All Forum Posts by: Mike Wiesner

My only advice is when you decide on a paint, stick with it. If you purchase  Sherwin Williams and then switch to Benjamin Moore  (or switch from Navajo White to Antique White), you will likely have a tough time remembering which apartments you painted with which brand /color and it's a real hassle to touch ups. Consistency really helps efficiency! 

One last thought.  Section 8 will often approve a very healthy rent increase in year two. You MUST submit your rent increase sixty days before  your lease ends (called recertification date by Section 8) along with reasons for the rent increase (increase in taxes, utilities, maintenance, insurance etc..).  You can even call  the worker now and ask what the maximum rent section 8 allows for your apartment (in section 8 lingo, the call it a voucher- one bedroom, two bedroom).  Best of luck! 

@Benjamin Shaw

I strongly suggest using a lawyer in your situation. Try to find a local attorney and one who does residential evictions as part of his regular workload. You should be able to find a lawyer for 650.00- 750.00 plus court and marshal costs. The attorney keeps you from making costly mistakes and sends a clear message to the tenant that you are serious about collecting your rent and enforcing the lease. Good luck!

Thanks for the reminder!

@Michael Fish Welcome to BP. Suggestion: First invest a lot time- both in Education and networking. Only then, invest your money. 

@Travis Lloyd  Thanks Travis! Looking forward. 

@Craig Bellot @Account Closed  Are there ever meet ups closer to Bridgeport?  Can either of you confirm that the meet up will be at Anna Liffey's 7PM on March 22'nd? Much appreciated. 

@Erika A., Like many things in this business, it depends on a number of factors. Tenants won't care if the heat is electric if utilities (or at least electric) is included. You may be able to negotiate better electric rates than your tenants (depending on your state's laws regarding competition among electric utilities). We have a one bedroom unit with electric heat and we include utilities in the price. We had a two bedroom with electric but were able to switch to forced hot air furnace using natural gas. We did this based on recommendations from other Real Estate pros in the area who had experienced difficulties renting apartments with electric heat. In rental markets where demand outstrips supply, electric heat probably isn't a deal killer. My last piece of advice is that in Residential Real Estate, there is almost always a price where you can rent the apartment... within reason of course. So, maybe do your financial calculations a bit on the conservative side which will allow you to drop the rent a bit below market to attract a good tenant. 

A lot of great info here. For sure, tenant screening is a key driver for success in this business. @Jim Piety, the housing laws do favor tenants. The housing laws are not as bad as California and not as good as Texas. Despite some opinions expressed in this thread, I would hire a local lawyer for evictions. I use an excellent attorney and at $650.00 for his services, I think it is well worth the money. I'm happy to recommend him. You can message me privately. It seems as if many investors in this thread do their own evictions. All of my properties are held in LLCs so I couldn't do my own evictions even if I wanted to. I strongly suggest that investors look at establishing LLCs for their RE investments. I don't love spending my money on lawyers but I think the advantages far outweigh the costs.