All Forum Posts by: Rochelle Wilkinson

@Account Closed I have a friend who has 6 beach townhomes in deleware.. she goes down the week before memorial day , stays all summer.. every Saturday she coordinates the cleaning people for all 6 townhomes.the townhomes average in price from $450.000 ( bought years ago, to $595,000)  rent per week for each house fetches $3,800 a week, with 15 weeks in season so that's $57,000 a season for each unit.. the mortgages run about $2,400 a month  ( 57,000 minus $28,000 the yearly mortgage.. that leaves $29,000 per unit to cover taxes, and insurance,, as she manages the properties herself..

I own an operate a cleaning service, along with being a property manager and we are  3 hours away from the beach.. we are looking to start buying at the beach.. even if we break even, the plan is to get to 5 or 6 units and do the same thing.. go to the beach for the summer and self manage.. my business is flexible enough and I take most summers off as I have people who run the cleaning business for me.. so I would start one at the beach too.

@Peter Tverdov what would you consider a fair percentage for a property manager? I do some management for a family member and wonder if I am being paid too much or too little?

I get a leasing fee ( equal one months rent) and 5% of the collected rent.. however I get no pay for raised rents ( which I determine and raise yearly) nothing for repairs or work done to the apartments. so its basically the 5% and leases.. and since I took over we went from 30 % vacancy to we are at full capacity with a wait list, and I raise the rents by almost 70% in the last 5 years. ( yes you read that right) . I'm told I am being fired soon. and I am scratching my head as they feel they pay me too much.. I really think now that I have the building running smooth and cash flowing I have made it look too easy and they think they can do it themselves.. but I hear it all the time that they pay me too much and I m being fired soon.. HELP!!

Hello.. I have a problem tenant who we know has stolen from everyone in their building. The daughter is on drugs ( she has been seen by myself and others grabbing at objects in the air that aren't there and making circles on the wall in the hallways with her hand  and the mother said she is probably one the stealing and that she is on drugs)  They also have a son who is about 14 who other tenants tell me they kick him out of the apartment and he hangs out back and urinates by the back door and drinks beer all day.. then he passes out in the laundry room.. not really the people we want in our buildings.. can anyone give me a sample letter telling them we are not renewing their lease? and do I have to legally give them a reason why? and is the law 90 days notice before the date of their renewal? ( their lease renews in October) Thanks in advance

What is a reasonable timeline for refinancing an existing loan.. 10 year balloon due.. looking at new lenders.. 90 days? 120 days? a year? don't want to cut it down to the wire.. and what happens if there is  no loan in place when old loan expires? forced sale? or extension to obtain anew loan? property is cash flowing and 100% capacity

my thought was.. buying an outdated property, renting to someone who is perfectly ok with the state of the house.. having said person continue to pay for said house ( meanwhile I own it and build equity) and when he moves on I rehab it and sell it, or continue renting.. I guess some people see the value and some don't.. or I am crazy.. but I think to be able to nail down a reduced property ( it should only grow in value )  if it would be worth $200,000 rehabbed and I could get it for $100,000.. wouldn't I be crazy not to?? what if he lives another 10 years>> paying on MY property for 10 years.. and then I rehab it and by then it will probably be worth I dunno lets say $250,000.. did I just make $150,000 in appreciation over 10 years??

@RussellBrazil..I know you will have some good thoughts on this topic..

My husbands uncle ( 70 years old) has a home he owes about $50,000 on.. current mortgage is $650.. he also has some credit card debt to the tune of $10,000.. with his social security he barely gets by and counts every penny.

Here where the real estate investment part comes in...bare with me

The home is in dire need of rehabbing.. but he has no money to do the repairs.. in the current state the house might fetch $110,000.. comps in the area for moderate upgrades sell for $185,000-$210,00..

He considered selling cheap to get out and buying a condo.. but he would still be cash poor.. he figures what he could sell the house for would pay off the credit card debt, and give him some money down on a condo.. At which point we would want to buy it, rehab it and rent it.. but here is my question.. he is perfectly fine with the outdated kitchen.. and outdated bathroom.. would it be totally CRAZY to buy it for say $110,000 and turn around and rent it to him?? My point to him when we talked about it was, you can pay off your credit cards.. cash out to travel a little and still be in the same house.. enjoy the money now while you can.. I know about reverse mortgages.. this is not what I'm talking about.. I'm talking about buying the house at a discount, and renting it to him for about what he pays now for a mortgage.. except this way he will walk away with $50,000 to pay off bills and maybe take a trip.., we would be doing him a favor, but I would also be getting a great deal on a house we could later rehab ( causing forced equity) and rent ( cash flow).. yay? or Nay? pitfalls, and has anyone done this before??

@Anna M.  sorry  am just now seeing your post.. I think the scariest thing you said in your response is the tenants are trying to push you around.. yikes.. This is your property.. you saved for years, this is your dream.. those people would easily get a letter notifying them that i would not be renewing their lease when it comes due.

I have someone who i recently put in an apartment back in August and they are behind and I had to take them to rent court.. I will be filing a right of redemption this week and having them removed.. every day they stay and dont pay rent you loose money.. you cannot change peoples habits, behavior, or way of thinking.. some people just cant pay their bills on time no matter what.. dont we all know adults like this? they make good money but are ALWAYS broke?? So move on as quickly as you can .. also i do have a secret i will share and maybe its not such a secret.. but I never admit to anyone that I own the building.. I'm the leasing agent and property manager.. so whenever someone questions me about not raising the rent when their lease renews, or when someone begs me to let them have 3 more weeks to catch up on the rent, I always say " I'm so sorry, my hands are tied.. the owners are asking me to file eviction papers if i don't collect the money today".. or I say " i'm sorry i dont set the rents, the owners do"...... I guess its talking in third person but yea it works.. I do this because like so many of you have mentioned we are dealing with people.. and I too have a soft heart, but if you dont want to pay my rent and live by my rules, I have no love for you and will replace you asap..

@Russell Brazil @Ned Carey.. I am piggy backing on this post as you offered help with it, so if i could ask a question that is similar.. i have an apartment complex here in Baltimore.. i have a couple who rented a 2 bedroom apartment.. they took in one of their grandchildren .. the wife has since died and the daughter, along with her other 3 children and 4 grandchildren have moved in ( I know this because we went into the apartment to fix a heater and there were blow up mattresses covering every inch of the floor)

We have   caught  them stealing packages from other tenants ( left by the post office).. I have proof as one of the tenants went knocking door to door and saw them using the computer he had ordered and missing.. he asked for it, they handed it over.. but others go missing every week, that on top of complaints about the 16 year old sitting in the laundry room drinking beers til he passes out in there.. he also set up a tv in there.. like an extension of their apartment.. I recently had complaints of them smoking pot in the hallway and laundry room.

Also our cleaning lady said they shove the 2 year in the hallway to play by herself in 20 degree weather with a diaper and no shoes on.. she has had to grab her as she tried to wander out the front door this week. 

Just as I was ready to kick them out ( they always pay 3 weeks late)  and I was waiting as the wife was on hospice care.. now that she has passed away they are paying the rent on time.. I was hoping to kick them out for late payments now that she is gone.. 

I am asking what is the reason I give for not extending the lease?  His lease renews in February, can I give him 3 months notice and tell him he has to be gone by May 1st? I was really banking on him not paying the rent on time as up til now he has never paid it before the third week..Thanks for any help and if you have a basic form you can copy and paste for me to use I would be forever grateful

hey there.. its the most wonderful time of the year.. which means lots of online shopping, packages being delivered and packages being STOLEN.. I have 6 buildings and it only happens in the 1 building.

I am pretty sure I know who it is. 

A couple months ago a tenant told me he ordered a new laptop and UPS sent an email saying it was delivered. but he didnt have it at his door.  

He is in Apt B.. so he knocked on the door of apt A & C to ask if they had seen his package.. he said when the people in Apt C opened the door, they had the computer out and were using it.. had been using it for days.. he asked them to give the computer back and they did.. 

Last week Apt A ordered 2 packages.. email said package delivered she check 15 minutes later it was gone.. and today an Apple watch to same apt was stolen.. I do not have any trouble in any of my other buildings.. all fingers point to the same apt that was caught with the stolen laptop..

The question is what rights do i have to evict them?  and do i confront them ( causing trouble for the other tenants until they are gone) or do i act like I know nothing and give them notice to vacate?? 

Need answers ASAP with this busy holiday season and all these packages being stolen..

Honestly, I really feel like not accusing them but going over there and putting a huge sign up that says " do not have packages delivered to this building, we have a thief among us".. email me to get address to send packages and I will bring them to you... 

HELP!!!!!!!