All Forum Posts by: Yoni Benimetzky

If you have good paying tenants in place you can ask them if they prefer unit upgrades for an added cost. You might be able to use your current tenant base to fill in some of your "new" product. 

You might run the risk of vacancy right now as people aren't dying to move around, especially into higher priced units. This all depends on your market and how employment has affected your area. 

Being conservative, you can also only upgrade a percentage of your units and keep some at their current rates. That way you aren't fully exposed to the change you're making. 

Acting like a renter and going around to some multi family apartment complexes can help give you a gauge on rental demand in specific pockets you're looking at. Ask the property manager about occupancy and demand, they will usually give you an honest answers. 

Hey Crystal, 

What a lovely problem to have. This is entirely up to you, it's not so much an ethical question because you aren't doing anything wrong by taking either approach. 

Go with your gut 

Still nothing @Kevin Lefeuvre

First you need to wait for prices to actually start to drop, that hasn't really started yet. In the meantime you should start farming a specific area that isn't too far away from you. Keep your eye on pricing and start reaching out to local brokers to introduce yourself to. When you feel the time is right start sending out offers that fit your buying strategy go from there. 

Hi Joseph, 

I would run a comparison report on both approaches and see where you end up. If returns are similar I would go with the one that entails less work. 

Ive invested with peerstreet, they crowdsource loans. I have mixed feeling about them, a lot of late payments. 

Hey Eli, 

I would hire a professional inspector to come and write a report for you. Shouldn't cost very much and is certainly worth doing. You can uncover issues you never thought of. 

Hey Mauricio

I don't like using ratios because thats strictly a single parameter in evaluating a tenant. Rent should equal 30% or less of someones monthly income but thats just the starting point. You should also run a background check, credit report, verify their income, speak to previous landlord(s), and speak to them directly. 

There isn't a full proof method here, all you can do is reduce risk as much as possible but properly vetting your prospects.  

Try negotiating with the seller and use that comp you mentioned as ammo. They aren't trying to keep your deposit, they're trying to get this town homes sold. They are also under pressure I assume and might be amenable to a price reduction. It's worth trying.