All Forum Posts by: Niyi Adewole

I have a tenant that pays on time each month, but does not keep a clean unit. I have a $650 security deposit for this persons unit, but if the tenancy were to end today, it most likely wouldnt cover the cleaning, painting, and carpet replacement that would need to take place. 

This persons lease ends in july and i plan to raise the rent. Would you keep a paying tenant in the unit and raise rent or would you get this person out, fix up the unit and rent to someone else? 

All- Thank you for the advice! The tenant ended up paying rent plus all of the late fees prior to going to the courthouse. The tenant is not set up for automatic withdrawals and i havent had an issue since. 

Good Morning BP Family,

I currently own 1 tri-plex and i have a couple offers on the table for a few more small 2-4 unit multi-families. I've been mulling a this question over in my head for a few days and wanted to get your thoughts. 

How much money do you set aside for repairs per property/unit?

I put money aside each month for repairs/capex, but if there are not any repairs/capex at some point it doesnt make sense to keep putting aside money. I've been thinking about setting aside $3000 per unit (I.E. Triplex set aside $9000). What are your thoughts? 

@Gary Dale McKee thank you for sharing. I closed on my first tri-plex in december of last year, purchasing it from an investor like you. I'm convinced i left money on the table as well, but at least we both have our first deal under our belts and are learning

Good Evening BP Family,

I recently purchased my first buy & hold tri-plex and i have to admit i have the bug for buying more. If i do not have the downpayment for a deal, would you recommend using Hard Money to buy the property outright, and then refinancing with a bank to pay it off?

If anyone has done this before, i would love to hear about how you structured the deal for a buy and hold. 

Best,

Niyi

@Account Closed Absolutely nothing like it.. I closed a little over a month ago, and i moved in 3 weeks ago

@Account Closed this is awesome, congrats! I am currently doing the exact same thing. I just purchased a tri-plex in old Louisville, i'm livining in one unit and covering the mortgage with the tenants. 

@Sherman Ragland Thank you for the response! That makes sense, no need to confuse the tenant