All Forum Posts by: Brandon Blankman

Updated: 

Was able to get the old tenants out by giving back their deposit so they can close early on the house. Took a small hit as a bedroom door was damaged but in the end I think it was worth the $100 hit to get them out and get the new tenants in. In all it was a quick turn around and things worked out. Also ended up with a nice charcoal grill that was left behind so there is a plus. 

@Theresa Harris This is actually the second house that they have had under contract that would fall through due to inspection issues. First one was foundation and this one is chimney. It doesnt sound like they are having issues on financing. 

@Michele Fischer - They have been going back and forth since October on telling me they are moving out. The old tenants were inherited when I purchased the property and have not been an issue other than not paying by the 5th every month. My current thoughts have been to help them out and the other local landlords as 3 new duplexes just came online with similar specs the ones they are in. I have seen much activity in terms of showings so I am going to discuss with the owners taking over my tenants on a month by month term so they can start collecting some revenue. Ideally if they had been set to move out on the 13th most of their stuff should be packed up anyway and would be moving just one house over and getting a reduction in rent by a 200/month. My idea sounds great but we shall see if they go for it. 

So current situation: Old tenant is on a month to month lease. They had expressed they were purchasing a home back in October. Their lease rolled over into a month to month at the end of November. Old tenant had given me notice they planned to be out on Dec 15th. So naturally I started my process of finding a new tenant. As luck had it I found one with in hours of posting my listing. They were eager to move in as soon as they old tenants got things out starting on the 17th. So in order to help old tenants I just charged them a prorated amount through Dec 15. Just as things were going so smoothly they notified me yesterday that the contract on the prospective home might fall through due to some complications. Now they are saying they might be staying. So far I have been relaying information to the new tenants but if the old tenants decide to stay I would be losing out on a rent increase and risk the old tenants moving out in the near future and losing my very qualified new tenants. Any suggestions on how to proceed? 

@Jimmy dang no renovations on new duplex it is only a year old. Previous house did need some TLC. New hvac, counters, and bathroom but other than that it was a nice starter home. 

@Shane H. I Should have bought your lots and built on them. 

@Shane H. I ended up with the one to the north of your lots. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Kechi.

Purchase price: $340,000
Cash invested: $40,000

House hacking this duplex. Renting one side for 1450 for first year and then 1500 second year. Currently getting an extra 800 from the side I am living in renting a room to my sister and her boyfriend. Located in a growing multifamily development north of Wichita with quick access to a highway. I can see potential for developers in Wichita adding amenities further north of town which should allow for a decent appreciation in the property and increasing rental prices.

What made you interested in investing in this type of deal?

New build less headaches on repairs. Duplexes are being bought up as soon as they are built. Rental market in the area seems to be in high demand. Wanted to upgrade current residential living situation while cashing in equity and appreciation from my primary residence. Sold 1 door gained 2.

How did you find this deal and how did you negotiate it?

Found it on the market a year ago they haven't pushed to sell it once it became occupied.

How did you finance this deal?

FHA loan using proceeds from home sale to make the downpayment.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Kechi.

Purchase price: $340,000
Cash invested: $40,000

House hacking this duplex. Renting one side for 1450 for first year and then 1500 second year. Currently getting an extra 800 from the side I am living in renting a room to my sister and her boyfriend. Located in a growing multifamily development north of Wichita with quick access to a highway. I can see potential for developers in Wichita adding amenities further north of town which should allow for a decent appreciation in the property and increasing rental prices. Plans are to live in for a year or two and then head back to school in Norman. After a refi this should generate a solid income for me while I am back in school.

What made you interested in investing in this type of deal?

New build less headaches on repairs. Duplexes are being bought up as soon as they are built. Rental market in the area seems to be in high demand. Wanted to upgrade current residential living situation while cashing in equity and appreciation from my primary residence. Sold 1 door gained 2.

How did you find this deal and how did you negotiate it?

Found it on the market a year ago they haven't pushed to sell it once it became occupied.

How did you finance this deal?

FHA loan using proceeds from home sale to make the downpayment.