All Forum Posts by: Thomas Jones

Ultimately I want her gone... She is in a 1 bedroom and I am planning on expanding it into a two bedroom. I can get more rent, and property value will rise as well..

Checked with the laws. 14 days notice to quit... just delivered it thanks for the help.. ill update soon..

This may be the biggest problem. When I first bought the building she was my first tenant. I never had her sign a lease, so she is month - month. Will this be a problem?

Ok so I have a tenant a little over a year now who has fallen behind.
Her rent is 500 for a 1 bedroom. A few months after she began living there she fell behind and needed to pay for her rent at the end of the month rather then the 1st. So I allowed this. so augusts rent is paid on august 31st.

Now Augusts rent was not paid. It is now Sept 11th. Can I give her a 3 day to pay or quit notice??? (massachusetts) In the end I would like to evict her any way.

She is also month - month, no lease.

Thanks for the responses I need help to get out of this one.

thank you scott for the flipside of owning one of these. maybe i will do just that. they are asking 140 wait and throw a low ball offer and see if it bites.

there is definitely no school in the area. Just very low income housing. Welfare office, housing authority, alcoholics anonymous, detox etc...
lol

Thanks guys for the responses... I need to talk to the realtor to find out more. I am wondering if the $360 rent is including utilities / heat. The building looks like it may need some work as well.

Thanks Jon:
the owner has 10 units rented for 360... I say 300 to keep it on the low end and 100% occupancy. Also it is a very low income area.

I have a 4 unit and getting 700 per 3bedroom. to give you an idea to avg rents.

You are pretty close with the $112k... Sale price is around 140 and I am putting 20 down. so loan for $120,000.

I also forgot to mention it has a commercial spot in a busy main road which is vacant currently as well.

Another question I have is as far as resale value in 10 years. What will be more profitable a 4 family 3 bedrooms each or 15 room house?

I have an opportunity for a rooming house to buy, It has around 15 units renting for 300 each.

How much of a headache is this?

Ive always said I would prefer 10 - 1 bedrooms over 3 - 3 bedrooms for income reasons, but then you have to deal w/ 7 more people.

Anyway anyone with experience please share.

Thanks in advance.

I talked to the bank today and they want a cash deal... I was planning on getting financing. Is there a way around this?