All Forum Posts by: Sean McKee

 Thanks Warren for the insight! It’s frame actually. It was updated to through the town compliance process in 2012. What makes frames so much tougher in Berwyn?

@Sean McKee we have just under 100 units in Berwyn. the answer to your question will depend mostly on the quality of the unit. A lot of 2 bed/1 bath units will rent in the $1250-1550 range depending on the size, condition, amenities, parking, pet fees, etc. We have been targeting $1350 recently and that has been going well. 

In terms of the building you are under contract on, is it brick or frame? Berwyn has so many amazing brick buildings and a lot of times the frame buildings can be tough when it comes to the Berwyn compliance inspection. 

@Sean McKee

That's a good price on a 2-flat for Berwyn and I'm guessing the property needs some work.

Typical Berwyn rents for the units you have described (at market levels) usually range from $1200-$1400. If the units are more updated rents of $1400-$1600+ are very obtainable.

Here's the breakdown of the rents I have at my two duplexes in NW Berwyn:

Property #1 - 2 bed/1 bath unit rented for $1415 ($100/mo for two garage parking spaces included plus a monthly pet fee); 3 bed/1 bath unit for $1530 (bedrooms all on the smaller side). This property was rehabbed in 2018/2019 with renter grade finishes (laminate counters, new flooring, etc)

Property #2 - 1 bed/1 bath garden unit rented for $990; 3 bed/1 bath unit rented for $1515 (about 1100 sf). We gave our previous tenant who lived in the garden unit first dibs on this unit and we gave them a deal on the rent since we had a ton of interest and likely could have gotten $1600+.

Our rents may be a bit below market at this point given we haven't really raised rents in years. We're considering raising them a bit upon next renewals.

If you need some rental comps, let me know.

Strong policies and procedures. 

If you screen well, you'll get higher-quality renters that perform better. It also helps to have a strong lease that is easily understandable, and be quick to enforce violations. Communication is also important.

Our tenants see us performing professionally, so they are less likely to screw around. If they see you don't really know what you're doing, they are more likely to test the boundaries.

So, I found a multiunit house and a single-family house both attached to each other, both owned by a church that put them up for sale. all units are already rented but lower than the market value. The single family house is rented for 1100 but supposed to be at 1300/month (my realtor told me so), and the other tenants in the multiunit property each pays 850 which supposed to be at 900/month. Another thing is that the least that they signed says that landlord will be responsible for trash, swere "basic fee" (not sure what that means) and lawn mowing. I really feels I need to increase the rent but the tenants are nice and clean and not sure how should I approach this. Their lease will be ending in 8 month from now.

Hello everyone - Brand new to landlording, so apologies in advance for the basic questions. I recently secured a tenant for my condo apt. The lease specifies that tenant must notify management and owner of any additional occupantsand that they're subject to board review. Management was really wishy-washy about what that means and basically told me "do whatever you want, the board doesn't really care".

Tenant lease started a few days ago and she has indicated that her boyfriend will be living in the apt effective immediatelly and she'd like an extra set of keys.  My questions are:

1. What paperwork should he complete as an authorized occupant? Management did a background check, and I was going to have him sign the condo house rules. Should he also fill out an application... Or no since he's not a tenant? 

2. Should I make the tenant sign an additional document that spells out she is responsible for her occupant, that they are required to follow all rules otherwise she may be subject to fines, etc?

3. I believe I'm required to give tenant copies of the keys upon request, correct? If they are for the authorized occupant who is responsible for returning them, just the tenant?

3. Is there any reason/benefit to make him a tenant over an authorized occupant?  The latter sounds not only easier but also more straightforward if any issues btwn the two ever arose in the future.

Thanks in advance for any guidance y'all can provide!!