All Forum Posts by: Michael Badin

How is your rent price compared to your competition?  Like many others have said the cost of the heat for the size sounds pretty reasonable.  If you have long term tenants I would not suggest having them start to pay for the heat if they have not up to this point.  However, if their rent is much lower then your local competition or if your competition has similar rent but also has their tenant pay for their own heat you may be able to raise your rent to compensate.  If the heat units are all separate as it sounds like they are you can start to have new tenants pay for the heat as old tenants move out and new ones move in.  

Congratulations, I agree with Michael Le. You mentioned the property needed some work.  Who is going to be overseeing that?  If it is your PM company make sure they understand what level of remodel you have in mind so they don't go over the top with it.  Congrats again! 

Might be easier to rent as two separate units.  Have you considered putting a wall up in the middle and renting as separate single garages?

Something I am currently researching and educating myself on.  Lookup Alan Cowgill, he has some great courses on raising private money and the SEC and it is very reasonably priced.  Also lookup Craig Haskell with Valuehound Academy, has some great info on Syndication and a lot of it is free.  

I have no affiliation with either of these individuals other than I am currently taking or about to take some of their courses. 

I was wondering this myself.  I have several storage units also on one of my properties.  I have only ever advertised them on craigslist and by posting flyers around the property.  Usually my units rent pretty quick though off of that so it was not a huge concern for me.  do you have a lot of competition in your area?  What are you charging compared to other units in your area of comparable size?  

Lets look at it from a different angle.  you said they have a right to part of the garage in the lease.  Until the lease renews you can't change that.  You can however fix your problem.  Go buy an automatic garage door closer on a timer.  That way whenever the garage is left open to long it automatically closes.  Problem solved!

It greatly depends on your contract and your laws in Canada but you will likely have to take him to court to get a judgement against him for the funds.  At that point hopefully he pays you but most likely not.  At that point you can place a lien against his property.  He will then not be able to sell until paying you.  Unfortunately you would have to wait until he tries to sell his property to get your money back, which could be 20, 30 or more years from now.  Of course you want to try to talk to him fist but from what you have said it seems unlikely that will work.  

I also use Cozy and ERentPayment, Cozy is free so most of my tenants prefer that, however you need to tell them to schedule their payments several days in advance.  As several others have mentioned the service is slow so if your tenants schedule the payment for the due date you will not receive it until about 5-6 days later.  But as long as you/ they are aware of it and schedule accordingly it is great.  ERentPayment always worked perfectly but there is a fee.  I also allow several people to take their payment directly to my bank and directly deposit into my account.  With my bank they don't need my account number all they do is give them my business name and deposit it.  They put their name/ property and unit number in the memo line so when I see the transaction I know who's payment it is.  

What about private money.  This is what I am currently looking into.  Raising money from private lenders.  You could raise just enough for the down payment or for the whole thing.  There are lots of ways to structure it.  You can do it as a loan or as a partnership.  I am still very new to the idea so I am nowhere near an expert but there is tons of info on here about it.  Search "private money."  It gets more involved when you get the funds from multiple people and have to form a syndication but as long as you education yourself on the subject (Which is what I am trying to do now) you can do it.  Many others do every day!

I am looking for Multi-family properties in Bucks County PA and Lower Montgomery County PA. Would prefer to stay out of Philadelphia. 

Looking for small (3/4 unit) to mid-size (10/20+unit) multi-family properties. 

If you have a property and are willing to discuss the possibility of owner financing please let me know. Thank you for your time and consideration.