All Forum Posts by: Tom Server
Tom Server has started 52 posts and replied 117 times.
Post: triplex, 1br higher rent than 2br. 1br section 8 payment
- Posts 117
- Votes 26
I currently own a triplex. The triplex consists of 2- 2br/1ba rent is $1050 and 1- 1br/ba $950. The 1 bedroom currently has a section 8 tenant payment
All the rents are under the fair market value for its zip range.
The 2 2bedrooms are currently month to month and the 1 bedrooms lease is up in August. I wanted to contact the section 8 department and want to raise the rent to the fair market value of $1150. I'm thinking of keeping the 2bedrooms at the current rate. This could be a stupid question but I guess this is why some of us are here.. But would it cause any issues that my 1 bedroom which is getting paid by the state will have a higher rent than my 2bedrooms?
Question.. so im closing today on the 29th. Im purchasing a triplex with tenants. Rents due on the 1st. This property has a PM.. Does payment for the PM get taking out of the first rents im getting?
Quote from @Elise Watt:
I hope this is helpful if anyone is looking for new software to keep track of their income and expenses for their rentals! I have been using RentalHero for about three years now I believe and haven't needed to look for any other software. For a smaller landlord like myself, it's the most simple and also has an app for your phone. Is anyone else using Rental Hero? Curious if there are some other tricks that I should be using!
How do you receive payment?
following
Post: bank.. which bank do you use for receiving your rents and holding security deposits.
- Posts 117
- Votes 26
bank.. which bank do you use for receiving your rents and holding security deposits.
Quote from @Joel Forsythe:
Quote from @Tom Server:
"Buyer to receive $5000 credit at closing, Buyer agrees to replace subfloor with 3/4 plywood, mildew resistant and sound proof flooring insulator"
.. the actual subfloor is fine but its in the contract to install new subfloor anyway
You said it’s a rehab, is it completely gutted, no cabs no existing floor finishes? Why would subfloor “replacement “ be in the conversation?
Thats what the HOA/Management wanted. The property must of had some leak.. right now on the floor is a sound deadeding underlinement, that seems moist.. The HOA is concerned with noise, so thats what they want and are offering 5k towards replacing the subfloor, I also have to install Quietwalk underlinement
https://www.homedepot.com/p/QuietWalk-360-sq-ft-6-ft-x-60-ft...
Quote from @Chris Seveney:
@Tom Server
Adding it over existing subfloor will require you to undercut all your doors, and cause havoc throughout the unit
You should replace it as it’s mentioned.
Depending on the square footage of the unit not sure if 5k will be enough and assume unit is completely empty of personal belongings and has no flooring in the unit over the subfloor
unit is empty , its a rehab property.. 3/4 plywood fits the doors
So, looking to purchase a co-op and the co-op is offering a credit towards replacing the floors.
"Buyer to receive $5000 credit at closing, Buyer agrees to replace subfloor with 3/4 plywood, mildew resistant and sound proof flooring insulator"
Obvious labor is expensive, What are your thoughts on this.. the actual subfloor is fine but its in the contract to install new subfloor anyway
with the "replace subfloor", could I install new 3/4 plywood over the existing subfloor which technically i am replacing the subfloor or do i need to discard the old subfloor and install the 3/4 plywood??
thoughts?
Post: Purchasing property with tenants and a PM
- Posts 117
- Votes 26
So im in the middle of purchasing a multifamily home with current tenants and a long time PM. I plan on keeping the PM for a few months to help me get settled with new leases. I plan on having a meeting with him... What questions should I ask? Im guessing questions about the tenants and if any problems with the propery? Anything specific?
thanks for all the advice..