Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jared K.

Jared K. has started 6 posts and replied 204 times.

Post: Famous Four!!

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64
  • What is your favorite real estate book ? Rich Dad (because it got me started)
  • What is your favorite business book ? Think and Grow Rich
  • What do you think sets apart successful real estate investors and the ones who come and disappear? Thick skin, knowledge & decisions!! Suck it up buttercup and move on...
  • What's your hobby? I love to fish!!

Post: Better to buy several small properties or one big block?

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

It depends on the #'s in my opinion, which has the better value/cashflow for your money? 

It seems like your doing very well to me given your current assets so why buy an entire block unless the #'s and dollars make sense, just so you can say you own a block? 

I would think the block price will be higher than your current strategy of buying the same # of units in separate locations just for the convenience and ego factor?

 Also, are you set up to manage an entire block? 

Are there any fears of something happening to the entire block at once that could be very costly? I am not sure about Florida or your city but do they ever mandate changes for anything a block at a time that would hit you all at once? 

Do you have code enforcement? If so, the properties might be new now but not down the road. They could site you on all four streets in a day. Chances are you could get them to work with you but can you imagine the cost.

WHY is the entire block for sale??

What if the city decided to do massive road work changes right beside your block? Would it cause several vacancies all at once due to frustrated tenants? 

Just thought of some of this stuff for consideration, hope it helps. I would buy a large complex in a heartbeat but an entire block would be another story in my opinion.

Post: Tenants Missing

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

Agree with Nicholas, how collectable are they? You can hire a skip tracer to locate them, a Constable, or private investigator but do the tenants have jobs? Most of the time the Constable has worked good for me when I serve papers, they will find em somehow! Chances are they didn't go far and relocated in the same town. I agree with Nicholas also that your best results would be by having a property management company handle this for you. You more than likely would have saved money over the long run. There is a lot of money to be made buying out of town in places like Michigan, Ohio, Indiana, Tnn, Virginia, etc but I always suggest property management.

Post: Do you re-screen tenants before renewing a lease?

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

I haven't but in certain instances it might come in handy, never really thought about it. I guess it would depend on the class of people you rent to and your preliminary screening guidelines as well. If you own a large complex it would be a way of keeping an eye on your tenants who may have changed their lifestyle for the worse while being your tenant and weeding them out along the way. I guess it would boil down to weighing out cost v/s reward?

Post: Received my first "landlord emergency" phone call.

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

Yeah I try to shed a little light on the subject rather than be so smug, might not meet everyone's standards but hey it has worked for me for 11+yrs

Post: Received my first "landlord emergency" phone call.

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

Your very welcome and thank you for the kind words. Glad to be of help.

I have found writing these types of letter are not pleasant for either party and are best written to sound like they are coming from a business, which it is, rather than a person to person. Telling them how they are being or making it personal just leads to combative defensive actions by the tenant. Even if they are acting a certain way they get offended and defensive b/c you tell them they are, which causes more problems. 

If it is put into a business prospective they may handle it as business because they are being talked to as if they are a professional. I also added some psychology in there before and after I laid down the law to em' for an anticipated positive outcome by the tenant and thanked them for their cooperation..lol.

Basically the letter says your being a stubborn, difficult idiot and either you can cooperate or we will file eviction plus come in and fix this stuff while your being evicted whether you like it or not so you can deal with it, leave or we will help you leave but we are still coming in. Then I smile and say thank you for making the right decision and we value your cooperation..lol. Kinda makes their mind up for em'.

If the letter don't work then at least you tried being nice and firm at the same time and you definitely have an idiot. In all of these situations I just tell them I am not arguing with you so here is your choices...A..B. If will either hang up or walk away from the conversation and if they don't pick one I will pick for them.

Saves me a lot of drama and headaches....

Best of luck with this!

Hello BP!! There is probably already a post on this but wanted to share it.

I was doing some research online in response to another BP question and found several resources to assist apartment building owners that have limited water meters resulting in the owner paying for water. I own a 3 unit building and have only one meter myself but it has never been a major issue but would probably save me $ in the long run. If the tenant pays the bill then they tend to use less water, just how it is.

There are many options to on how you can submeter each of your units whether you own a duplex or 300+ units. 

Once you install the submeters you can take a reading yourself each month and charge each tenant for their usage. 

Some of the basic models are fair priced such as these:

http://shop.watermeters.com/DLJSJ75C-Compact-3-4-w...

www.teksupply.com/contractor/supplies/ProductDispl...

The most advanced system I came across blew me away!! ( I am sure it is costly) It actually transmits the data from each submeter to a central location (usually the leasing office) and records it in proprietary software for you!  You can actually have a billing company access the data and bill it out to your tenants for you! This looks awesome!

No, I am not a sales associate for any of these companies..lol. Maybe I should be?

Here is the link, it's a great read!! 

http://www.americanwater.com/pdf/DevelopersSubmete...

Hope you like this. Has anyone on BP ever used the American Water setup? 

Post: Seprate Utility Meters

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

Hey I also found this high tech company for developers that transmits the data from the meters to you!! Not sure how cheap it is but looks awesome and would be great for large multi unit owners!!! I think I will post this as a topic for everyone.

http://www.americanwater.com/pdf/DevelopersSubmeteringGuide.pdf

Post: Seprate Utility Meters

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64

I am going to monitor this topic b/c I had recent thoughts of doing this but on an apartment building.

I either saw a post or heard a podcast once that talked about putting in your own flow meters to each unit for water, rather than paying the water company to do it, was the way to go. This way you could take the readings yourself and charge the tenants for their usage, then you pay the main bill. They stated the cost was way less than paying the city to do it. 

They are called sub meters from my online research while writing this. I found a couple of sources that discuss it as well as companies people have bought them from. 

Google: separate water meters for apartments

http://www.mrlandlord.com/landlordforum/display.ph...

DLJSJ75C from watermeters.com

http://www.teksupply.com/contractor/supplies/Produ...

As for the gas I am not sure but you may be able to have a contractor certified in gas put in sub meters for that too. Be good if you can get one contractor certified to do both.

Post: Received my first "landlord emergency" phone call.

Jared K.Posted
  • Real Estate Investor
  • Somerset, KY
  • Posts 211
  • Votes 64
Originally posted by @Alan B.:

Update: my contractor took fault. He used a different brand of glue. 

He went by to fix up the tenants place yesterday (Saturday) and from what he tells me she was rude and would not let him in. She sends me a text to tell him to go way and come back on Tuesday because she needs to get some sleep for work that evening.

I instructed her to let him in so we can make the necessary repairs, she still decides not to so her place is not fixed. I will be dropping off a notice tomorrow for her that reads like this: (Please tell me what you think)

"I or anyone who is contracted by me has a legal right to enter the property if a health or safety emergency exist, or if a repair needs to take place in order to protect the unit and to keep it in a safe and habitable condition.

Reasonable notice will be given if possible, but in some cases notice cannot be given ahead of time. You refusing entry to my contractors cost time and money and prevents us from keeping your place maintained properly. It benefits you as a tenant to let us make necessary repairs and to not make my contractors jobs any more difficult.

Being uncooperative only hurts you. If you like I can contact the housing commission as well as your case worker to inform them that the property is no longer in a livable and safe condition and at the moment I am unable to make the necessary repairs. This will result in you having to vacate the residence and having to search for another place to live, or you can cooperate and allow us to do our jobs."

I think the letter is a little harsh and threatening and could be reworded but I see your point too. 

I understand both your position and the tenants. I would first try and take a more sensitive approach to the matter and try to come to an understanding with the tenant. The tenant is going through a lot with construction above and now damage in their own unit, which is most likely frustrating for anyone. However I do see your needs b/c the contractor most likely will not be able to accommodate her work/sleep schedule.

In my state you have to post a 24hr notice of entry unless the repair is considered an "emergency" but I am not sure which repairs would fall under those guidelines by your state. I do know pest control treatments fall under the guidelines here in KY which has been useful to me for unit inspection b/c my buddy owns a pest control company, just saying.

I don't believe I would state the unit is inhabitable to the housing commission b/c they might hold you responsible for her temporary re-location until its repaired. I am not positive about that but I have heard of similar things before.

It sounds like the tenant was awaken unexpectedly and was just upset. Maybe if you speak to the tenant again and let them know the contractor is coming daily at 8 a.m. or whatever until her unit is repaired it will work out. 

If the tenant then refuses I would write a letter as follows (have it delivered certified so they have to sign for it):

Date/Time:__________

"Dear tenant,

Unfortunately for both of us there has been unexpected damages to your rental unit during construction being done in the upper apartment. These damages MUST be repaired immediately. We apologize for any inconveniences this may be causing but we are working hard to try to correct the issue. Unfortunately to do this my contractor must enter your unit during the required hours which are 8am-5pm. We would like to have your full cooperation allowing us to enter your unit to make repairs but it is not necessarily required. In the event you do not wish to cooperate with the entry of my contractor for repairs you will be denying me access to the property for emergency repairs, which is required by you under state law. In such case, me and/or my contractor have the right to enter for emergency repairs with or without your permission. These rights will be enforced, if need be, allowing us to enter the property and make repairs as needed. 

In the event we cannot get your cooperation to enter and make repairs we will be forced to issue an eviction notice, therefore me and/or my contractor will entering for repairs on a daily basis anyway until repairs are completed while you are being vacated. We don't anticipate having to do an eviction and we would hate to take such drastic measures with our tenants but we would do so if we were only given that option as a last resort. 

We hope you understand this difficult, yet mandatory, situation is out of our control as well, we have no choice. Hopefully we can get through this stressful time together, the sooner the better right..lol? This really isn't by choice for us either but we are trying to correct the issue and move past it with you. That is the reason we are writing you this notice, so you can expect the contractors arrival and you may make other sleeping arrangements while repairs are being made or plan around it.

We look forward to keeping you as a tenant and we value your dedicated cooperation. 

My contractor will be here again in the morning at 8am on (date)."

Thanks and have a great day :)"

What do you think about the letter?