All Forum Posts by: Atul Mathur

I have a good tenant that would like to terminate his lease early because of a new work location. And an easier commute. He’s been an ideal tenant (always pays on time and takes good care of the place). If I agree to let him out of his lease how can I protect myself so he continues to pay until the unit is re-rented?

I have a good tenant that would like to terminate his lease early because of a new work location. And an easier commute. He’s been an ideal tenant (always pays on time and takes good care of the place). If I agree to let him out of his lease how can I protect myself so he continues to pay until the unit is re-rented?

I'm looking for some feedback/recommendations.   If you have an investment condo, what percentage of it's market value should you have for dwelling coverage in the event of a total loss?   For example, if you have a $300k condo, only the walls in are the landlord's responsibility so how much coverage would be appropriate in the event that the property is completly destroyed?  20% ($60k)?

I'll be there

I'll be there. Thanks for organizing.

You're best bet would be to go to a smaller local bank. They have the ability to do portfolio loans and may allow you to close to an LLC.

Thanks for organizing.  I will attend.

Is a landlord required to use a licensed tradesman when doing work in your unit.   I'm thinking of smaller handyman type jobs like changing a switch, replacing hoses on a washing machine etc.

Is there any potential for liability if something goes wrong and a non licensed person did the work?

I haven't seen any negatives so far.  I suppose if you get a realtor that isn't following up with prospective applicants it would be problematic but since the tenant is paying the realtor commission my bottom line isn't impacted.    Now if I had to pay the realtor fee, I would probably still do it because of the time savings for me.   I would just factor the realtor fee in my analysis for the property.

In my marketplace it is typical for the tenant to pay the realtor commission so I use a realtor. He gets the property listed on Zillow, craigslist, the MLS and other sites as well as does all of the showings. I'm very clear with my screening criteria (3x income, criminal and eviction history check and adequate reserves after paying first month's rent, security deposit (1.5 months) and realtor fee). The realtor collects the completed application and when he gets me qualified candidates I do a face to face interview with them prior to signing a lease.