All Forum Posts by: Micah Parsons

It's all about training your tenant, you may be behind the eight ball on that but the tenant looked at the unit before signing the lease.  I'd let her know the carpet is scheduled to be replaced Jan. 2018 so that its not being done because of her request.  All the other maintenance sound legit, based on the fact you have 15 year old carpet I am guessing you have differed some of the required maintenance.     

It's all about training your tenant, you may be behind the eight ball on that but the tenant looked at the unit before signing the lease.  I'd let her know the carpet is scheduled to be replaced Jan. 2018 so that its not being done because of her request.  All the other maintenance sound legit, based on the fact you have 15 year old carpet I am guessing you have differed some of the required maintenance.     

I think @braden downs hit the nail on the head, make an addendum to the lease with an increase and regular inspections of the property if your not local have the "new" management company do a walk though with you on facetime. The ultimate problem here is your management company, they need to be replaced and you should keep a close eye on your current tenants.   

Description 4 BED, 1.5 BATH HOME WITH A DETACHED 2 CAR GARAGE SECTION 8 TENANT COMPLETELY REMODELED WITH NEW: FURNACEHOT WATER HEATERKITCHEN CABINETS, COUNTER TOP, AND SINKTILE KITCHEN FLOORINGCARPET THROUGHOUTBATHROOM VANITY, MIRROR, AND TOILETTILE BATHROOM FLOORING AND SHOWER SURROUNDBATHTUB PLUMBING AND PLUMBING FIXTURESELECTRICAL PANEL AND ELECTRICAL FIXTURESINTERIOR AND EXTERIOR LIGHTINGDOORS AND HARDWAREVINYL WINDOWS AND BLINDSINTERIOR TWO-TONE PAINTGUTTERSGLASS BLOCK WINDOWS IN BASEMENT FULL BASEMENT MAINTENANCE FREE VINYL SIDING
Bathroom(s)	1.5
Square Feet	1250
Year Built	1927
Type	Single Family
Lot Size	3780
Rental Amount	$900
Tax per year	$1057

If Interested, Give Us A Call

(269) 389-0070

A Very nice job just visited Seattle for the first time a couple weeks ago and loved it. I hope to own property there one day for vacation and airbnb.  

Fully Remodeled Single Family... All New Mechanics...Strong 11% ROI here and Good Potential for Future Appreciation in Buffalo!!

Tenant Pending...Rents @ $725 a month to a Brand New Tenant on a One-Year Lease. This Tenant will pay a Security Deposit equal to one month's rent at move-in. This deposit will be credited to the New Owner at closing. The Current Property Manager who places this Tenant will stay on and manage this property for the New Owner, ensuring a smooth transition after the sale.

This property has been fully rehabbed. 

Amenities included: Brand New Architectural Roof, Freshly Painted Exterior Trim, Freshly Painted Interior, Brand New Carpet, Updated Electrical, Updated Plumbing, Brand New Hot Water Tank, Brand New Furnace, Remodeled Kitchen, Remodeled Bathroom, Private Driveway

I really appreciate the advice, yes #brentcoombs the $16,921 is the monthly. I don't have it pulled up but I think the annual was $192,000.  #josephgozlan it makes sense to keep them separate in case of exposure.  I'll keep you updated with any developments, thanks again

I am meeting with a realtor on Monday to discuss a possible portfolio purchase of 8 properties. All of them have deferred maintenance on the outside, I haven't been inside yet. As of right now the asking price is $975,000 the best I can tell it is a total of 27 Units, 32 beds, 29 bath current rental income $16,921.00. I want to make sure I get all the information I need to be able to decided if this is a deal I should pursue. I know I need to get the current rent roll and also what capital will be needed for repairs for starters.

I am not sure how to value the deal for starters, these are all early 1900's house that have been converted to multi-units the largest being 6 units. I can do it on an individual bases but is that the correct way it should be done? Should the value be figured as a package or individual property? which method should be used appreciation or cap rate?

I have purchased single family and most recently a tri-plex rehab but this is a lot and want to make sure I dot my i's and cross my t's

thank you ahead of time for any help

I am meeting with a realtor on Monday to discuss a possible portfolio purchase of 8 properties.  All of them have deferred maintenance on the outside, I haven't been inside yet.  As of right now the asking price is $975,000  the best I can tell it is a total of 27 Units, 32 beds, 29 bath current rental income $16,921.00.  I want to make sure I get all the information I need to be able to decided if this is a deal I should pursue. I know I need to get the current rent roll and also what capital will be needed for repairs for starters.  

I am not sure how to value the deal for starters, these are all early 1900's house that have been converted to multi-units the largest being 6 units.  I can do it on an individual bases but is that the correct way it should be done?  Should the value be figured as a package or individual property? which method should be used appreciation or cap rate?

I have purchased single family and most recently a tri-plex rehab but this is a lot and want to make sure I dot my i's and cross my t's

thank you ahead of time for any help

Welcome to BP you'll fine a wealth of information and lots of people willing to help. I am an investor in Kalamazoo and would be happy to help out with any questions. I am currently rehabbing a triplex and looking for another