All Forum Posts by: Chinmay J.

Just like others would like to know what methods are you deploying to get the deals?

Oh no I get it.. I am not busting anyone for raising them.  The properties that I own are all single family units. I don't own any MF properties.. There are valid reasons for raising the rents, and it does suit your business model..  But given COVID situation, it can be tricky.. In some states illegal and definitely not going to garner any popularity by doing so right now... 

If the property is listed in MLS, it should propagate to all the other sites like Zillow, Trulia, Realtor etc. . No need to list it separately.

If you want a real long term tenant, look into Section 8.  It does come with its pluses and minuses - just like everything in life. If you can make it work for yourself, you can be golden !! 

I have never raised rents..I give an assurance, in writing, to my tenants that they can live in the same place for 5 yrs without a single penny more than they did first time they moved in.. Of course, I do collect late fees if they are late.. 

All my properties are high end properties. Cheapest is $1800 a month. I don't buy cheap real estate anymore. Been there.. Done that..Not interested.   Cheap real estate is very expensive.. Just like free advice is very costly... Sorry I digress. 

Vacancy can cost me a bunch. Last thing I want to be greedy for $100 and they move because they found a cheaper place elsewhere.. 

Most successful deals are the ones to be had off market. You should always have a range for your numbers, and try to work within them, but again for properties on the market you are competing with 100s of investors. Good luck.. Keep on working. Don't give up !

All the education you need, you can get on BP.  

Unless you want to go become a Doctor, Scientist or some high level academic, colleges are mostly waste of time... Yeah sure you can impress your mother in law.. But that's about it.. 

I cannot give you exact advice, as I haven't looked at that part of the law recently. There have been some updates last year regarding marijuana use, as VA has started to become more and more liberal towards Marijuana.. I can, however, guide you in the right direction..

Here is what you need to do:

A) Ask a lawyer what the law states. Lawyer should know the most current law. The only thing I know is that with drugs in play, you don't need to provide any notice to the tenant. You can directly file for eviction.  Now with COVID situation, you have a different mess on your hands..   

https://www.nolo.com/legal-encyclopedia/tenant-defenses-evictions-virginia.html 

B) Do not get involved in dispute between the two tenants. Just because the guy hasn't paid doesn't mean he is smoking weed. I have heard everything from weed smoke, to loud music, to roaches being reported by the tenant who is unhappy. If she smells weed, she needs to call the cops.  

C) Do not try to evict them yourself.. Self help is the worst thing for landlord. You need to follow the legal process. 

My Broker only lends in VA. I have someone else who can lend in IN... I can't disclose the names in public as it might be considered advertisement. PM me and I can help in private...

I have never had any issues with tenants with pets.. I allow them freely. Charge them $200 pet deposit. Most are happy to pay. 

I know a broker who has several connects. If one guy can't do it another will do.. Send me a PM and I think I can help you out..