All Forum Posts by: Frank Jennings

Thank you all for the advice and sharing your experiences, and most importantly your support. It truly helped me. You gave me a voice and the strength to respond to the bs the tenant was throwing at me. The contributors on this site are the best!

I already asked him if he wanted to leave in the beginning. He doesn't. He loves the place. But I think he has a lot of anxiety. I have tried to be patient. It has been 3 weeks of loud construction so maybe the remodeling broke him a little. All of his concerns are irrational so I recognize he may have issues. Before this incident it had been 5 months of peace from him. Yesterday when this happened my reaction was to put it in property management but we don't have a lot of good companies around here so I'm not sure what to do.

I bought my first investment property, a duplex, 6 months ago. From the start a tenant was very angry and difficult. He said he had bad experiences with previous landlords and he trusted no one. I have responded quickly to every issue associated with the property and I thought I earned his trust. I recently had to do mandatory remodeling as mandated by the municipality. I had to tear down an old deck and build a brand new one. Everything is in line with codes and is safe. He snapped on me because the 5 step stairway was too narrow and how could he ever move out large items like a couch. There are 2 other entrances, but anyway, I said if you have to use this entrance you can simply lift the couch over the stairway railing. That seemed to relax him. But before that it had been 2 days of offensive texts and arguing with him. I don't know how to deal with these situations and I'm sure this won't be the last issue. I honestly feel like he is going to sue me for nothing at some point. Any advice from your own experiences would be appreciated. Thank you.

So would you get the confirmation in writing before you make an offer, or would you make that confirmation a contingency in the offer?

I'm considering purchasing a duplex. It's not a true duplex. What I mean is that it was originally built as a single family home, but now there's a door cut out on the right hand side with stairs up to that door. And in the seller's disclosure it says that a certificate of occupancy will be required by the municipality. My question, is this going to be an issue? The current owner has owned it since 2007, and has never lived in it. So I think it has been a duplex for awhile. Does this mean it's not a legal duplex?

I am considering making an offer on a mixed use property. It has 2 apartments renting for $450 a month each and 1 commercial tenant renting for $2400 a month. The commercial tenant is a chiropractor.  If they leave then the property will lose $1200 a month assuming I take out a commercial loan for 80% Ltv. The lease ends June 1st and they have to notify by March 1st if they want to renew. Not sure what to do. If the chiropractor stays long term, it's a great investment. They leave, it's terrible. The location isn't great (not horrible either) and may be hard to find a new tenant.

Should I make a contingency of 100% occupancy? Closing would be in April. Can I speak to the chiropractor directly to learn of their situation and intentions? Because I want to know about their long term plans 3-5 years into the future.

Thank you.

The gross rental income in 2017 was $31000, which meant 4 of out 9 apartments were vacant. Gross rental income in 2018 was $47,000. 

Yes, I removed the depreciation and interest payment.

I have an apartment building under contract. The owners reported a net operating income of $27,500. This was the NOI listed on the MLS and all the paperwork that they gave me. My lender requested the Schedule E and I just looked at it. For 2018 the net operating income is $21,500. And in 2017 the net operating income is $3500. Can I walk? Should I walk? Should I just base it on the 2018 numbers and find a way to close the gap there?

Hi Danny,

Thank you for the reply. I am not worried about filling it. We were told that it would be 100% filled and with leases, but it turned out they lost one. I am new to this so really my question is it ok to even ask for a concession in this case? Is it common practice to ask for this kind of concession?