All Forum Posts by: Niyi Adewole

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

Good Morning BP Family, I currently am house hacking a triplex in Louisville. I plan to put this property into an LLc upon moving out next year. I may be relocating to a different state upon move out and I would like to continue acquiring properties. Question: if I form an LLc in Kentucky, can I still purchase properties out of state?

Good Morning BP Family, 

I recently purchased my first tri-plex and i have a vacancy coming up in a little over 2 months. I'm starting to research the best way to market my properties, and wanted to pose a question to the experienced landlords out there.

Question: Is it better to put photos of a unit online with furniture or without furniture? (I.E. Do you get better traffic/have more success when you post photos with furniture or without)

Jason Haynes welcome! I'm a new investor in the Louisville area, just closed on my first triplex. I would love to exchange contact information and get on your list for 2-4 unit multifamily deals. Do you mind if I PM you my info? Niyi

@Ryan Murdock True. I use buildium for property management, and have this tenant set up for online pay. The tenant just paid $500 using a credit card online, balance is now $175 due by 11:59pm tonight. 

I plan to issue a late notice tomorrow; second late notice on tuesday, and then usps certified pay or quit 7 day notice on wednesday morning. Via the lease, after the 9th i will only accept the rest of the full payment via ceritfied check, so i will make sure to go into the buildium system and cut off the online payment feature on the 9th.  

@Thomas S. ok, i will check with my lawyer. I am really no a fan of the wording of this lease

@Dana Dunford Thank you for the advice. I just printed off the Pay or Quit form, i will drop it in the mail tomorrow. 

@Steve Rozenberg You're 100% correct. I will follow the lease to a T. 

@Thomas S. , below is an excerpt from the lease i'm working off of: 

"1.) Late Payment of Rent: To cover Manager's added cost of late payment, the monthly rent shall be increased an additional 10% plus $5.00 per day if payment is not received on or before the 1st of the month. The Postmark date will be recorded payment received date. Partial payment of rent is allowed. Rent lost in the mail will be treated as unpaid until received and late fees will apply. Only Certified Funds or Cashier’s check from a local Bank will be accepted after the 9th of the month. If your Rent is late, the Landlord shall have the right to consider you in default under this agreement. The Landlord may revise the Late Payment of Rent policy provided a 30-day written notice has been mailed to Tenant via First Class Mail.

2.) Outstanding Account Balance: will accrue at 18% annual percentage rate effective immediately upon move-out and return of possession to Landlord. Outstanding account balance includes any and all Tenant responsible charges."

What do you think about this "Partial Payment" Piece. In your opinion (I know this is not legal advise, etc.) does this mean i HAVE to accept partial payments up until the 9th? 

Good Afternoon BP Family,

I recently purchased my first househack tri-plex, and the one tenant i was somewhat apprehensive about has just alerted me that he will only be able to pay $500 of the $675 rent that is due today. He claims that his bag was stolen, etc... and that he can pay the rest in 2 weeks. Per the lease policy i can Add 10% if payment is not received tomorrow and an additional $5 per day. 

What should i do?

Should i send a pay or quit notice tomorrow and start the eviction process? What happens if he pays $500 today, can i still send a notice out tomorrow?

Michael Rogers congrats man! This is truly inspirational, I'm closing on my first "house-hack" tri-plea this morning. It's great to see someone get to where I would like to get to.

@Brie Schmidt Most, if not all of the properties around here include water. That being said most, if not all of these properties either have a community washer/dryer or residents walk/drive 3 blocks to the laundry Mat. I think that maybe i can use this to explain, saying we want to conserve, etc. 

@Kim Meredith Hampton True. I was planning on increasing rents next year, but I may keep them steady and sub-meter instead.

@Thomas S. I will be taking over that bill next week, and will be paying the water until the leases are up in July. I should have a better picture of when break even point will occur in about 3 months. Also, this triplex already has 3 separate water heaters, i would assume this means that the pipes are already separated, will have a plumber take a look.