All Forum Posts by: Peter Morgan

Hello,

I am working with a RE agent to sell my triplex property.  It's a very tough call to sell due to a job relocation. The agent initially shared a strategy to price low and let the demand drive the price alternatively they also suggested that they can market to their select clientele and sell it off market. Appreciate your inputs.

Thanks

@Nathan Gesner

Thank you! For all the helpful feedback.

They are all students and some of them are working parttime , I will have them find another place soon.

Hello,

I generally keep my tenants on a month to monthease as it gives me some flexibility. 

My last tenant vacated a 3bed 1ba abruptly due to a divorce during peak winter when it's not ideal to find a new tenant. Someone in my neighborhood was looking for an apartment with a total of five roommates  and since they seemed like a right fit at that time I moved forward,  they added another roommate later and now want to add another roommate as they are struggling to make payments. They haven't missed any payments last three months and requested to add additional roomates so that they can be on top of their payments

I personally think 7 roomates in a 3bed 1ba is little too much for the apartment that also has a shared laundry with another apartment,not to forget the wear and tear with so many people.Should I continue with them if they are keeping the place generally in condition or ask them to find another place within next couple couple of months or so.

Interested to hear thoughts from other experienced members here.

Appreciate your inputs.

Thanks

Hello

I have a new tenant who moved in only recently. I have in the lease no smoking clause but they are doing hookah inside the apartment. Is hookah generally acceptable?

When should I flag an alarm. Appreciate your inputs

Thanks

@Crystal Smith

Thank You!!

@Crystal Smith

Thanks a lot Crystal this is very helpful.

As I understand there are many parts to execute Rent to own and seems like at the core lies drafting a contract according to sellers terms, due diligence with the help of a third party and identifying prospective buyers

and I am sure there is much more than this but as a rookie in this space I must at least be able to gauge if my market is conducive for a rent to own strategy, appreciate any further pointers or resources( books, training etc) to at least give this powerful strategy a try.

@Crystal Smith

Thanks for the suggestion and just to add the 6 bed 3ba unit turned out to be a one size fit all solution for me and offered lot of flexibility when extended family  from out of country was here it gave me ample space as a standalone unit,because the in law unit is right below the main unit and it enables me to quickly downsize and rent that 'additionsl unit' when I don't need additional space. Some in the neighborhood got little more creative added an extra bathroom and run that single unit like a triplex rental. Comparable homes sold within a week recently but no information is available on larger 6 bed rental as most rent the space in many creative ways.

Please note it's a Class A property in a  Class A neighborhood with great schools,  is rent to own still a viable option in this case? Should I reach out any realtors who facilitate rent to own or it's mostly a DIY option?

@Adam Zach

No I did not originally intend to put in rent to own, still trying to better understand that strategy,its a Class A property perhaps rent to own is not the right channel for this.

@Alecia Loveless

Thanks Alesia.Splitting works best when I am here and personally vetting highly compatible tenants while absorbing small inconveniences, I can probably make splitting work if I am at least at a drivable distance although challenging.I have a strong feeling to sell if I am out of state but losing a very low mortgage interest rate and finding another house hacking cash cow in CA in this environment is also a tough pill to swallow.

Hello,

I own a Duplex, one unit has 6bed 3ba 

and another unit is a 3bed 2ba. I occupy 

the 6bed 3 ba, but all I ever needed was 3bed 2ba,so was renting the remaing 3b 1ba in my unit to other roommates, it's more like an I law unit with it's own side entrance so it has been more than comfortable house hacking experience without any privacy issues so far. Since I need to relocate out of state dur to my job I am very confused whether to sell or rent given my mortgage is at low a 2.5 on a 30 year with 27 years remaining, the equity is about 600k to 700k. I can comfortably rent the other 3bed 2ba unit but not very sure about the 6bed 3ba.The cash flow will make perfect sense only if this 6bed 3ba is fully rented, 

else I need to sell.is there any way I can evaluate if I can find tenants for 6bed 3ba appreciate your inputs

Thanks