All Forum Posts by: Ty Kashmiry

We purchased a 6 unit last in March and didn't have to deal much with propane.  We moved two tenants in the fall, and they have had many issues getting tanks hooked up to the correct unit and some other minor annoyances.  I would like to alleviate this for my tenants without causing more work for my PM, does anyone have a similar situation, what do you do?  We were thinking that we would purchase the tank for this unit approximately 1200, rent it to the tenant for $20/month, this is about the average cost to rent in the area where the units are, this would allow the tenant to pick any propane company that they choose and then companies would not be removing and installing tanks every time a tenant moves.  Thoughts?

Another thought that I have not investigated is a large propane tank that is metered for all six units, there are pros and cons to this as well.  Pro no more company coming in/out each time a tenant moves although turnover right now is low, con having to deal with making sure tenants are paying their bill.  

Does anyone have a storage unit calculator I can use?

Can you figure out numbers on a storage units using the Rental property calculator?

@Brandon Sturgill 

@Brandon Sturgill my properties are in East Linden and Delaware Oh.  Both are C class 

I am going to start looking for property managers.  Any advise on where to look?  Any one have questions they ask when interviewing a property manager.  My property is in Columbus Ohio .

On page 2 of the rental calculator.  Why does the annualized total return % decrease every year when the property increases in cash flow and appreciation 

@Joseph Firmin  I close tomorrow so I have been approved and yes I have another successful business.  I'm not worried about the finances .  I just want to get the property up to standards and get tenants in that appreciate that and want to pay.

Hi everyone,  Closing on my first rental and its a 4 plex.  I'm happy to say I got it from an out of town investor who I know very well and has told me everything about the property.  I got it for a 20% discount.  The inspection report was pretty good and the building mechanically is sound.  Now for the good stuff about the building.  3 of the 4 tenants either don't pay on time , haven't paid in months or pay a little and not the full amount. I close Friday and one tenant paid some of the rent for January that will go toward what he owes in prior months and the one tenant paid his full rent and is in good standing.  So that leaves 2 individuals who didn't pay and are involved in some government assistance (not section 8) and are very behind.  The seller is going to give me details on where everyone stands rent wise before we close.  All tenants are month to month except for the tenant who pays on time.  So here is my question for everyone.   Do I go to the tenants who didn't pay and try to collect rent for January and have them sign a new lease for 2/1/21 or do i just ask them to leave and if they decline put a 3 day notice on the door and start the proceedings?  I will have all deposits given to me at closing of course.  Would like to hear everyone's opinion on the situation.  I understand the situation I was walking into and understand I have to clean up some things but I am super excited to get started and know its going to be a great property.  If it was a turnkey property I wouldn't of got it for a 20% discount .  The location is in Columbus Ohio.  I have a lot of real estate experience in the flipping side of the business but I owned 2 rentals 12 years ago and to be honest I was flying by seat of my pants and it just worked out great.  I also had 2 homes in great areas.

Thanks for your support 

@Kyle Johnson it seems like you need to do more research. There are a lot of things you listed that you are not totally sure of on this deal. I always like a property to have decent cash flow and good COC numbers in it's current situation. If some of your calculations don't pan out you will be losing a lot of money on this unit from the start. As mentioned above a usual clean out and upgrade will be needed to jump rents this high. Also checking the current leases and asking if any of the tenants are currently behind is a good start especially during covid. Hope this helps.

@Tim Bartel makes sense.  Thanks for the tip