All Forum Posts by: Ben Rasche

The 3 places are a bit on the rough side but are all currently rented. We plan on collecting a few months rents and then chipping away at some of the projects. I have heard of the 6 month requirement before and luckily we have that already in place. I just didn't know if most people planned to keep 5k, 3k, 1k, etc per door in reserves as they grew or how close people cut things. 

Hey guys and gals,

I just purchased 2 single family houses and a duplex to go along with another duplex I currently own.  I'm just curious how much cash I should try to keep in reserves at all times in order to deal with any major repairs/vacancies that may arise. I haven't heard anyone talk about a good guideline for this (i.e., keep X amount per unit in reserves at all times).  What are your thoughts??

Thanks in advance!!
Ben

Just a thought, if you haven't done so already, perhaps offer him cash for keys rather than go through the eviction process.  Tends to be cheaper and can actually improve the chances that he won't trash the place on his way out.

Good Luck!

Ben

Hey Brian,

I'm in the same boat you are, trying to decide to go with an LLC or not. If you don't mind me asking, which attorney did you use? I'm not sure who in town to go with and am open to any suggestions.

Thanks!

Hello,

I'm currently looking at an investment in 3 properties that all are in need of some fixes.  One of the properties is in need of foundational repairs.  I've gotten one estimate for 15k, and one for 10k.  The house also needs to be painted or have new siding put on, as well as having the windows replaced.  I was wondering how people figure what to offer knowing that there are significant costs that will be going into the property up front.  Thanks in advance for the feedback!  

Thanks everyone....I ended up posting a letter on the door on Sunday saying that if I didn't hear from her by Tuesday I would contact my attorney and begin the eviction process.  She contacted me on Monday and said she'd have the rent to me by Friday.  Her lease is up at the end of the month so I have a decision to make as to whether or not to renew it.  This is the first real issue we've had with this tenant so I'm torn.  I know she takes good care of the unit and I don't particularly want to turn it over if this turns out to be a one time thing.  One thing I can guarantee you is that if I renew the lease with her I will place it in our safe at home haha.  Thanks again everyone!!

Hello,

I think I'm going to have to do my first eviction but I cannot find the signed lease.  My tenant is 10 days late and she's just dropped off the face of the earth.  Won't answer phone calls and doesn't reply to text messages.  I do have her rental application which was completed April 23rd of 2014 and the lease was for 1 year.  I have a copy of the lease I typed up for her, but just not the one with her signature on it.  I'm sure that's something I would need if this gets all the way to court.  I was in the process of preparing a 5 day notice (a bit late obviously) when I realized I didn't have the signed lease.  Any suggestions would be greatly appreciated!!!

Thanks!

Thanks for the input everyone.  The house ended up being sold before I could finish my due diligence on the property.  When looking into it further the house turned out to have been previously zoned as occupancy prohibited, which I hadn't run into before.  I ended up having to submit a freedom of information act request to find out why it had been zoned that way and while I was waiting for the information to come back the house went under contract.  Chalk it up to a new experience and keep looking I suppose.

Some additional info that I forgot, I've located an acceptable house that will cost 35k, they will rent it for 955/mo.  I'm responsible for utilities and trash, which equates to $250/mo.

Hello,

First time posting for some feedback but I figured I needed to get active.  I'm looking at purchasing and renting a property to a not-for-profit agency that works with chronically homeless and mentally disabled people.  The agency would take care of the rent, and they have people from the agency visiting the tenants on a regular basis (multiple times per week if needed).  What are some things that I should be weary of and does anyone else have experience renting to similar agencies??  Thanks in advance!