All Forum Posts by: Steven Pool

@Nathan Gesner

Thanks Nathan! I'm pretty happy with the results so far! 

After the seller accepted my offer they told us that we weren't the highest bidder but they chose me since the other potential buyer wanted to move into the place.

@James Wise @James W. @Nathan Gesner @Robert Biggerstaff

Thank you and everyone else for the advise with this situation.

To give an update, I closed on the 21st or 22nd of Feb and met with the Tenant the following day. He was already on a month to month lease so I got him on a month to month lease with me starting 01 March. I also had a Lease Increase Schedule addendum that laid out how and when the rent would increase. 

While going through the lease I explained to him that he was well below market rent and starting in April the rent would increase by $100 each month until the it reached $700. He will be on a month to month until that point and after which I will look in to putting him on an annual lease.

He has been there ten years and understands that he has been well below market rent, he didn't  bat an eye about the increase and said that he will be staying on. He's kept the place in pretty good condition and set up on Cozy.co within a day. I believe he will be a great tenant.

Again, thank you all for the advise!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $13,443

SFR with long term tenant of over 10 years.
Rent hasn't been raised entire duration of tenancy which has it at $275 below market rent.
After purchasing the property I spoke with the tenant and explained to him that the rent would raise each month (after this next month) by $100 until it is at market rent. He understood and signed the rental agreement and Rental Increase Schedule I created.

What made you interested in investing in this type of deal?

Very near local University

How did you find this deal and how did you negotiate it?

Zillow, Trulia, Realtor

How did you finance this deal?

30 Year Fixed Mortgage

How did you add value to the deal?

Will be replacing the 30 year old HWH and renovating the upstairs bathroom

What was the outcome?

Too soon to tell.

Lessons learned? Challenges?

Too soon to tell.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jamie Dalbec with Coldwell Banker
Mark Anunti with National Bank of Commerce

@George Blower

Thanks George!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Superior.

Purchase price: $82,000
Cash invested: $24,343

Duplex with long time tenants.
NOI: 1016.25
Necessary Capital Expenses: Roof $7,200
Updates: Bathroom reno $2,200
Utilities to be Split: TBD

How did you find this deal and how did you negotiate it?

Zillow/Realtor/Trulia

How did you finance this deal?

30 year Fixed rate mortgage

How did you add value to the deal?

In the process of renovating the bathrooms in one unit, splitting the utilities so each unit is on its own meter, replacing the windows in the upper unit.

What was the outcome?

So far it has been good.

Lessons learned? Challenges?

This is my first rental property and I have had issues almost immediately with the tenant that has been there for over a decade. In December he was hospitalized for several weeks and has been in and out of the hospital since then. He has been layed off since then and is seeking unemployment. He is currently a month late in rent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Realtor Jamie Dalbec with Coldwell Banker
Loan Officer Mark Anunti with National Bank of Commerce

I've found the forms in the state website, no need to reply 😊

I had a tenant request a certificate of Rent for their own taxes. I haven't been able to find anything about that, any guidance would be appreciated.

Congrats on your first purchase in superior! It's awesome that you are able to house hack!