When I purchased my first 4-plex, it was in a first ring suburb, in a nice area of town. It was built in 1985. You could throw a rock outside the complex, and hit $300K homes on all sides. By anyone’s definition, this should be a great place. Unfortunately, the apartment classification was less than to be desired. Continue reading “How I turned a Class ‘D’ Apartment Classification complex into a Class ‘B’ complex.”
My Eleventh Investment Property and Fifth Four-Plex
My eleventh Investment property was probably my most risky and most creative property I have ever purchased. It was not a REO, not even a short sale. I did not even buy the property itself, I bought the underlying mortgage from the bank. Continue reading “My Eleventh Investment Property and Fifth Four-Plex”
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Investment Property for Financial Independence
When I first became a landlord, it was somewhat by accident. I didn’t even know I needed financial independence. I wasn’t sure what to do, and how to do it. I had a solid six-figure income job, and was able to weather out any storms. I left one place vacant for 18+ months, because I didn’t have the time to work on it. I took in some bad tenants, and suffered some aggravation. Luckily, I had the income and backup capital to weather any storms. Continue reading “Investment Property for Financial Independence”
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My Tenth Investment Property and Fourth Four-Plex
All of the investment property I was purchasing in the recent years was in the same apartment complex. They cash flowed great, but there was quite a bit of deferred maintenance in them when they were purchased. There were pros and cons to owning in the same complex. One downside is the properties were all in the same place. What happens to the neighborhood, happens to your investment. Continue reading “My Tenth Investment Property and Fourth Four-Plex”
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Rent Collection: It’s April 2; do you know where your rents are?
I have to collect rent from 25 tenants every month. Most drop the check in the rent box in the building. In my duplexes, they tape it to the door. I have one that pays cash, and I stop by to give a receipt. Some do Bill Pay, and I get a check in the mail. One mails a check directly, with a stamp. One pays with PayPal. Some tenants are roommates, and they each pay with a check. Continue reading “Rent Collection: It’s April 2; do you know where your rents are?”
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Marketing Rental Property is like Selling Bananas
I am always surprised when a landlord cannot get their place rented. Sometimes, they say “I am waiting on the ‘right’ tenant”. It all boils down to marketing rental property properly. Continue reading “Marketing Rental Property is like Selling Bananas”
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Attorneys Clause in Leases
Most residential leases have a clause in them that say the tenant is responsible for all “Attorney Fees”. This was very common until the Minnesota Tenant’s Bill of Rights passed last year, in 2010. Continue reading “Attorneys Clause in Leases”
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My Eighth Investment Property, my second 4-plex
My eighth investment property was a bit more creative. It was a 4-plex, built in 1984 (i.e. no lead paint issues). All four of the apartments were three bedrooms, 1 bath. As with most of my properties, it was a distressed sale. Continue reading “My Eighth Investment Property, my second 4-plex”
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My Seventh Investment Property, my first 4-plex
I owned three investment properties at this time, and was preparing to buy another. I saw values going up considerably, and thought it might be worthwhile to buy another rental property. Continue reading “My Seventh Investment Property, my first 4-plex”
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My Sixth Investment Property and First Sheriffs Sale Purchase
Continue reading “My Sixth Investment Property and First Sheriffs Sale Purchase”
