All Forum Posts by: Scott Goulet

Hi everyone! I'd like to say in a fairly experienced investor, still a newbie at heart though. I have 8 doors over 3 properties.

1 specific property, I purchased in 2019 and in 2019 I took a net $9k loss, and in 2020 I finally cashed flowed, but over the course of the entire year after financing expense on cash flowed $1500. This is a triplex and gross income is about $2k, but the actual income is so irregular. I swear every month there is something the property management company is fixing.. plumbing, oven not working, something leaking, etc.

My wife just wants us to start managing ourselves, but in my mind yes well make more, but then it wouldnt be passive.

My question is: at what point do rentals that need work, start cash flowing steadily?

I feel like my management company says yes to every single little thing my tenants ask for.. my managment company made more thsn I did in 2020, even though the tenants are paying on time everytime, but these maintenance requests are killing me.

When I purchase my units, I buy them at a discount, so obviously there is some deferred maintenance, but I dont have the money to fix everything right when I buy them. Just as some background.

Thank you all for your input and feedback. Your experiences will be helpful moving forward. Sounds like OH is a good area to invest, but Columbus or Cincinnati may be better markets according to the population growth and job market. 

I really appreciciate the feedback. 

Hi everyone, I'm in the market for a quadplex and it looks like Dayton, OH has some good deals on the market. Does anyone have any experiance with Dayton, OH or just general OH in terms of being a landlord friendly or tenant friendly state? Any help would be greatly appreciated.

BP, 

I have been listening to the BP podcast for about 4 years now! Still love it! I keep hearing over and over that a single family is just as much work as a 10 unit apartment complex to purchase etc. I want to scale faster and purchasing a quad a year sounds fine, but would like to get into larger buildings. 

My one main question is, if I am looking to purchase 5 units or more, will I have to work with commerical lenders? I will not be able to use standard residential brokers/ convential loans for these apartment buildings? I assume Mobile home parks are the same.. Commerical lenders? 

If so, does anyone have any recommendations for commerical lenders in the Kansas City area? 

Thank you BP! 

Gualter, 

Just moved to Mass from South Florida about a month ago. I have a rental condo and a triplex in Florida and I am looking to meetup with local investors to chat and potentially partner up on deals! 

Thank you, 

Scott G 

Thank you everyone for your responses. At this time, i reached out to a lawyer to see what they can do for me, almost all of them are ofcourse charging a fee for a consultation. Just really trying to determine if i should just give the money he is asking at this point or go through the whole process/ investigation/ stress of trying to fight something that may or may not be able to "win" 

Hey BP, just a acquired a occupied triplex in Gainesville fl a month ago, hired a property management company, and they said they couldnt take on clients whose tenants have pitbulls (even mixed breeds, that have part-pit bull in them). Note to make, this dog is a "registered emotional support animal". 

So what the property management company suggested was post notice to the tenants door regarding the condition of the unit (needs alot of repairs) and asked him to vacate. So the tenants agrees to vacate as of the end of April and everything seems to be great. 

Today i recieved a call from HUD saying that the tenant placed a complaint on me that we kicked him out due to him having the dog and not due to the fact that i needed to make repairs to the unit. The tenant is looking for $2500 in resitutions for making him move.

Has anyone gone through this? what are my options? Do these things normally cost alot more than that in the end? 

Ive never had an issue with tenants like this before. 

Any help is very much appreciated. 

thanks, Scott G 

Hi BP, 

Exciting times here in Florida. I am under contract for a triplex in gainesville, FL! Thats the good news, purchase price is $125K, rents currently are $550 per unit and market rents are around $650-$700 per unit. Each unit is a 2 bed 1 bath. 

I am excited about the deal, however i know that the area is a c to c- neighborhood and i have heard that there are landlord fees/ permits for gainesville fl. Does anyone know if this is true? Is anyone familiar with the landlord laws/ rules in Gainesville FL? 

Much appreciated! 

Scott G 

brent, i have not heard anything but i am looking to use them for a property in Gainesville. Who did you end up going with? How was your experience? 

Thank you all so much for your input and answers to my question. At this point it sounds like the best course of action would be to leave the lease alone unless the tenants specifically ask for it to be changed or amended. If they did want something in writing, it would simply include creating an addendum. 

Thanks so much!