All Forum Posts by: Leandro Rodriguez

Focus all your energies in getting these problem tenants out, in order, with the least amount of hassle and damage to the property. You have to put feelings aside and see this as an opportunity to get rid of a problem and get the property ready for a brand new tenant.

Consider the cost of opportunity of one month rent vs not getting these tenants out.

I am assuming you have some cushion funds and can weather one month rent.

i agree your question is more about keeping the tenant than raising the rent. Look at vacancies in your area and make a business decision about closing your current lease and get new, properly screened tenants. As it is right now, you are making life hard on yourself and rewarding poor habits on your tenants. Bring new ones, educate them on your business rules, reduce the hassle.

If you decide to keep them, there are great suggestions above.

Wow...@Jayagowri Deenadayalan

I agree with @John Yanko - BIG difference between buying "into" a property that is not cashflowing vs buying "knowing" you will not cash flow.

First case, you have to have proof you can turn it around, the market is coming up, you can make a difference in management, repairs, raising rents, etc. You have to run your numbers and be certain of your assumptions.

On the second one, unless you are experienced and have a financial situation that allows you to take advantage of the loss - or you are speculating with appreciation, it is hard for me to justify.

i would  not buy the agent's arguments. Do more digging on the propery. I have found that when I am just staring out on something, it is healthy to challenge my assumptions and "discount" mysleef a bit to err on the safe side. 

Have a second look at the property. Bring a good inspector and a contractor if you can. Check county records. Do as much due diligence as possible without tipping off the deal. Most of it can be done in a day or two if you can clear your schedule.

If you can fully satisfy yourself it is all kosher - press forward!

i use it as just another input but it has been fairly accurate so far. My realtor comps are another. Looking at craigslist for the latest posts on similar properties has proven to be really on the spot. 

hi mike, investor here from FL. Welcome to BP. Lots of info here. Enjoy.

I am a condo investor and things are good so far. I invested cash and my return has been quite good.

I have not had HOA issues or assessments although I keep a large rainy day fund in case it comes.

I did have competition from other units but I remodeled a tad higher taste (just a good combo of construction materials, nice colors and good workmanship) that appealed to the aspirational side of enters without screaming expensive, nor being expensive to me.

I rented all units in a matter of days. They are remodeled exactly the same so I kind of stumbled into a formula for decor that works great (wife's touch). And at market prices.

Another factor is that they are located in a high demand area and located on the right side of town.

Condo investing is not terrible, I think it just needs to be part of a portfolio, not your "only" investment vehicle.

i am looking into B2R finance who is a BP sponsor. Haven't done much yet but I plan to investigate more.

what is your goal? Equity or Cashflow?

Seems to me that the deal will cf just fine at $400/mth.

Can you do something extra on the improvements that will increase value of propertty ? 

BUT! is your cash flow calc right? I don't see you mentioning insurance, maintenance, management, taxes?

Make sure you are REALLY cash flowing.