All Forum Posts by: Robert Nason

Welcome to Bigger Pockets!!!! Let your real estate education begin!

I am facing the same issue! I have 24 units and I'm also in the process of evicting one of the tenants and I don't want to look like a jerk by not extending the same courtesy to them, but they've just been such horrible people and abusive to my building I don't feel like giving them a damn thing. The rest of my tenants have been a joy to deal with. I've decided to stick to my feelings and keep them out of the loop. It's no secret to them or me that it is a bad relationship that will soon be over.

I agree with you. It make sense. All the units are in bad shape due to their lack of general maintenance and care. It's very important to me I that I have good tenants and clean buildings.

I recently purchased a 12 unit apartment building in Lowell Massachusetts. This property is unlike any thing else Ive purchased, it's more bread and butter and the former owners lacked in management skills and did not have any policies and procedures in place. Most of the tenants are good hard-working people but there are others who continue to abuse the building and leave trash everywhere and have zero control of their children. I've sent what I think are very standard rules and regulations and oddly the nine tenants that we enjoy and have no problems with all signed the rules and regs without any hesitation. The three trouble tenants all refused to even acknowledge the rules and regulations. They are all tenants at will. They continue to play the TVs and music exceptionally loud and do not care that tenants and I have let them know multiple times it is not acceptable. They continue to smoke in the units stating that the former owners never had an issue with it. They allow their children to leave trash and candy wrappers and drinks in the common area. They have scribbled on the walls and used the brick siding as their own personal chalkboard. I'm going to start evictions and planning on sending them all eviction notices on January 1, 2016. My wife thinks we should do them one tenant at a time. I think we should cut them all lose now. It's not a money issue at all as the building more than covers the loss of these three tenants. My wife's concern is that these tenants will band together creating a legal issue for us. Any thoughts?

I wouldn't call it being a wuss at all, I would call it being an astute investor. There are plenty of investment properties out there that do not require renovations.  I think it's a good strategy, getting your feet wet with something that's manageable is a great approach. I've been investing for over 25 years and when looking I still prefer to buy something where all the heavy lifting is has been done. I don't mind cosmetics, such as painting, sanding floors, installing tiles etc etc.  There may be more profit in taking on a renovation, but there's also more risk. Being safe on your first investment is paramount to future success.

Don't worry about ruining the relationship!! This is business and the property manager is taking advantage of you. This is your property!!! Take charge!!

Dan, You have a great resource right in Haverhill. It's Christian Doherty of Doherty Properties based out of Lowell. He lives in Haverhill and knows the market well. He's represented me on a number of deals. Very knowledgable and honest.

I have a lender in Massachusetts that is offering 35 years 4.0 fixed for 7 years, no points or fees. They are slow though.

It will be expensive, but worth converting over to gas in the long run. Also consider mini split systems.

I would personally stay away from a non performing building of that size in a rural area. Too many other good deals on performing assets.