All Forum Posts by: Dave Charron

Just wanted to see what others are seeing for insurance rates?   I have a 13 unit under contract for just under $1M and my agent is quoting me $4700/yr with $2500 deductible.  Property is in Upstate NY

My tenant messaged me this morning that the son has left on his own.  Crisis averted, for now!  Thank you for the responses.

One of my tenants in my 8 unit has been letting her son stay with her for the last several months.   He is not on the lease and I was not aware.  Apparently my tenant does not want him there any longer but has no way to make him leave so she contacted me.  In NY anyone that stays longer than 30 days has tenant rights.  Therefore I dont know how to get him out other than evicting both of them?

She pays on time and does not cause any trouble so, I would like her to stay but dont know if thats possible.

Any input would be appreciated.

A couple things Im thinking-  

$49 application in a low income area might be an issue.  Can you use a short pre-application to screen them before charging them the $49?  Thats what I do.

Water, garbage and sewer not included could be an issue too.  In our area (upstate NY), its normal to include these in the rent.  Low income renters can sometimes have issues setting up accounts with all these utilities.

Other than that, like others have mentioned the inside looks good but outside lacks curb appeal (landscaping, lawn, fencing) and the non-matching siding out back.

Good Luck

Just picked up an 8 unit and the 2nd floor apartments have carpet currently.  I am a big fan of vinyl plank flooring in all rooms, but I am concerned about noise when the 2nd floor tenants are walking around?  Am I overthinking this?

Thanks Bill, Everyone is month to month at this point.  And he has someone that just moved out so he is gonna leave that one empty for me to update as I wish.

I was thinking to raise around $75 or $100 to start and then see how things shake out.  Hopefully that wont scare too many off.  I can raise more in the future If they stay.  If anyone leaves, then that one will go to full market after updating.

There are not a lot of options in this immediate area for rentals and this is a nice clean property.  When I do a search on facebook marketplace, craigslist and apartments.com. There are only a couple other apartments available within 10 minutes of here and they are all at market rent or above.

I have an 8 unit under contract and expect to close within a few weeks.  (its 2- 4 plexes)  Owner has owned for 15 years and pretty much does not raise rents after someone has moved in.  Rents are anywhere from $150 to $225 under market and some have been there over 5 years.  These are 1BR apartments in a fairly small town on the outskirts of where I live.  Condition of them is fair to good, as he does keep them in good shape but no complete remodels in many years.

I would consider it a C class property.  Nowhere near D, I know as I have owned them many years ago!!

Looking for some advice on how to smoothly come in and raise rents up to market level?  Thanks in advance! 

Maybe call a couple other people to back up his claims that this is "common" in the area.  Try other realtors, call flippers, or other investors, or contractors.  Or all of them.  I dont know the cost but Im sure its a sizeable investment.  Do your due diligence.

If your sure its not overpriced then I would say its something about the property. Maybe something your overlooking?  Parking? Odd floorplan? size of bedrooms?  Sometimes an odd feature will result in needing a price reduction.  Not saying thats whats going on here, just trying to give you some possibilities.

thanks Ryan.