All Forum Posts by: Todd Hays

If I'm understanding correctly,he moved out Aug 25 but paid rent until the end of September then he did give you a 30 day notice through giving back possession of the apartment and he paid you for that 30 day notice.

My advice, don't get involved with family or put everything in writing first and make a business plan and outline each other responsibilities and exit strategy. You have to treat this as a business. 

Yes I think your correct on cap rate for this area 8 to 8 1/2 cap.I will know more after tomorrow. Thanks

Hi everyone,I have plenty of experience in 3 family units and landlording and love the cash flows they produce.I'm ready to venture into bigger units but nervous as hell to take the step.So the owner wants 1,3950.000 which is over 60,000 a unit ,2 bedroom units,ave rents are about 822.00 per month.I will be meeting the owner tomorrow to get more info.What is a quick way to gage this property, property has been available for over a year ,when I spoke to him about 7 months ago he want 67,000 a unit.This property has not been listed for sale..Let me know how I should approach this.

Just sell the property to a end user or refinance and pull your cash out and rent it out and use the cash from refinance and buy another property.Your bonus is the cash flow from the rental income.

I always do a yearly inspection and if I see something then I say something. I will always give my tenants a two week notice that I will be doing a walk through so that way they know I will be coming so they can cleanup.

If you don't want to deal with the tenant, you can tell the owner that you want the apartment empty and let the owner figure it out so you don't have to deal with a possible problem that can cost you big time.Anytime I bought a Mulifamily I also make sure I have it all empty so I can work on it and I can get the highest rental income