All Forum Posts by: Rich C.

I appreciate the responses.

All-in-one vs stacked front loader machines. In my market, in-unit laundry machines are a must. Due to space, my rentals can only accommodate stacked washer dryers. The unitized all-in one options (such as GE) are fragile. In my experience, they are prone to issues and leaks and are very expensive to fix. I am considering switching over to front loader machines that can be stacked. I am wondering if anyone has experience between the two types of laundry setups in their rentals? 

Pros: Consistent income, very low vacancy, potentially higher rent

Cons: Entitled and irresponsible student tenants, helicopter parents, high turnover, management intensive

Note: 1 and 2 bedroom units are much easier to manange than 3+ bedrooms. 3+ bedrooms means many people, many parents involved and roommate changes. 

Hi BiggerPockets community! For those landlords requiring renters to carry renters liability insurance, I am curious what you require in roommate situations (unrelated occupants on a joint lease).  Do you require all occupants to carry one policy together, each occupant to have their own policy, or do you accept either way as long as each occupant is covered on a policy? 

@Zac Schmelzer Did you ever obtain information regarding your question about using Venmo if you hold properties in LLC?

Appreciate the reply @Andrew Johnson.  Typically I would choose a conventional 30 year loan as well.  However, this particular property is composed of 2 separate duplexes on 1 TMS number.  I have been unsuccessful in finding a conventional lender willing to close on it due to this fact (even with comps). 

I'm curious to hear what terms investors are currently seeing in their markets for commercial loans on small multifamily properties.  My most recent quote for a small multifamily (4 units) cash-out was: 4.37%, 7 year fixed w/ balloon, 25 year amortization, .05% loan origination fee.  What terms are you encountering in your market?

For those familiar with a contract for deed/land contract, what is the sale date for county record purposes? Should the date of sale recorded in the county records at the agreed upon amount be the date the deed is transferred?

@Matt Schelberg

most of my tenants are 20-30 years old, mainly young professionals and students.  I generally don't ever receive late rent because I use the Venmo payment system for electronic rent payment, which virtually every young person already uses.  If they don't send payment by the first, I am on them and typically receive it within 3 days of the 1st.  What I like about students and rent payment is that they typically need to stay for the year...whereas I've had occasional issues with young professionals needing to leave early or on one occasion skipping town without paying rent.  The issue with young students is that they are immature and can't take care of simple maintenance issues themselves, such as tightening a screw.  And you are also dealing with a parent...who often is outraged at their child's high utility bill.  So you can generally assume the rent will come in but the property management will be more hands on.  Without question, my best tenants have been military/airforce/navy and I would take them over any candidate in a heartbeat.