Purchase price: $715,000 Cash invested: $297,000 Current Price: $830,000 (originally $950,000 on 4/13/2024, reduced by $120,000 in 6 months).

In many states, this is public information.

Send a notice: The landlord can post a notice in a visible place and send a notice by mail to the tenant's last known addressRemove belongings: The landlord can remove the tenant's belongings and store themRecover costs: The landlord can recover the costs of moving and storage from the tenantSell belongings: If the tenant doesn't claim their belongings, the landlord can sell them at a public sale(End)Please only communicate with the tenants - all of them - in written form only so it can be used in any collection/court engagement. 

Having a group of friends living in an apartment complex creates a sense of community and reduces turnover.

That is a 3.4% cash on cash return in year one (7903/232000)Year 2, reduce 7903 by 5592 because there won't be property tax break so that is $2311, or 1% c/c return in year 2 (2311/232k)Year 3, reduce the $2311 by $4930 for PM fees for a net loss of -$2619 per year or a -1.1% c/c return in year 3 (-2619/232000)Essentially, these numbers are so far off of pro forma and there is pretty much zero wiggle room on these numbers. 

There aren’t many residential development companies operating at this level, which reduces competition and risk.

Have they ever been to a public pool, or water park, or hot tub at a resort or gym? 

So in my mind this is only an advanced way of buying and not at all appropriate for the general public or starter investors who think I dont need much money..  

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

I asked our manager about reducing the rent but he said we are asking a fair amount and we are getting lots of interest but a lot of cancellations, no shows, or people who don’t follow through with applying or don’t meet minimum credit score.