All Forum Posts by: Chris Luger

Hello BP!  I closed on my first duplex.  All my previous props have been Single Fams.  I'm wondering how to charge the renters for heat.  I'm including water/sewer as there isn't two meters. 

Each unit has a thermostat.  I don't know if I need to pay for the fuel, and then charge back the tenant? 

How typically have landlords done this.  Any advice would be greatly appreciated. 

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Hello!  Thank in advance to anyone that has some advice on helping find qualified tenants.  This year is my first year has a landlord, and I now have 4 properties.  The first two, a townhome and a single family, rented very quickly and things were smooth. However, my third unit is a freshly renovated condo, with a ton of amenities. Two bedroom comps in the area were renting for $1900/mo.  This unit is near many employers such as Boston Scientific, Deluxe, Land O' Lakes and others.

I started my listing at $1825, and then dropped it to $1795, when I didn't get any leads or contacts after the first two weeks. 

It has been another two weeks, and I've now paid the first month mortgage on the unit, and still have no renters.

I've listed in Facebook Marketplace, Craigslist, TenantCloud (including the third party sites ie: Zillow, Trulia, Apartments, etc..)

My listing reads as such:

Enjoy Lake Owasso, tennis or the pool with this architecturally designed remodel. This open living concept kitchen dining and living room area has 2 Bedrooms, and 1 bath with Shower, and 1/2 bath connected master Bedroom. Has Owens corning insulation was added to the ceiling and a sound deafening highend cork floor to keep the place peaceful. The kitchen has Quartz counter tops and stainless appliances. The east facing balcony has great sunlight in the morning.

Some Shared Amenities include: Pool, Tennis Courts, Sauna, Beach Access, Car Wash, Heated Underground Parking

Tenant to pay electricity utility.

I've recently mailed 45 Postcards to all the other tenants in the Condo building offering a $200 Referral. Ya know...  "Pick Your Neighbor, Earn $200"

I have worked a vacancy rate into my numbers, however this unit has a $368.00 HOA...

I'm starting to panic a little bit. I have some strict criteria for my properties, one of which is at least $200 per unit in cash flow.

I've spoke with a couple other investors, and thought I'd toss it to the group, and any advice would be greatly appreciated. 

Next Steps might be:

1) Lower rent below my min criteria for cashflow. (offer $1695/mo)? my cashflow would be $128.00/mo 

2) Offer shorter lease terms rather than annual?

3) Allow Pets? 

4) Offer 1/2 off, or a Month Free as an incentive?

Or... Any other ideas on how to attract more leads into the pipeline, that can convert to qualified tenants.

Thanks a ton for any advice...

-Chris

Great story! Thanks for sharing.

Thanks for your advice, and comments. I really appreciate it.

Hello BP Community! Embarrassingly this is my first post.  I wanted some advice. I've been looking into Multifamily Residential properties.  Many of the properties have been pretty beat up, and I'm not experienced enough to do any major rehab projects. Minor stuff if cool. 

I recently came across a two unit Multi Family 55+ (it's two units of four within the building) 

I was blown away by how nice it was. Very well maintained and in really great shape.

The other two units is owned by a resident whom lives there, and takes care of all the maintenance.

All of the maintenance (snow, lawn, common elec, water sewer) is covered by an HOA fee of about $250 per unit.

I've discovered that this is an unwarrented property, and there for I wouldn't be able to get typical funding, and would have to look to a private bank or credit union at a higher rate.

Basically, If I do move forward with this property. I'd cash flow about $150 per unit. Not a lot. However, it is almost like a turnkey, and wouldn't take much involvement.

The main question, would this really put me in a bad situation later if I would ever want to sell the two units? With unwarrented property, would I need any additional insurance on the property? It currently has Hazzard only. 

Has anyone had experience with something like this? Would I be better off using a down payment on another opportunity with greater cash flow potential? 

Any thoughts would be greatly appreciated.

Welcome! I'm also new to REI, and also in the IT field. Nice to meet you. Would love to meet up sometime. Talk shop. IT and REI!