All Forum Posts by: Account Closed

Thanks @James Miller  @Max T. and @John O.. I'm going with separate contracts.

For those of you who work with a property manager and hold properties in separate entities -- do you have a separate property management agreement for each entity? Or, do you have one property management agreement that lists each property/entity under management?

Can anyone recommend an insurance company for small multi-family properties (like 8-12 units, under a million purchase price)? I'm in St. Louis, MO.

Joe Fairless Tom Keith Roy N. Andrew L. Thanks for pointers!

I'm thinking about adding central air to all units in an 8 unit apartment located in St. Louis. Currently everyone has a few window AC. Would adding central air add value to my property? How much? Based on the location, I should be able to get $6000 more per year (bumping rent up as leases renew). It would obviously take a few years to get there. Any ideas or advice appreciated.

@Robert M.

I've had the most success with summer, particularly the month of June. It may be specific to your market as others have mentioned, but in St. Louis, the summer is a great time for both apartment hunters and landlords.

I have had so much success with June this year that I've decided to get all my leases to expire May 31 going forward. So, if a lease expires in October for example, instead of renewing for 12 months, I'll renew through May 31.

When I started out I thought it would be a disaster to have all my leases turn over at the same time but I'm starting to think that the disaster is having to constantly show apartments throughout the year. Hope that's helpful!

I have galvanized water pipes in one of my buildings. Of the 8 units, one had bad water pressure. How risky is it to get a plumber to run a new hot water line for that unit? All the plumbers I've talked to have basically told me I should replace all the plumbing, or none of it.

Once I get a signed lease and security deposit, that's when I stop showing the unit to prospective tenants. First months rent is due on or before the first of the month (or portion of the first month).

What do you mean "buying properties online" ? If there are tenants currently in the property, whatever agreement they had with the landlord (a lease would be ideal) will survive the sale.

Shawn Dandridge best thing you can do is increase your cash flow without incurring any cost. Gradually increase rent on your current tenants rather than kicking them out. If you doubled the rent you would be looking at a potential increase of $2400. But if it takes a month to find a new tenant and your unit needs even minor repairs, the opportunity cost of getting that higher paying tenant gets squeezed and you open yourself to risk. Maybe it's worth it in your case but I never give up a paying tenant.