All Forum Posts by: Sam Bhattacharya
Sam Bhattacharya has started 7 posts and replied 49 times.
Post: Who do I contact for questions about applying for a rental license?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
I am a landlord in Maryland. I have learned that I need to apply for a rental license. However, I have questions about the application process and need more guidance.
Who is the best person to contact about this?
Post: How do I handle a tenant who refuses to pay the increased rent in my rental property?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Thank you for all your replies and suggestions. Yes, the rental property is in Montgomery County, Maryland.
I will also say that my tenant always pays the rent on time. However, he makes repairs and changes to the property without letting me know. I hope he doesn't try to damage anything if I give him a notice of eviction. It's kind of a dicey situation.
Post: How do I handle a tenant who refuses to pay the increased rent in my rental property?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
I am a landlord and have had the same tenant in my rental property for 3 years. Since the tenant started renting, the market rate for the rental property has increased significantly. I mentioned this to the tenant and gave him notice of the higher rent. However, the tenant made a big fuss about it and refuses to pay the higher rent.
What do I do and how do I handle this situation professionally?
Post: What if the tenant builds a wall or door without your permission?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
The tenant apparently had some family issues and made the living room into a separate bedroom. He did this on his own dime, of course.
What steps do I need to take here?
Post: How do you deal with a tenant constantly asking to make repairs?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Quote from @Eliott Elias:
First off, tell them to stop all communication with you on your phone number and start communicating via email. I draw the line and say no if it is not a health violation the issue is regarding
Post: How do you deal with a tenant constantly asking to make repairs?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Say you have a tenant who wants you to replace carpeting that is worn but still functional. Or he wants you to fix a gutter that is old but still does the job. Or he wants you to paint a kitchen ceiling when all it needs is a cleaning.
The tenant does this type of work himself, so he benefits from doing these things every time you pay him to do them.
What would be your approach to dealing with this? Where do you draw the line and say "no"?
Post: Are there currently any markets for BRRRR properties < $100,000?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Quote from @Marcus Auerbach:
Quote from @Sam Bhattacharya:
Let's say you're looking for the following:
Purchase price = $75,000
Rehab cost = $25,000
ARV = $150,000
In what market is this kind of a deal likely to happen today?
25k is not a whole lot when you want to rehab a house. If you need a roof, that's half of your budget. If you add HVAC, plumbing and kitchen appliances the rest is gone. You have zero left for a new kitchen cabinets, countertops, new bathrooms, windows, flooring, paint, light fixtures, carpet, basement, landscaping, flatwork repair etc.
We average between 50k and 80k. A 75k house will rarely only have 3 things wrong, they are usually overall beat up, so you need a new everything. A good number to do a quick estimate is about $50/sqft, at least here in Milwaukee. And when you budget more for rehab then for the house the math usually does not work. The solution is to go up in ARV, so you can keep the rehab budget below 25% of ARV.
That's what I got from reading your posts in another thread.
25k rehab costs may be a case of TGTBT.
Post: Are there currently any markets for BRRRR properties < $100,000?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Quote from @Rob Bergeron:
Quote from @Sam Bhattacharya:
Quote from @Raymond Reyes:
@Sam Bhattacharya I would say venture out to the south and midwest. As @Anthony McEvoy mentioned Cleveland, Cincy, Kentucky, Alabama. There are many markets out there where you can get these numbers. Find a market you feel comfortable in and build out your team!
Are real estate agents likely to send investors these kind of listings? It seems to me they want to stay above a $150,000 purchase price.
I connect with my clients with wholesale deals.
Post: Are there currently any markets for BRRRR properties < $100,000?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Quote from @Raymond Reyes:
@Sam Bhattacharya I would say venture out to the south and midwest. As @Anthony McEvoy mentioned Cleveland, Cincy, Kentucky, Alabama. There are many markets out there where you can get these numbers. Find a market you feel comfortable in and build out your team!
Are real estate agents likely to send investors these kind of listings? It seems to me they want to stay above a $150,000 purchase price.
Post: Are there currently any markets for BRRRR properties < $100,000?
- Rental Property Investor
- Damascus, MD
- Posts 50
- Votes 31
Quote from @Anthony McEvoy:
Hello @Sam Bhattacharya - honestly, they're in many markets. However, in today's environment, most are going to be found off market via methods such as mailers and networking. Check foreclosure listings and sheriff sales, too.
Another way is to look for listings that aren't as obvious as a house in bad condition you can add value to. Such as a two bedroom house that can easily be converted into a three bedroom. Perhaps an unfinished basement that could be finished for another bedroom and bathroom.
I viewed a house over the summer that was two bedrooms because someone knocked down a wall in the third bedroom for a larger family room. I recognized the opportunity because the square footage of the house seemed large for only two bedrooms for the area.
Best of luck!
Do you think the line between investors and wholesalers is becoming blurry? Because the things you mention doing are what wholesalers do.