All Forum Posts by: Jake Johnson

Make sure the previous owner speaks to the tenants first and lets them know the situation. Have him inform them that you will be contacting them to take over their lease and assure them nothing with their lease will change with the sale of the property. Just be open and honest and listen to nay concerns they have. 

Just my two cents. 

Do not split up the lease based on the rooms. Do one lease for the unit. I see owners try and split it up by room to get more money but this causes all kinds of problems. It also makes turnover extremely difficult because you have to work around all the other occupants schedules.

Common areas become trashed because no one is technically responsible for it because they defer blame to the other parties. It is hard to go after multiple parties in this event.

One lease per unit and treat it like you would anything else. Just because they are students does not mean they are incapable of acting like adults. 

Active Campaign is excellent and I am pretty sure it has every feature you listed.

Depends on your state laws. In VA, we would have to serve a 14 day notice that states they have to work with the gov2go rent support program. If they dont apply to the program or pay up in 14 days we have to send a second 14 day notice. After the second 14 days is up we can begin eviction proceedings.

The problem being the gov2go program has taken up to 3 months in some cases to pay out. So the owner did not collect any rent for those 3 months. They have been paying back rent however.

Unfortunately it seems as though tenants get wind of this program and try to take advantage of the aid.

@Greg M. has the best answer if you want to try and resolve it quickly. Offer them their security deposit back and to be let out penalty fee. This may be the cheapest way.

You should check with your local property management companies. They will know the local laws that apply and can advise on a course of action. 

 Both single family and multi family are strong at the moment.

For rental rates Zillow is pretty close most of the time. We have found things like rentometer to be behind is some cases. 

 We have an in-house crew now but when we had to hire out Just Better Home Services was always the best. The most expensive, but they did it right the first time and with less headache. If you will be doing this long term, your best bet is to find a contractor with a crew who can do a little of everything. 

We use Lowes because of the Lowes for Pros discount. Free haul away as well. We have also had success with them paying for any damage the installers caused without too much headache.

This is an older thread but the Charlottesville and surrounding markets are exploding right now. We have seen significant increases in rents across the board over the last 2 years and that's not to say they were low before. Charlottesville multifamily market is excellent and there is tons of money to be made. The surrounding areas like Waynesboro do ok but they are less desirable than Charlottesville or even Louisa. 

Charlottesville is an excellent market for multifamily. Rents are going through the roof right now. Connect with Jamie White Real Estate. He is the best in Charlottesville and has his ear to the ground. He will know of something or be able to connect you with some other players. Most of our multifamily owners found their properties on loop net.