All Forum Posts by: Damion Byros

if this is real it sounds amazing and there prob is but I'm sure there's a catch maybe a portion of rent when prop is leased maybe a monthly fee 

I would say your local property management service they do an excellent job of this depending who you hire for the job also there are things you could do such as setting up requirements they must meet to qualify for the property 

1. Keep it clean. A clean dwelling is a place where people will want to live. If the common areas of your rental property are filthy or unkempt, it will give people a bad impression of your property. If your current tenants are contributing to this problem, set some basic rules for cleanliness of the units.

2. Make timely repairs. One of the most common reasons for vacancy is infrequent or nonexistent repairs. Invest the time and the money that is necessary to keep your rental units operating in top condition.

3. Spruce up the exterior. In addition to keeping your rental dwellings clean, you need to frequently paint or otherwise maintain the exterior. If a dwelling looks shoddy, people will not want to live there. Landscaping is also very important in attracting and keeping new tenants. Even though you may not live at your rental property, try to make it as “homey” as possible.

4. Research local rent prices. If you are finding that your tenants are not staying past their lease, you may be charging too much rent or raising rent costs too much at the end of the lease term. Find out what your competitors are charging to see if you can offer your tenants a better deal.

5. Reward existing tenants. The best way to keep a tenant happy is to not raise the rent. Although you may need to increase rent over time, try to avoid this for as long as you can. This will encourage your tenants to stick with you and decrease the number of people leaving to find a better deal.

6. Provide Amenities. Consider providing amenties such as washer-dryers, updated appliances, garbage disposals, and the like.

7. Offer paid utilities. Even a bill as small as $25 a month can seem like a lot to someone who needs to find a cheaper place to live. Offering paid heat or water can be a great way for landlords to attract new tenants and retain their existing ones.

8. Offer incentives. If a large number of tenants are leaving, offer them an incentive to stay. For example, if they sign another six-month lease, offer them a reduction in one month’s rent. You can also try offering free gifts with a new rental, such as household appliances.

9. Look at your neighborhood.If your rental property is not in the best part of town, add a security system so that your tenants feel safer. Not only will this help keep your tenants safe, but it will also let them know that you care about their safety and well-being.

10. Get to know your tenants.Instead of being a feared Machiavellian landlord, try to make friends with your tenants. It is a lot harder to leave a friend’s house than it is to leave a rental dwelling run by someone you don’t know — or don’t like. Take the time to learn more about your tenants and do your best to make them feel at home.

These are just a few suggestions to help you keep your current tenants happy. Your individual situation may call for some different ideas, but this list will get you started on your way to a full rental property that is profitable and a joy to run and own.

run the numbers I think it's a good deal but could be wrong because I don't know the area vac rate cap rate .. Cashflow is attractive though and great price it's a bit older though is the property in good standing also 

there are loan programs for rehabbing such as FHA and they do work with multis as far as the seller financing this isn't uncommon especially if they are a motivated seller like I always say just assess the deal run the numbers make sure it's profitable and yes in my opinion apartment building are amazing if not the best because of large cash flows they can provide over the mortgage payment . 1031 exchange your single family's to pay down payment for the apartment deal

many things go into an appraisers decision or value of a property 

Location is very important with multi family's and sgr is it an area of job growth , what's the demand for rentals like 

What do the units each rent for every month

Is the property in good condition 

I'd assess that the owner is trying to make a huge capital gain if the property doesn't perform according to it's value it's a bad deal I'd say  

What are the property taxes 

Would it cash-flow positively with a mortgage 

What's the cap rate in relation to it's listed price you must thoroughly analyze the numbers then area then the actual physical property to see if it's a good deal also see if there are any upgrades the appraiser may be missing from the equation 

the best advice I can give you would be to get pre qualified if your not approved for further action work backwards and achieve or receive the things the bank needs to get the mortgage btw I congratulate you on finding your first property and going multifamily I'm sure it's a great deal 

I also am a big fan of Roberts and his books rich dad poor dad as they teach you what it means to have a financial education something that is lacking in today's world . I think the approach to buying and holding is good as you are building up equity and hopefully appreciation depending on market and area I would just say keep at it don't give up and financial happiness will come as cash flows will be great and soon replace monthly expenses   

creative financing rent to own , seller financing , hard money lenders , capital partners to go into the deal with you , loan options from the bank and also finding a deal in which is a fixer upper and negotiating with the seller to get them to pay your down payment and take it out of the rehab cost use the leverage in the property need for rehab to attain extra equity or have them pay