All Forum Posts by: Brian Buckley

First of all, a big thanks for everyones insight!  @Jesse Waters I agree that I should get everyone on an actual lease agreement, but as @Marcia Maynard said, I don't know them, and they don't know me, so I'm going for a month to month agreement, but drawn up with me, rather than the existing agreement the one tenant as.  @Silvio Brigliadoro, I think the increment idea is a good one, but I might initiate that after a six month trial with the month to month agreements in place.  @Greg Dyer, the security deposit is only applicable to the upper tenant, as he is the only one with any type of lease agreement.  He paid one months rent as a security deposit, but I will definitely have my attorney inquire as to the transfer from the current owners to my agreement.  

I plan on doing my due diligence regarding both parties, and establish month to month leases, with the lower unit being brought up to $150 below market value for that unit (equal to the upper tenant), which happens to be a two bedroom.  I agree that having good tenants who pay on time is invaluable, I just wasn't sure if this was common practice with professional landlords.  Any other advice or suggestions would be greatly appreciated, thanks!

I am in the process of purchasing an investment property, where I will live in one unit, and rent out the other two units.  The upper unit is on a month to month, but the rent is $150 below the average rent in the area, and the lower unit is being rented to a neighbors nephew without a lease, and for well below fair market rent.  I am definitely going to do my due diligence on all parties involved, and if all checks out, continue month to month with the upper tenant, and start a month to month on the lower, with an increase to fair market rent.  My question is really regarding the upper tenant who has been living there for the past three years.  Would it be prudent to raise rent by the $150 that it's below value, or keep as is for a six month period as a trial?  I feel that I should raise the rent to the fair market value as soon as I take ownership, but others have indicated that maybe I should leave his rent be for the time being.  I turn to BP nation as the voice of reason, and the experience factor that I am looking for.  Thanks in advance!

Ryan,

Fantastic job man, well done!

Any pictures?

Thanks Adam I'll definitely check them out!

Looking at a project there, figured its too far out of your reach otherwise I'd have reached out to you. Thanks Dave

I'm searching for quality general contractors in the Binghamton area. Any gc's respond or if investors would be willing to refer any of their gc's I'd appreciate it.

Derrick Hough I'm actually considering a rehab property in Amherst if I can get the funds to do the deal. Are you working on anything currently? Know any good private lenders or hard money lenders in the area? Thanks!

Anyone know of hard money lenders in the buffalo area or know of any local banks who do portfolio lending? I'm a newbie so I don't have much cash to put into a deal, roughly 10,000 of my own without going to family or friends as a last resort, thanks.

I'm taking the real estate sales test for NY soon and would like to work part time in NYC. Does anyone know of any agencies that would take someone on part time in NYC? I have already emailed some places but heard nothing back so far. I figure it's a shot in the dark but still worth asking.