All Forum Posts by: Jay McAllister

Hey everyone. Need some advice. One of my properties a younger couple is renting. They unknown to me, seem to have his mother living there with them it seems. I have had this home for a few years and couple before them zero issues. Ever since they have moved in there has been issues. First the well water smells so I send multiple ppl out and all say it is ok but they still complain, then she claimed ants were invading ( I looked they were not) then the toilet wouldn't flush for two months they told my maintenance guy I said in front of them this is first I heard of it they didn't say anything, my plumber then told me there was nothing wrong with the toilet either. Now the mother tells me yesterday she's paying the rent and is unhappy with the home for these reasons and that it is a small 2 bedroom, I told her your not on the lease and have no legal standing to live here, all after another water guy was there and told her as I stood there nothing at all is wrong with the water. Now she's  having the son who is on the lease asking for a copy of the lease, which he already has. The mother seems to be a major problem. Not sure what to do if tell her out if she is indeed living there or what to do. They are 3 months into a 12 month lease, obviously want the lease fulfilled. Thanks for your help everyone!

Hey biggerpockets. Seasoned single family home investor here for about a decade with a decent number of single family rentals. I am considering jumping into small multi family. Have a couple potential deals on the hook but needing advice. The one I am closest on is a 4 unit in a rapidly growing town with under market rents in prime location. The potential purchase is 350k with current rents at $3340/month. This is very low as I own multiple homes in this town and get significantly more. My conservative estimates put me at 4,000-4500/month rents. Currently expenses are high because the owner pays all utilities except electric and gas. Current monthly expenses are approximately $1,000 obviously without a mortgage. I would likely do a mortgage on this property which is new I have usually always bought cash so a bit different for me here. I do not know multi family rules of thumb, etc. and would love small multi owners input and it would be greatly appreciated!! Thanks in advance.

Thanks for the response Tommy. The home is currently all up to date I rehabbed whole house while living there literally everything including roof a/c furnace, and entire interior. Also we lived there 13 years until few months ago so we would be free from capital gains.

Hi bp nation I Need Advice. Debating selling or renting former primary. I can pay it off and is worth appx $300,000 and plan then to possibly pull out nice chunk of equity if needed to buy other rentals. Or can sell and profit $100,000 if didnt pay off and sold. Its in a very hot area working class Midwest. My concern is its large over 2300 sq ft and over half acre. Guess im not experienced in a little higher end rental properties yet so have concerns about finding tenants to pay large amount (likely $1300 and up?) and take care of very nice property. I live close ( manage all my own properties) and own other rentals free and clear in the area but none worth this much or as large. Any advice on this situation is greatly appreciated. 

hi mike I know this is an older post but I invest in Gary among other areas. Would be interested to see what you have if still available. Thanks