All Forum Posts by: Douglass Benson

81 units across six buildings. We are the masters of 12-20 unit buildings! We have always had effective marketing, a good leasing approach and a fairly strong maintenance approach. 

My wife and I own and operate 81 units.  We have a maintenance team to do repairs and to do turns.  We have done virtually everything to make our units bullet proof (new floors, new windows, new fixtures, new paint, new counter tops, new doors, etc. etc.).

This keeps us viable in the market place and keeps our maintenance calls to a minimum.  As a result, we don't need help with management.

It would be good to read a log of what are the numbers and types of activities that you are being forced to do in the role of an investor and and owner of multi-family.  

You know absolutely nothing about the unauthorized adult.  This is a terrible precedent and potentially a terrible situation.  You need an application or they both are homeless.  

Get additional months of rent up front.  This guy is probably low risk but as always, there are no guarantees.

Evict due to a lack of adherence to the lease. Go for a money judgment as well that includes the utilities he owes you. This isn't a good tenant and an empty unit is more valuable than one with a bad tenant in it and it doesn't matter what time of year it is. Tenants don't improve with the seasons.

Having them fill out an application is the only way that you get to make a decision about removing them that will stand up in court.

It also sends a clear signal that there is a new sheriff in town and now there are rules that must be followed.  It will set a correct tone for the building and establish your precedent.

Good luck to you.

People are already making a ton of money doing this, I just prefer not to.  I would decide early what type of risk you are willing to accommodate.  I don't mean to patronize but the high risk  you attribute to yourself was only financial and not that great a burden to overcome.  There are numerous tenant support groups and charities that can provide you with rent on behalf of someone who is struggling.

That being said, There are other citizens that will bring security and physical and chemical risk to you that you and your business will not be able to deal with.

I wish you luck.

I should have seen the writing on the wall with the first judgment and worked to get her out instead of working to help her stay.  

With the last two buildings that we purchased (a 20 unit and a 17 unit building), we wrote a letter to each tenant detailing what they are currently paying and what the current market rate for their unit was.  It made it easy for them to understand why I was raising the rent and also helped them to know what was waiting for them if they decided to leave.  All the tenants were either month or month or had no lease in place whatsoever so it was easy from a legal perspective to do so.

I offered them nothing in return other than superior service compared to the prior owners and a better building due to the new tenants that we would bring in.

For both buildings, in less than 10 months, what used to be the largest rent payment is now the smallest rent payment and both buildings are full.

It isn't personal, it is only business.

I am a big fan of home ownership.  Grant isn't doing a good job speaking for the masses on this issue.

I took $10k out of my home and purchased my first four plex.  Two years later I took $50k out of my house and purchased a nice 16 unit.  I have never lived more than 15 miles from where I was born and I house hacked until we built the home we live in, 20 years ago.

My wealth isn't quite what Grant's is, but I am working on that and I have my home (now paid off) to thank for it.