| personal attention, professional service.... |
2011-07-26 09:58:10 |
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In our residents hand-guild, the first line in bold, it says, personal attention, professional service.
As I am one of the biggest private own landlord in this area, we are trying hard to strike the promise, emergency service within 4 hours, small non critical repairs within 24 hours, and major repairs within 48 hours of first call.
We now have 134 units under our belt, meaning we have 134 headaches to deal with, I always told my tenants, along with all these worry free benefits, there only be one catch, that is to pay rent on time, we will be your best landlord till you fail to pay rent...
Every tenant has a different story, some true, most of them lies, and an experienced landlord should be able to tell whether its true or not.
I send warning letters on the 10th, eviction letters on the 15th, if any tenant call and scream at me, I will cease all communications with him, and go forward with eviction, in no time I want a hostile situation.
if tenant truly has emergency, I will work with them for 30 days, within that period, they need to come up with a payment plan and follow it, or they will be evicted.
of course there are extreme cases that I wave rents too...
it is hard to balance between professionalism with personal needs...
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| Rent Update, June 2011, Collected 97.06% of rent, 4 opening... |
2011-07-05 11:15:48 |
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Rent Update, June 2011, Collected 97.06% of rent, 4 opening...
June, has been a challenge month, we lost 3 tenants, and may continue to lose 3 more in July, but because we been so busy on other things, we didn't even lease out any for the whole month.
The Meth house is finally finish decontamination, local health department released back to us, total cost, near 8k.
June 11, surprisingly, we got another property burn down, still working with insurance company to settle it, they fronted up 25k for initial clean up.
June 9, we partner (I am only 28% equity) with 2 others, form an LLC, won this 40 unit complex in a sheriff sale, final bid was 820k + 10% = 902k. deal was closed June 30, now we in control of 40 more units.
This property should go 1.2mil fire sale price right now, market listing should be 1.4-1.5mil, avg per door is $22,550, while market price per door is $38k.
I expect this deal will give us 100% return of equity within 5 years.
07/09 97.5%
08/09 95.4%
09/09 88.7%
10/09 91.6%
11/09 95.1%
12/09 92.5%
01/10 97.6%
02/10 104.6%
03/10 94.55%
04/10 90.3%
05/10 106.8%
06/10 93.4%
07/10 97.5%
08/10 93.8%
09/10 99.15%
10/10 100.8%
11/10 91.8%
12/10 89.9%
01/11 90.3%
02/11 95.6%
03/11 100.2%
04/11 98.44%
05/11 101.3%
06/11 97.06% |
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