All Forum Posts by: Toi Perry

@James Wise thanks James. I definitely plan to update a lot once they leave!

@Kelly N. Thank you so much. These were my exact thoughts, just needed the reassurance!!

My rental properties I recently acquired are renting at about $635 well below the rental market of comparable properties $750. I want to raise the rent but the tenants have not given me any issues although I know they are paying way too low.

Each unit is 2bed/1bath w/garage & laundry included

Utilities included: Water (not individually metered this is a triplex)

Conyers, GA

Should I raise the rent to a competitive rate (maybe $700) so that they will more than likely stay or should I just increase it to the market rate $750?

Thanks for all advice.

Hi @Al Pat can you still share the contractor contact that you have?  I would like to renovate a bathroom.

@Chantz Ireland hello Chantz, how is your triplex doing now? I’m closing on a triples tomorrow and am worried about being in the same predicament.

@Michael Hurst yes. I got an estimate from a roofing contractor for 9k and lowered my offer 15k, which was accepted by the seller. I’m scheduled to close Nov. 20th.

@Darius Smith congrats on your new deal Darius. I’m in the exact same predicament on my first triplex that I currently have under contract. It was obvious during my walk-through and inspection that the tenant is not very clean. If I close on the deal, I plan to get rid of her when her lease is up in April, and earlier if I have cause to. Keep us updated please on how it goes!

@JD Martin 1. I would like to use a property manager because I work variable hours during the week. My plan is to find a property manager that I will be able to trust once I’m no longer living in the property. I have not decided yet if I will inform the tenants that I am the owner so that they don’t bother me directly about issues.

2. I have no clue if I will be able to get the units separately metered yet. I will need to research this. But if not, I will look into each unit splitting the water bill.

3. My closing costs are out of pocket.

Can anyone recommend a contractor that can come in and give me solid estimates for a triplex I have under contract in Conyers? 

I have just received my inspection back and just like I figured, the roof needs to be replaced and electrical work (multiple grounded conductors connected to a single terminal in circuit breaker in all 3 units) among several other things. I have 2 days until my due diligence period is up. I am currently asking to have due diligence extended another week so that a contractor can come in and give me estimates, which I will use to go down on my offer price. I also plan to ask the seller to pay for a home owners waranty for one year. If the seller does not allow me to extend due diligence should I walk? This is my first property and I’m worried that I may be putting too much money into a deal that may not even go through (I.e. inspection $690 + contractor $?). Any advice?

https://www.biggerpockets.com/forums/88/topics/631650-first-deal-under-contract?highlight_post=3757024&page=1#p3757024