All Forum Posts by: Mike Wallace

I just bought a 4plex. I inherited some tenants. Their lease agreements state that the rent is due on the 1st of the month. There are no "grace periods" or anything like that on the lease.

Today is the first and i have not yet received their checks. How many days should I wait until I send a 7 day notice?

I am new at all this.

whats a site inspection ?

really?

I type in all their info, SSN, full name, DOB, current address. Then it requires me to enter their e-mail so they ca e-mail them to get authorization to give me the credit report...

I have been using youcheckcredit.com my only problem with it is it requires them to send an e-mail to the tenant to get their authorization for the credit pull. A lot of my perspective tenants do not have internet access.

Any good ones you guys use, they don;t require authorization?

yes i have the space in the basement.

Do you guys have coin operated laundries in your rentals? I just bought a 4plex and it does not have laundry facilities on site.

Do coin operated units make any money in a 4 unit? do they cost more to maintain then they bring in? Where can you buy them?

Thanks.

I was just trying to compare to other people to make sure Im getting a decent deal.

My policy on my 4plex is $1950 yearly, ($162 month)

Dwelling amount 100,000 (purchase price)
Personal property 3,000 (appliances)
Liability amount 1,000,000
Loss of rents 10,000

how much liability should i get on a 4plex?

I am obviously getting regular fire insurance, but what about liability insurance? My lease agreements require my tenants to obtain 300k liability insurance. But does that require common areas? Would if someone slips and falls in the parking lot...am i covered with their insurance?