All Forum Posts by: Raymond Hill

Hello BP Family,

I am trying to figure out what to do with all these papers I am starting to accumulate. Anyone have a good filing system to share with me to keep the docs all together?

Ray

@Wesley W. Since I have given her the notice to vacate, she has paid the rent on time. This month is her only offense from the 3 months I've taken over. However, you are absolutely right. I already notified my attorney on the matter and Monday he is ready to get the ball moving. I like how you think!

@Joshua Mellor @Wesley W. Thanks for your input, you both are correct. I have the same mentality, in this case the tenant has no lease nor does she have a deposit in place from when I took over the property. I served her a notice to vacate for April 1st back on Jan 3rd (I already have new tenants ready to replace her at the drop of a dime.) Since she has no lease in place, any advice with tenants in that regard. By the way she still has not answered me back yet on when I can expect payment....Wonderful!!

Hello BP Family,

I have a tenant who has not paid rent this month because she got into a car accident and waiting on collecting TDI. She texts me this today. I have not gotten a response back on when she will be able to make a rent payment for the month of February. Any advice on how to approach this situation. I already know what I am going to do, but wanted to hear everyone's feedback if they have gone through this before.

Thanks

Ray

Hello BP Family, 

I wanted to see what everyone thoughts are in terms of the type of vinyl plank or laminate flooring to install in a unit and the type of paint to use as well. I just started the process to have the 3rd floor tenant move out (Going one unit at a time) I already have a tenant to replace the tenant.

Any recommendations on the type of flooring to use in the kitchen, bathroom, and bedrooms? And the type of paint to use as well
 

@Anthony Thompson And by your last post, you suggest I start with the smoker since she is the biggest problem area with the lowest rent and if she left I would steadily update the unit. @Kris L. Great point. My idea was to have the tenant in the 1st unit rent raised to $950 or $1,000 or possible do a rent increase per year from $900, $950 etc around  April-May that way I increase my chances to fix up the unit make changes where necessary and screen new tenants.

@Anthony Thompson Always look forward to your responses man. Thank you. Those are good ideas there. In particular, I did some research and it showed that the 1st unit I can get much much higher rents because it is a 2 bed 2 bath unit all fixed up market value of $1,200 in the area and currently rents for $825.00. What is your take on that? I know if I am able to get $1,000 or 1,100 that would swing things drastically. Thoughts?

In addition,

The 3rd unit tenant has 2 birds and a cat. Any advice on implementing a pet deposit?

Hello BP Family,

So I finally closed on the woonsocket property. Realizing the seller was not 100% honest on the maintenance aspect and the rent in the 1st floor. In particular, the rent for the 1st unit was listed for $895 and the tenant showed the history that she's been consistently paying $825. The 3rd unit tenant is a smoker, smokes inside the unit and pays $720 and the 2nd unit tenant is paying $995. 

Luckily, my partner and I long term plan is to keep the property for our retirement so this isn't our get rich quick idea. I am looking to increase rents in the units around March and April and need help drafting up a lease agreement and house rules as well. Any advice on raising the rents and keeping the tenants happy?