiderate showing up to my house at night to deliver rent right before they get a late fee, they are loud, have an unruly toddler, complain or make requests each time I see them, and they seem to break something every other month...  I'm unsure of how to proceed, how do I tell them to deliver rent at a reasonable time?

So I'm in a bit of a pickle!

I've just completed a total remodel of a 4plex in Edgewood, 4400sqft, 8bds/6ba(4 1/2 baths), 4 garages, on 0.4acres, ROI puts the value at $800K.

I owe $430K my appraisal came back at $565K.  I have personally put $70K and 10 months of time and money into the investment.  If I had hired contractors to do all of the work this number could have easily been $200K.  So I was expecting a valuation of at least $630K.

The market is dry of multiplexes and no properties are near the quality of my multi.  There is a similar comp for sale listed at $790K, not remodeled but on a 0.6acre lot w/I 5mi of the property.

Can anyone suggest an appraiser in the Pierce/so king county area that is generous with their valuations?  And/Or a loan originator that allows 80% equity pull.

Thank you for reading and any helpful suggestions you may have.

Thank you for the ideas, I completely forgot about owner financing.  How does one write up a contract that protects both parties interests in that situation?  Do I run the idea by the owner and brainstorm with her/present her with a purposal (down payment/monthly payment/terms)?  Should I or both of us draw up a contract with a RE attorney?

So I have been remodeling a 4plex currently financed FHA, we hope to refinance in January. Now the stumper....The owner of the 4plex across from me is selling and the building needs almost as much work as ours to bring the rents up.

We purchased ours for $450K and put $40K cash into the renovations in addition to our down payment.  If we had known the extent of the unseen damage we would have offered $430K.

Now I met with the other owner yesterday and we discussed me mananging her property for a fee as she is an out of state owner.  She is currently improving two of her units not as exstensivly as what I have done because she doesn't want to over improve it since she is selling.

Her property is paid for but she has been offended by the low offers she has recieved from other buyers and said, "why should she sell for any less than what you bought it for."

My question is: Is there a way for me to set up a deal with this seller that will allow me to both manage the property with the sole option to purchase it within a certain amount of time?... Brandon Turner bought an apartment complex in a creative way and I'm hoping there is a way I can do something similar.

We will receive cash upon our refinance (about $40-$50K) and we have another property that we can sell and it will gross approximatly $70K, we would like to purchase this property with that money and still be able to improve it.

Any reading material or personal experience would be greatly appreciated, I really need the help figuring out my options.  Thank you.

@Walt Payne I didn't mention this but we intend to move to whatever city we invest in and higher a PMC for our WA 4plex.  That is the major draw for FL.

also considering Dallas, TX

@Kent Verge Great quote and oh so true! ????

My realtor also offered this service.  Save your money and do it yourself.  Postlets and CL are great for getting tenants, and you should be more motivated than the realtor to get the place filled.  Write up a small marketing pitch to get perspective tenants excited about your property, the realtor won't know the area or the features of the property like you.

The majority of people use the MLS to purchase not to rent. My realtor listed a property for me and I didnt get a single lead from that avenue. I did however get 6 qualified applicants on my own using CL and old fashioned signs (signs create a lot of calls with few applicants if your rent is on the high side for an area. We had about 30 callers for signs and 2 that were actually interested after hearing the price.