All Forum Posts by: Uwe K.

Looking for some opinions on the following situation. I know there will be no right or wrong answer:

Small office building, and upper floor has three tenants. A + B with me for about 1 and 1.5 years respectively. Good tenants, mostly no complaints. Tenant C recently moved out. Now A + B are interested in jointly renting the C space for meeting, training, whatever. Alternatively I may have other new tenants to choose from. Which would you pick based on the following?

A (while also speaking for B, presumably), bugged me already before availability of the C space that they want to  use it. When it finally became available, he said they were still very much interested for mid October start, latest 11/1. Ok, all good, I didn't bother advertising since it sounded like a pretty clear decision.

Now (in a simplified version), they  are dragging their feet, have note rented, have not reviewed the lease draft from weeks go, and wasted some time that I could have advertised already. There is some indecision, possibly funds availability (or rather willingness to spend it) seems to be an issue from talking to A. We're talking small businesses and a rent amount of $750/month.

With that background, would you rent to them, or a new tenant? My thoughts:

- Con: They are indecisive, and while they now say they have the funds, I don't know how long it holds up. What if in 6 months they flip and decide they don't need it, don't want to afford it anymore? 

- Pro: They have been good and reliable tenants, I probably don't have to worry about much.

- Con: What if they part ways for whatever reason? One wants to move out and doesn't need the space? Will the other continue? The lease is written accordingly, of course (jointly and severally liable) . But as we know, that situation can always create headaches and can cost time and money.

- Con: With a third tenant, I can diversify the risk: If one tenant moves, only one third of the space is empty.

- Pro: The new tenant is still an unknown. Will they stay? will they pay? Will they create trouble?

 Get a couple of nuts and put them on either side, then they cannot unscrew themselves. Add a lock washer for added peace of mind. Or some Loctite thread locker

Joe, why should he involve his insurance? Not his stuff that got stolen! I don't pay my insurance for tenant's junk in the basement (tenant's possessions may not be covered anyway), I pay it for idiot tenants burning down my house because they bypass the electrical meter.

There is no WI law that includes a storage requirement for any size apartment building, 1 through many. There might be a local ordinance in Port, but I would be extremely surprised.

In your next lease revision, just make it clear that landlord is not responsible for tenant's losses and tenant is advised to get renter's insurance. Then you can just point to it to end arguments early.

No no, we're all good. I was just joking about this, and the Sat. is the 2nd anyway. So Friday we take the bath, and Sat. we can meet. :)

You can never ever set up a meeting with RE investors on the first of a month if landlords are included. They all have to either take a bath in the cash they get that day, or they have to run around and try to get that cash :)

I vote for Tosa, too, just around the corner.

Right now, Sat. works better for me. Thursdays I won't be available until 9 pm or so most times.

How long did you guys end up staying?

I am sorry I couldn't make it, my unexpected baby duty ended around 8, and plus driving time I figured you all might be gone by then.

Who took the meeting minutes? :)

I haven't. I looked into it, although I never got much beyond the info on their web site, I think I talked to someone at City hall about it once.

Generally, I'd like to have a little city involvement as possible, but that's just my experience, maybe based on too much nagging by them in the past... :)

While you have to (and should) take care of code violations anyway, I just have the feeling that they maybe have too many eyes watching these houses. In addition, I believe they out in a deed restriction that you cannot sell within 5 years, or only to owner occupants, and I don't want to limit myself in that respect. And then I remember some goofy stuff on the bid form that I didn't like, not sure what it was.

As Dawn said, don't put too much weight on their condition report. There was a duplex on the list next to one of my houses, and they had a $95k repair amount for a $5k or 8k list price. Outrageous line items were in there far from reality.

Does anybody have a recommendation for a paint sprayer for spraying trim and windows with latex paint?

I have had an Graco airless sprayer for years, the one with a hose that goes into the bucket. Works great, but I thought it's a bit too much for trim. Not concerned about overspray since the walls will be done anyway after.

Tried an HVLP with compressor, and that would take 3 days for a room.

Reverted back to the brush and got frustrated after the first window.

Bought a Wagner sprayer with cup,realizing they are consumer models,still expecting a half-way decent result: Very limited control, heavy beast in your hand, overspray like crazy combined with a pattern that is a mix of big droplets and almost bare spots. Might be a setting thing, and a half dark room doesn't help with adjusting, but I think that POS's destiny is already sealed.

Should I just get the smallest tip for the Graco (still like 8-10" width) and just deal with the setup, but be a happy camper?

Any other thoughts?

well, if you broke it, you should fix it. If the tenant breaks it, you will charge them, too, right?

I killed the two front burner tubes the same way once (stove was still in my garage). Those are models where you have to unscrew the top part before you can lift off the cover. Didn't know and pushed a bit too hard :) My models were out of production, so hooray for the scrap dealer.

In your case I would have just gotten a used stove for $150 or $200, that will be cheaper than the appliance dude. That is assuming you're not providing them with a stainless steel, self cleaning, 6 burner commercial Wolf model...