All Forum Posts by: Levi T.

It never works out. 9 out of 10 times that we buy units from bad landlords, the tenant in the unit is also providing the repairs with some type of work for rent scheme.. it’s a receipt for trouble all the way around. 

 Don’t forget the renewal fee. That’s normally half months rent. If someone had 3 units, and assumed 1 unit don’t renew per year, while the other two do, that’s about 15.55% of gross rents before repairs or turnover cost. 

A PM will pickup about another 5.5% of gross rents in fees; including late fees, application fees. 

On average I find most PMs are doing 20%-30% of gross rents, thus better than most landlords are doing, without any of the risk might I add!

Appfolio if you plan to do 200+ units 

Are you looking to understand at a per business level, or more along the the lines of something like this https://datausa.io/profile/geo/fredericksburg-va/#category_occupations

You need a attorney. Your going to have to post notice as stated above, and go through that process, then try the courts once you have built a solid case with said legal notice, and even at that stage the judge may give her a few more months to work it out, and boom it’s been 8 months.

Sometimes the easy solution is to just tell the tenant to move the hell out at the end of the month or your taking them to court. I’ve personally called us bad tenants and told them this and they decided they did not want to deal with the legal troubles, and split.

Slugging / Slug Lines. Basically a massive commuter parking lot where people go each morning to carpool into the city to save on gas and what not.

Yesterday we launched the web version of PropertyProspect.net, it allows real estate investors, agents, bankers, flippers, wholesalers, landlords, or even insurance agents to lookup property details such as: Owner contact information, including their mortgage and interest rates, property values, including top or bottom market pricing for that property or property like it, as well as rents for the property. Because we launched it just the other day, we are giving away free access to members of BP while it's in Beta, no catch no credit card needed, just give us some feedback if you love it!

My investment team has been using it for the last year to buy properties all over the US, including Washington DC. Charlotte North Carolina, Houston and Dallas Texas, Columbus Ohio, New Jersey. It really helps us get the inside track about a property and the owners position when making offers on deals.

Agreed, stores are not a good forward looking view of economic drivers for growth.

Personally I don’t feel the process is hard. Find a  major metropolitan area, then start tackling anything that’s within a 60 miles or less radius. Places like NY, DC, Houston are the drivers, and the outlying area or towns and small cities support housing. You can then cherrypick based on construction that is slated to provide more access to said areas. Such as extended rail lines, express lanes / HOV, Slug parking lots, etc 

@Nathan Gesner 😆 that’s classic

Recent ones I’ve heard from my Sr manager:

Two chicks in their 20’s living in TH unit we evicted said in a court there is a ghost in the living room of their apartment, and that is why they are withholding rents. Judge was not amused.

Buy 1,000 units