All Forum Posts by: Chris Youssi

Y? cash is cash

Ask an Iowa accountant

My 100th post and 1 of my favorite topics about Landlord management! I agree 100% with Craig Curelop and Dick Rosen. My take is as follows: 

1.) We started calling tenants on May 15th asking them if they plan on renewing ( with new increases of course ) or moving out. We do this the 15th of every month.

2.) Once we have confirmation they are moving out we immediately begin showing the property. This clause is written in our lease in BOLD CAPS!

3.) We have 60 +/- units we own at any given time . Our vacancy rate since 1-1-2016 thru YTD has averaged 1.09% .

Always remember it is a business first an investment second and you will do fine!

I love it when a tenant wants us to provide a W/D. We always buy new about $800 - 850. Allows us to pocket another $40/ m and they rarely ever balk at the price. Once in a while I have to move here / there but I have 30 units in the same location so it's an easy transition. Bonus when I go to sell we leave them behind to sweeten the deal. Worse case paid for < 2 years!

My thoughts exactly - the $800 / m is not net as you have to figure in the dues - which can be a major hastle .

One other factor is if 50% is rented and / or more than 10% controlled by 1 entity - owner then this project will not qualify for FHA/VA financing which is key in condo market. Based upon another comment sounds like it will not qualify -30% owned by 1 person.

He sure is - I'll pass your info onto him if you want to PM me.

THX

I'm 15 minutes south of the border in the amazing State of Illinois - what locations are you considering? I know a wholesaler who just asked me about Beloit which is not in my wheelhouse.

Couple thoughts here to try and add to other posts.

1.) Careful you don't end up with an an empty building -highly unlikely butIwould not have all the leases expire in the same month.

2.) We never do a 1 year lease - if credit is suspect because of medical vs phone bills utilities etc...we then write a 6 month lease that states if they pay on or before the first we will renew it for 1 year.

3.) Finally, we never ever have any of our leases expire between 10-31-thru 1-31 of any year. Our vacancy rate or 2016/17 and YTD is averaging 1.06% and that is with 60+ doors. In the rare instance someone breaks a lease ( also use the 2 month lease break penalty ) during those months we still will have an expiration date of 10-31-year or extend it another month or 2 make it a 13 / 14 month lease.

Congrats on your venture!

Google book dealer in your area get 2/3 appraisals

JD Martin (Moderator) - Investor from Northeast, Tennessee

replied about 11 hours ago

Man, if you could invent a snake that could clear 1/2" galvanized you'd be a rich man! :D

Shark tank!