All Forum Posts by: Rishi Patel

@Nicole Clemens

Thank you, I bought it in Drexel Hill

@Troy Sheets

 Thank you, great ideas. I am going to meet the tenants soon and i will start working on the rest.

Feel free to drop me a line of you think of anything else.

Rishi 

@Mel K.

I looked at that option for myself, since currently all the tenants are on year long leases, and generating monthly rents of $3000(1250+1100+650) but i could not find any good private investor, best part about your going your way is that in future, you will be able to take out more than your principal and interest, still have money to invest in another unit.

Good luck 

@Mel K.

 Thanks and Congrats to you too!! 

I just had home inspection done yesterday and i should get report before by the end of the day. 

Are you doing FHA or commercial Loan?

So Last week, I got under contract for 3 unit MFH. All three tenants are there on 1 year lease. 1st Floor tenant wants to renew her lease and her original lease expires on the last day of August. 

2nd Floor Tenant's lease expires on Last the of January 2016

3rd Floor Tenant's lease expires on Last day of August 2015 and he will have to move since i am going to House hack ( Special shout out to @Brandon Turner

and @Tyler Blackwell )

 What should I do now?

I am working with my lendor to see if they can loan to my LLC for asset protection purposes meanwhile do i run the credit and background apps of the tenants again and give them a new lease or just make addendum.

Need Advice.

Thanks  

 @Joe

@Alpesh Pandya

Welcome!!

BP is a great place to start, network and learn.

Keep in touch

@Marlon Seecharan 

so, I stated looking for MFHs near university vicinity, what i found was that you will always have high turnover, you need a very good property management co. managing it and you cant charge as much since you will always have so many MFHs near a university. 

I wanted something where I could take care of the property and manage it myself, but with university MFHs, i think it is much harder.

Atleast thats what I found out,

If you have enough money to spend on property management by some reputed company and you are fine with high turnover, you should be fine.

@Corby Goade

Thank you for all your help!!

@Isaac Rowe

 I am going to divide the water usage, I heard about submetering the water meter so I could take route or just divide the total between three units. 

Thank You for your input!!