All Forum Posts by: Bryan Vince

Glad my thoughts were helpful. Lots of great thoughts from various perspectives on BP. It's helped me alot with our business. I manage our (family owned) rental property here in Ft. Myers...

Pretty good thread regarding what to do with 100k. Good Read...

Hi Jay! I crunched the numbers above and came up with the same results:) It looks good based on what you've been provided or came up with as expenses.

My questions/concerns/thoughts go to numbers you have...

- $718 Monthly Rent Per Unit. Does it fit with the market?

What is included in the Misc Expenses?

- Vacancies (5% would $3450 of your CF)

- Utilities all metered separately (ie. tenant paid)?

- Lawn Maint?

- General Maint? We use 5% of rents generally but have well priced handyman or I do the repairs.

I'd dig into or be critical of the Misc. Expenses in your analysis...

Looks good to me if you have accurate numbers and are comfortable with the building, the location and have a good grasp on the Property Mgmt piece.

Have Fun!

I see this as a good thing and wouldn't worry much about any problems...

I'd just contact each of them and do your initial phone interview (if that is your process). If they are a fit, proceed to a showing and application.

We have a 10 unit apartment situation and frequently are given several potential tenants by our current long term tenants prior to any our marketing (sign/craigslist). It has been a time saver. We have done the due diligence and have rejected a few that would not be the best, however...

We do reward our tenants that provide quality tenant leads....

I'll screw the screws in to spray paint... Then put the plates back on after screws are dry...

I like the white switches/outlets and plates. They look nice with the off white paint we use on walls.

I have a bucket with extra outlets/switches/plates and a couple cans of gloss white spray paint.

If in good shape, I remove the plate and hit them with the spray paint. I use a piece of cardboard with a small rectangle cut in it if just touching up wall paint. If repainting the walls, I'll spray paint them before painting walls.

Hmmm. Tough choice. Neither seem perfect. But either may be just fine! Be prepared to act swiftly if #1s business or #2s new relationship fails...

#2 - The long term employment may lend me to think they may show same similar loyalty to good landlord (and consistently pay). New relationships could be a concern if either couldn't handle the place by themselves...

I'd be curious why the two couples are moving and how long they've been at address they are leaving.

Couple 2 would win me based simply on the info. provided.

Posted a thought on your other thread;)

Note - I own the units and have made calculated decisions with partners on the risky types...

My thoughts -

This is probably more simplistic than some may like, but, if you are asking all of us about whether this seems like a good situation or not.................it is probably not. ;) I manage 50 units and have placed 'good' folks in similar situations and have paid the price...

It is highly likely (I believe) that your intuition will turn out to be correct.

Of course, it makes sense to weigh risk vs reward based on rent rates/candidate pool/current occupancy/etc...

But, if I were a gambling man (I'm not), I'd lay cash that the new tenants are late by month 3 and unable to pay by month 6...