All Forum Posts by: Tom Server
Tom Server has started 52 posts and replied 117 times.
Post: owner occupied or non owner occupied
- Posts 117
- Votes 26
Quote from @Ryan Muska:
How long are the leases up for?
When do you plan on closing?
Leases are currently month to month but the unit I would want to live in is a Sec 8 rental
Closing is planned for nov 17th
Post: owner occupied or non owner occupied
- Posts 117
- Votes 26
I'm purchasing a triplex which currently has tenants in all the units. I need to apply for a mortgage loan. I plan on living in one of the units, but what happens if I cant evicted in time of the closing? Do I need to apply for a non own occupied loan instead? Should I still apply for the loan and put the address of the unit I plan on living, even if it takes a few months?
Post: Raise rents of a multi family
- Posts 117
- Votes 26
Quote from @Bobby Paquette:
Quote from @Tom Server:
Hello BP, I'm currently in the process of purchasing a triplex. Offer accepted.
Doing the numbers my net cash flow should be between $500- $700 a month with the current low rents.
Im in New Jersey and the current rents are really low, but the area isn't the greatest.
Current rents are
2br/1 bath-$1050
1br/1 bath-$ 950 (section 8)
back apartment-
2br/1 above a 3 car garage $1050
The 3 car garage is also being used for storage, I believe from all 3 tenants
All tenants have been there for a while, all over 5 years and lease right now are month to month
I was looking at the Hud websites for the area and the FMV rent for a 2br 1 bath is $1471 and for a 1br 1bad $1140
Any suggestions on what to do.. I also would like to charge for the 3 car garage use, or have them remove their stuff, so i could store my personal stuff in there and save me 200 dollars a month for my current storage unit.
Thanks
Doesn't sound like you plan on living there, but you want to use the garage for storage? Why not just charge them enough to cover your storage unit and have your stuff in an actual storage unit rather than in a garage in an area that you're saying is not the greatest?
@Bobby Paquette, you think raising their rent $200 more per month, then on top of that charging $200 for the garage space? doubt ill see that money
Post: How to go about raising rent and either charging for additional space used
- Posts 117
- Votes 26
Hello BP, I'm currently in the process of purchasing a triplex. Offer accepted.
Doing the numbers my net cash flow should be between $500- $700 a month with the current low rents.
Im in New Jersey and the current rents are really low, but the area isn't the greatest.
Current rents are
2br/1 bath-$1050
1br/1 bath-$ 950 (section 8)
back apartment-
2br/1 above a 3 car garage $1050
The 3 car garage is also being used for storage, I believe from all 3 tenants
All tenants have been there for a while, all over 5 years and lease right now are month to month
I was looking at the Hud websites for the area and the FMV rent for a 2br 1 bath is $1471 and for a 1br 1bad $1140
Any suggestions on what to do.. I also would like to charge for the 3 car garage use, or have them remove their stuff, so i could store my personal stuff in there and save me 200 dollars a month for my current storage unit.
Thanks
Post: Raise rents of a multi family
- Posts 117
- Votes 26
Quote from @Earl White:
Check out the rent control rules in whatever the city is - as long as you comply with those you should be able to increase rent to market rate. I also note that if all tenants are month-to-month with no leases, you should a strong lease in place.
where would i be able to find the rent control rules?
Post: Raise rents of a multi family
- Posts 117
- Votes 26
Hello BP, I'm currently in the process of purchasing a triplex. Offer accepted.
Doing the numbers my net cash flow should be between $500- $700 a month with the current low rents.
Im in New Jersey and the current rents are really low, but the area isn't the greatest.
Current rents are
2br/1 bath-$1050
1br/1 bath-$ 950 (section 8)
back apartment-
2br/1 above a 3 car garage $1050
The 3 car garage is also being used for storage, I believe from all 3 tenants
All tenants have been there for a while, all over 5 years and lease right now are month to month
I was looking at the Hud websites for the area and the FMV rent for a 2br 1 bath is $1471 and for a 1br 1bad $1140
Any suggestions on what to do.. I also would like to charge for the 3 car garage use, or have them remove their stuff, so i could store my personal stuff in there and save me 200 dollars a month for my current storage unit.
Thanks
Post: Want to raise low rents , how and how much
- Posts 117
- Votes 26
Hello BP, I'm currently in the process of purchasing a triplex. Offer accepted.
Doing the numbers my net cash flow should be between $500- $700 a month with the current low rents.
Im in New Jersey and the current rents are really low, but the area isn't the greatest.
Current rents are
2br/1 bath-$1050
1br/1 bath-$ 950 (section 8)
back apartment-
2br/1 above a 3 car garage $1050
The 3 car garage is also being used for storage, I believe from all 3 tenants
All tenants have been there for a while, all over 5 years and lease right now are month to month
I was looking at the Hud websites for the area and the FMV rent for a 2br 1 bath is $1471 and for a 1br 1bad $1140
Any suggestions on what to do.. I also would like to charge for the 3 car garage use, or have them remove their stuff, so i could store my personal stuff in there and save me 200 dollars a month for my current storage unit.
Thanks