All Forum Posts by: Alyssa Wright

The short answer is, you don't. 

This does not seem like a good/fair deal for either party. Seller doesn't want to sell & is only doing it for money. He might just be asking for groceries now but throughout the closing process it could turn into him asking for added contingencies, money, who knows.

Honestly, this doesn't seem to bad! It doesn't look like it would affect small, private landlords who have 10 or fewer units just big PM companies. 

It does also cap rent increases to no more than 8.5% which while annoying (probably most especially in NY, where price of living is high), does at the same time help the tenants out as well as helps stop tenants from leaving for no reason other than huge rent increases. 

I think it would be interesting to see what their course of action is for landlords who have multiple properties under different llc's. 

Hello Michelle! 

As both Julie and Elise have said, @Austin Daniel is a great person to reach out to with help with investing! Hope this helps! 

 I don't believe our system is set up to send reminders prior to it being due - rent is due on the 1st, which is pretty common so most people have no issues w/ remembering. The system does however, update unpaid tenants on the 4th that they will be reciving a late fee if it is not paid by the 5th. 

We charge a $55 application fee for our listings and so far have not had many issues with this. If you are charging an application fee you just want to make sure you are being a transparent as possible. We have it on all of our listings what our application fee and that it is not re-fundable. 

Definitely give her the guarantor form and not the lease form. It is the students job to maintain the property, report issues, etc... not the mothers. All she is there for is to make sure that the rent is being paid and to be there to financially assist her son. 

If everything else looks really good and they seem like good renters all around besides the smoking, you could add an addendum into the lease stating that they must smoke outside of the property and that they would be responsible for any damage (discoloration, smells) left over as a result of the smoking. That way you are still protecting your property, and if they don't follow through with that clause, they would be violating their lease. 

Additionally, you could also consider charging a higher security deposit in the case that you have to do any extensive cleaning of the property following their move-out. 

Absolutley! It helps keep the tenants and property safe as well as allows the PM/Owner to be as proactive as possible to catch any issues. We do ours every 6 month's and seem to always find unreported work orders that need to be done that could of turned into massive expenses if left unchecked. 

 I agree with you here! 

Especially if the nails/holes in the walls were no bigger than lets say a dime, it would consider it standard wear and tear with a tenant living there for 2 years. 

Unless the dishwasher has something seriously wrong that exceeds the $150-200 mark it might be better to just eat the cost.

I good way I have found to generate leads is to call the Section 8 reps' to let them know that you have a unit that you're looking to fill and see if they have any clients who have a voucher that match your property. 

There are also usually affordable housing sites that you can post on. For Pennsylvania, I post on hacp as well as affordablehousing.com and thats' where I generally get a good amount of leads. Have you tried FB yet for sites?