All Forum Posts by: James Petro

I am not 100% familiar with market rents in this city, but I have been doing research on Craigslist and believe that I am right in the neighborhood. Plus I like to shoot on the side of caution and anything above that is a bonus. I have not experienced evicting a tenant before. If their lease is expired, can't I just give them 30 days notice and expect them to leave. I believe the problems with the tenants are due to a tired/slumlord.

I just put a 4 unit under contract that is definitely in need of some cosmetic love. I am under for 235k, am trying to get 35k built into the loan for construction costs which should cover all of the units. Current rents are 675,700,1100,688. Plan is to bring rents up to 750, 800, 1200 and 950. Taxes run about 7100/year and insurance about 2400/ year. It is going to be a bit of a battle to get 2 of the tenants out which I have heard are not paying their rent. What do you guys thing of the numbers on this deal, and does it make sense? Thanks!