All Forum Posts by: Eric M.

I'm hearing lots of people tell you to move on to a new tenant because this one sounds litigious. I'm not a lawyer but I read all contracts I sign carefully and will at times offer addendums to leases and contracts. I have never sued anyone.

That being said, your original lease does not seem onerous and I see no reason to include the addended portion. The easiest response is that it is policy to not change the lease. I wouldn't be afraid of this tenant though just because he offered an addendum. If he insists, then I would probably look for a new tenant.

Can you give some more details? When you say that you signed "two sale transactions" do you mean that you have two separate offers and you accepted both of them? Are you using a Realtor?

Welcome to Bigger Pockets!

What type of apartments are you looking for? How many units? Are you looking for cash flow, distressed properties, cash on cash return or something else? What area of the country are you looking to acquire apartments in?

Regardless, you should check out the marketplace to see if there is anything of interest to you there.

I  would love to see the cash flow analysis, and I bet others would to. Can you just post it here for everyone to see?

Congrats man, you are killing it!

Congratulations on the offer, please keep us updated. 

I'm curious to know some of the numbers. How many units is it? How much cash flow are you expecting? Cap rate?

Also, could you speak a little about the financing? Did you just go to your local bank? Hard Money? Cash?

Finally, was this MLS/Loopnet or was this off market?

Congrats again on getting to the place where you are making your first offer, good luck! 

What is your direct marketing strategy? How many recipients and how often do you contact them? What exactly does your letter say? Any other leads you are currently working on?

Also, I'm assuming you already had your $400,000 and then found the deal, or did you find the deal first?

Congrats on your first Multifamily!

Are you able to give more details about the deals? How did you find them? How did you find partners? How much capital was required? Anything you will do differently next time?

Congratulations!

What is your Real Estate Goal? Do you have a total number of units you are looking for? When do you think you would like to close on your next deal?

Since you have about 1/3 of the units is it possible to vote yourself into the HOA and change the rules?

 The first issue I ran into was that I arbitrarily picked a rental amount that seemed fair to me without actually doing market research. I probably should have rented it for $100 per month more.

Second, I didn't realize that insurance rates would change with with owner occupied vs. rental. My rates increased a lot. I ended up being cash flow negative.

Third, I did not enjoy being a long distance landlord. My tenant hit the garage and it killed me to not be able to drive over and look at the damage. I am only interested in investing locally at this point.