All Forum Posts by: Philip Cook

I think Filipe is on the right track with pitching what you can do for them. You also need to be able to boil down what you do in to a couple of sentences. That's where I'm struggling. I'm not sure what my niche is yet. 

I'm working on a deal that may involve the eviction of the current occupant. I found out that my normal lawyer can't help due to conflict of interest. The property is located in Portage County. Does anyone have a recommendation of who to talk to?

Let me preface this by saying, talk to your lawyer as the rules are different everywhere. If the owner dies two years ago, I'm assuming everyone is on month to month. If that is the case, you can go to them with new leases at the rates you would like to get. If you just want them to leave, you will have to find out what the notification requirement for non renewal is for your area. If they don't leave, you can start the eviction process.

As far as the CDC eviction moratorium goes, it is my understanding that the tenant is responsible to fill out the form exempting them from eviction and give it to you at the start of the eviction process. If they fail to do that the process can go through.

I was just talking to my Sheriff's office the other day about this as I'm looking at a property that may have a squatter issue. The officer said he has served several evictions in recently where the individuals tried to tell him they couldn't be evicted due to covid, but since they didn't file the form, out they went. 

@Jordan P. I don't think I had heard that. One thing that I did hear is that there is trend towards students not wanting to share housing as much. I'm not sure how much of that is wishful thinking on their part or if it is a true market trend. 

@Jordan P. and @Teri Feeney Styers thank you both for your comments.

Some of the new construction is adjacent to campus and targeting students. The 8 plex is about a mile from campus and a little over half students from the sound of it. There has been very little vacancy for the past several years due to two things, the low supply that Jordan mentioned and the rents being below market. I'm not sure what amenities the new buildings will have. The 8 plex was built in 1885. So the only thing it has going for it is heat/ac, internet and cable being included. 

The marketing side of things is something I know nothing about at this point. Jordan and Teri both make good points. If this goes through I will need to figure out who my target tenant is and why. It might be a bit of a spread since there are 4 one bed, 3 two bed, and a four bed unit. 

I've never talked to one. Most of what I've heard from others is that local/regional banks have the most flexibility in working with investors. I'm willing to take the risk of paying a fraction of a point more for that relationship. I'm interested to hear other people's perspective and experience.  

I'm in Stevens Point, WI which is a much smaller community that most of you are probably investing in. There are about 26,000 people and in 2017 there were 5,365 rental units. There are three large apartment developments under construction. One is 113 units, another 88, and a third that I can't find numbers on.

There is an 8 plex that I am interested in, but I'm a little worried about the effect that a sudden 5-6% increase in the supply of units will have on rent values and vacancy. It sounds like some of the older investors in the area are seeing this as a good time to retire. How do I analyze the situation to help ensure I don't end up with a half vacant property that I'm loosing money on?

@Nathan Raisbeck I wish I had such a focused plan for my life at your age. I'm about twice your age and still working it out. Sounds like there are quite a few active investors over in your neighborhood that you can connect with. 

It would have been nice to know that it was canceled prior to showing up.