All Forum Posts by: Rohan J.

I've bought in a few places that have constant problems with hail, rain, hurricanes, etc... so I wanted to toss this question out to BP: Which state/market has very little issues with natural disasters? Looking to hear what BP thinks is a great market where properties aren't constantly facing issues with the weather.

@Joel Owens you are the man. you have saved me so much money just on these forums... god bless brother. you're a lifesaver.

Totally agree. Thank you guys - looks like I need to do a lot more research on this than I thought.

Also, unfortunately I don't have any actuals on the place, as the place has been gutted and 4 of the units have been empty for over 8 months.

Thanks @Thomas S. @Joel Owens for your honest and thorough answer. I was worried about the things you guys are mentioning, and I think I just had blinders on because it's such a great deal otherwise, and it's in a great neighborhood (Blue Springs in MO). 

Joel, great point about checking other rentals in the area and seeing if they are seller-paid or tenant-paid. 

The owner lives in Australia and she hasn't paid a single dime in fixing up anything after she bought it 10 years ago, so it at least feels like a case where the owner was cheap. I'll have to get to the bottom of it all this week.

If you guys started rehab and did separate utilities, would you only pay to separate water, or would you pay to separate water / electricity/ gas / etc. ?

Yeah I was going to do that.

I'm just worried that tenants will abuse the water/heating/etc once they realize there is no need to be efficient since they are not paying for anything.

I'm considering buying a 5-plex fixer upper in a very nice neighborhood in MO, but the only problem that I see is that meters are not separated so owner is paying all utilities. Everything else makes this a great deal. This is primarily because the units are all studios (4 studios, one 1 bedroom), so they never thought it would be big enough separate apparently. I asked about pricing for separating and it is a little too expensive and the whole process is not guaranteed to go as smoothly. Thoughts on purchasing this place? Any other concerns I should have when buying a bunch of studio units in a nice neighborhood? I was thinking of making each unit a little nicer and bumping rents from 500 to 600, but I'm also concerned about tenant turnover because the units are smaller .

Yeah we are scrambling to get stuff done quicker since she is leaving much sooner than we initially thought. I do want to be fair though, since I appreciate her working with me and moving out on such short notice.

Perhaps I should meet her in the middle and split the difference between the last 10 days (as in she gets 5 days back... so we both lose 5 days of rent).

I live in CA, and on May 2nd, I gave my tenant (who is currently month-to-month) a 30-day notice to vacate by June 2nd, as I am planning to sell this property.

She said that she was in the middle of finals (she's a professor), and she asked for leniency with timing, so we agreed to add 2 more weeks and agreed to change the move out date to June 15th. 

I informed my realtor of these plans, and we're planning to sell accordingly.

Anyways, last week she tells me that she found a new place, signed the new lease, and needs to evacuate immediately (on May 21st), and would like me to return rent back for the remaining 10 days of the month that she won't be living here in.

Am I supposed to give her the remaining 10 days of rent back? On the one hand, I see where she is coming from, since I asked her to move out, which she followed. On the other hand, she originally asked for 2 more weeks, which I gave to her, and we planned our sale/showings around that (so I'm at a loss of income too).

Any advice on what I should do here? Would love to hear the community's thoughts.

Thank you

Hey BP - was wondering if I could get a referral for a GC you've worked with in the past and had a good experience with. Going to start rehabbing a 6plex and need a strong team that communicates and performs in a timely manner. Thank you

Thanks for the perspective, @Mike Cumbie .

I really like this line of yours:
"If an agent does not agree to being exclusively your agent, how can you agree to exclusively use them as an agent?"