All Forum Posts by: Huy N.

Hi Bp Community,

I raised some capital and purchased 3 townhomes together with some friends. you could read all the detail here

I ran into a problem: The rent of the middle house is only $550 per month. I want to raise the rent back near the market rate of $1200 but the tenants that i inherited from the previous owner of course won't be able to afford this.

What is the best way to move them out? From what i see they have a lot of good and behaving kids going to school so If i don't do it the right way. I could end up looking like a bad and greedy landlord in front of the court.

How would you deal with this situation? My property manager told me communication with them is also very hard as well. Can I just post a notice of rent increase in front of their door or send them a mail or something?

Thank you!

hey @Ceasar Blackman thanks for commenting!

After repair and everything i think the houses with 2 bedrooms will worth at least 100k. these houses are located in a good school district area. the one in the middle with 3 beds i would think the ARV will be around 120k at least. Negotiation is tough, i'm no expert but i gave it my very best.

One of the tenants unexpectedly moved out. He paid the highest rent and lived in the nicest house out of the 3. I originally plan to keep him in as long as i can but thing didn't work out. He moved out for no reason.

Since I didn't have much money budget to rehab this house and i don't want to risk touching the money for the other two, I reach out to my partners and any friends that could help. We then worked the house with my contractor during the labor day weekend to turn it around for lease next week.

Here is some before, during, and after pix. The house is currently on the market for lease now at 1150. we spent 5.5k for the rehab. We are getting decent traffic per my property manager. Hopefully we are able to place in good tenants soon.

AFTER

 yea sure, i live close by so i can give you my 2 cents. i think i will be around the house tomorrow so just give me a call thx

hey @Iman Yu thanks for replying

i spent around 10k on the rehab for this one. rented for 1250 and so far it is cash flow very well. i made a post of it on my blog here

http://onepercentlistinghouston.com/2015/09/15/pro...

I will move the story to the success forum and duplicate a blog to BP soon. I have been busy with my mini syndication triplex project. I am also looking at a 34 units complex in Houston as well! Live is good so far...

 Hey welcome to the club. I just answered your questioned in the blog. You nailed all the right questions. Good job. 

 I purchased it too but ended up procrastinating and still using excel until now...haha I will make time to look into it more but i would definitely pick this over Quick Book. It is easier to use and setup as i don't want to complicate my life more that it's already is 

@Rick Alvi

NP! I love to add value to other people's life

@J Scott

I just want to say thank you! thank you! thank you! your book saved two of my deals from going south. I love the section where you detailed on every step on how to deal with the appraisal. My broker has been in the business for 30 years and he doesn't even know about this.

Thanks again and wish you all the best

@Rick Alvi

also go to har and setup an alert for the house that met your criteria, i'm pretty sure they will also let you do that with a regular customer account as well, or you can pm me your email with the criteria of the house u r looking for and i will set up an alert to go to your email daily or weekly .

welcome to BP

thanks @Lamar Cannon Very good content