All Forum Posts by: Andy Chen

Good morning BPers.

My property is in CA. I need your advice. 

I have a unit which has 4 people on the contract and now it has 6 people. The original lease is including water. We found out the additional tenants due to higher water bill (not because of leaking).

Now the lease is up. My property manager said that it is discrimination against fair housing to charge water fee ($20~$30) per additional person. Also, can this additional water fee go beyond rent cap?

Thank you in advance.

Andy

@Wale Lawal Exactly and totally agree. I guess I will have to see a lot of ideas online and pick the one I like. I can already imagine how happy I will be when returning to the vacation home. Thanks for the advices.

@Patrick Drury Thanks for reply. It is for STR. Can interior designer pick the color too so it matches the interior?

Hi all, a very basic question. I am considering to hire an interior designer to remodel the house. But who can help me pick the color of the exterior painting? Interior designer does that too? Sorry I completely have no experience in this.

Thank you

@Account Closed Thank you so much. That really eases of my mind.

Hi all, I am new to commercial loan. Can I get a commercial loan for my 5-units multi family after I am retired? Assuming my sole income will be from the rental. Because commercial loan typically needs refi every 5~10x years, I am concerned that without steady income (w2) after retirement. Will I have problem getting approved when a refi is needed.

Sorry for the newbie questions. Thank you.

Hi all,

I am looking for your ideas for handling this. Sorry for the long post.

=== [Background] ===
I am in California and I have a unit on month-to-month lease which is including a detached garage. The garage is used as storage but the tenant does get an assigned open parking space.

I purchased the property last May and haven't raised rent since. The current rent is 17% below market rent (including garage rent).

Because I have different plan for the garage. However I am not sure when I will start the project. Hence I need to be able to take back the garage/storage when I want to. Of course with probably 60 days notice and any compensation / assistance anyway I can to vacate the garage.

===[Goal]===
I am trying to raise rent at the same time to rent the garage/storage separately (update the lease). I also don't want to lose the tenants as possible as I can.

===[Options]===
- Option 1:
Can I simply give the tenant a notice of (1) rent increase and
2) of renting the garage/storage separately?
And then total rent increase (rent + garage rent) is within rent control (5% + CPI).

- Option 2:
Raise the rent normally and offer discount on the garage and promise the discounted rate will remain after the project is finished.

Just don't want the tenants feel that they are not gaining anything. Do you have other suggestions or any guidance?

I am a bit concerned that if the tenant does not agree with the new term. He may keep staying and paying the same rent. Or even worse stop paying. But I cannot do anything due to the temporary eviction moratorium until 6/30. Note: The tenants have been paying even one has lost his job.

Thanks,
Andy

@David Frandsen Can we connect? I need more info. Thanks

@Steve Morris thank you for the reminder. Having better understanding of the rules myself is always helpful.

hi @Steve Morris,  I am only doing the research now and trying to understand the rules.