All Forum Posts by: Christof Gardet

Hey all, I was just told about the website Docracy I wanted to know what BP thought? I was reading over one of the leasing contracts and it seems pretty good and I might change some things. What are your thoughts?

Hey all, I am about to close on my first rental property(Richmond VA). I was wondering, what are opinions on the lease. Should I get a lawyer to come up with a lease agreement or should I use a pre-made one. If I should get a pre-made one, do you all have a preference of where I should source it from?

So I have done some research and the current tenants what to stay.... meaning the whole $1700 rent, but having to deal with inherited tenants. The landlord wants to retire and move to Florida so I might do well with a low ball offer.

To describe the area better, its very historic and there are 2 properties that are almost communist block style housing.  So I am also unsure of the quality or renters.

Originally posted by @Thomas S.:

Make sure you are paying a lower adjusted price than more attractive properties in the area. Remember it's a rental not a personal home, tenants will rent it regardless.

What are the numbers.

 Its listed at around 120K (I think I can get it for less) its been on the market for months

Everything appears to be OK but I figured for any property I should not assume turn key so I gave myself a little budget to fix things the way I want them for 10k (could also put towards rent for vacant months) I feel as soon as I'm in the place with Owner eyes I will want to change something

the MLS currently states that one of the units rents for $1k and the other $700, I think this is a bit far fetched (not too far off) I'm thinking 650 to 700 per unit is a bit more of the price range. I have accounted for property management, cap ex of 10% V/C of 10% property tax and so on.

Hey all, I am currently looking at a duplex to invest in. The numbers all seem to work out, my only concern is that this property is truly an ugly duckling. the house faces other properties vs facing the street with both entrances on the long side of the house (the insides all look good, new carpet updated bath/kitchen). Should this be a concern? My fears are that if i get the property nobody will want to rent.

Hey all, I'm in Richmond VA market, one of the properties I am currently looking at is a split level it has the perfect layout to make it a duplex. I was wondering what steps I would need to take to make it a legal duplex?

@Penny Clark, I have been driving around the area and the porta-potties don't look like they have been moved in a wile. I also checked the google maps and there were there. (there has been many changes in the neighborhood so its been a while) you do bring a good point that it may not be a problem for my tenants. I guess I'm preparing for the worst. Thanks for your feedback!

Hey all, I am in the process of purchasing a house in the Richmond VA area. There is one house on the block that i think may be problematic when I try and rent it out. The house has a pool and what look like a shed used as a "cabana" (window AC unit), 2 dozen chairs, 6 or so umbrellas, and 3 porta-potties. I am willing to give them a chance but it looks like they are running a suburban resort. If they do become a problem what channels can/should I go through to shut it down. Any and all advice will be appreciated. Thanks!

Benjamin Lapidus I was thinking of buying it for a rental the numbers seem to work better that way