All Forum Posts by: Chris Herrera

I think you’re on the right track depending on the type of leases you have.

I would send a new lease 60-90 days before expiration with the new terms and if they have a lot of issues with it and won’t comply then you can just let their lease expire and find someone new.

I had a similar issue and had them sign a new lease, but their habits didn’t really change and they didn’t follow some of the rules. Since they paid I didn’t make a big deal about it until the lease was up and just let it expire.

@John Warren when you buy properties over what they are actually worth, how do you know any changes you make will increase the NOI enough so that you are profitable?

What’s your strategy to replace countertops while keeping vacancy time to a minimum? I’ve only replaced the countertop in one of my rentals and the entire process took about a month. I’m trying to figure out how to time it the best way possible as I don’t believe people actually let their unit go vacant for a whole month just to get their replacements in. Do you start the process with the previous tenant a few weeks before they move out?

Alex Bok Once it's up to market, it's about 150/door with property management and over 200 without. I'd like to manage it myself at least for the first year to stabilize it. These numbers are also based on the sellers purchase price, I would likely offer 25k under that.

Scot Howat it's in Villa Park

I have an off market deal for a 6 unit property in the NW / Western Suburb of Chicago, but I'm looking for a partner. I wouldn't have enough for the 25% DP and I asked the seller if the would carry a portion, but they would prefer not to. I already have a 4 unit in the neighboring area so I'm familiar with the market, but this would be my first commercial property. If anybody is interested or knows anybody who is interested, feel free to message or contact me as I'd love to network with local apartment investors.

Seller financing is the way to go at this point, besides partnering up.

Bumping for some insight

I know on BP a lot goes around on how to market to property owners, but I'm more curious at the different ways people are actually closing on those leads. What is your process or what are you saying to convince the seller to close? I'm trying to get better with my presentation as I market myself to mainly multi-family owners who are somewhat interested, but aren't a case of 'tired landlord wanting to get out now'. I also am trying to mainly focus on owner financing deals, but with not much success as the majority would rather wash their hands of the place. What strategies are you using to close off market deals?

The only reason I would be hesitant is because I just bought the property and inherited those tenants. I do have a copy of the apartment listing right before those tenants moved in and have pictures of the place. I also have the description which read newly renovated with brand new carpet. I feel like that would hopefully be enough, especially since the carpet is pretty gross at this point and I wouldn't believe it'd be considered normal wear and tear.