All Forum Posts by: Ashley Schroeder

I would stick to the lease.  She needs to give you formal notice.  I would allow her to break the lease early, but I would continue with the monetary agreements made in the lease for doing so.  My guess is you may be her first landlord if she is a student.  I wouldn't set a precedent that this is how the real world is.  I would be understanding of her need to leave, and supportive in that decision, but if she purchased a house out of the area of her father, a bank would not allow her to "undo" the purchase because she needs to move back home to be by him.  She needs to be held responsible for what she has agreed to.  I do agree with Marcia, that once she vacates you can try to rerent it and if you are able to get someone before her 30-day notice (or whatever is required) then offer that money back once it is paid to you from the new tenant, as a kind gesture.  

Step 1: Do you research!

Is the contractor someone trustworthy?  I wouldn't be afraid of the flood plain issues; but I would be concerned over past damage, how it was remedied, and if water continues to be an issue.  If past issues weren't remedied appropriately then you could have a mold issue, rotting of wood and possibly joists... things that could add up quickly.  But if everything seems solid and in a good condition and the numbers work out, then there is no reason to back away just because it's in a flood plain.  My one caution though is you should never be draining water OUT of a house.  Flood plain or not water should not be coming IN.  You can have a house in a flood plain and not have water enter into the building if it was done correctly.  And the cost to fix it the right way may not be worth the hassle... but it may.  I would just make sure you do your homework first and run the numbers.

Not sure I'd be as strict as Levi, but this is a business you're running!  They are completely just trying to see what they can get out of you.  Some old guy dies of a heart attack... unless if he has a documented communicable disease that the health department would most definitely be aware of, I cannot see why there is any risk here.  New renters.  Want everything they had at mommy and daddy's house.  Now they're in the real world.  

Double check and laws in your state, but I am pretty sure the fact that it was professionally cleaned is probably good enough... also... if there were major health concerns Fannie Mae would have had to remediate it before they were even able to sell (ever see those really ugly rudimentary porches that you can tell were slapped on??? we have a lot of those around us).  Fannie Mae has to make it habitable.  

If I were you I would offer to allow them to break their lease with some sort of penalty (you'd have to check state laws to see if you can keep their security deposit but that would be my choice) and then allow them to break their lease.  It's better to get rid of high maintenance tenants now rather than allow then to continue on with this headache.  I would also give them the option to purchase and replace the carpeting themselves BUT you get to choose the carpeting, they get to pay for the carpet and labor.  It is YOUR unit, not theirs.  If they want their own, they can go and buy a house!  Oh wait... that would require responsibility... which it sounds like they are just learning...  Best of luck!

As always you need to ask yourself what is your goal? What do you want to gain out of real estate? wealth? retirement plan? something to do in your spare time? you enjoy rehabbing? Everyone does REI for their own reasons which is also why everyone starts, continues, and finishes in different aspects as well. Sometimes start up costs factor into play. Some people are better at getting others' money to help invest, while others have cash to invest on their own. There are so many different dynamics in play. I would definitely do some homework. Research on here, go find some other REI information via books, websites, podcasts. Learn as much as you can and something will peak your interest and seem like a great fit. That's the benefit of REI! You don't always have to manage a property... some people like flipping. Some people like building from ground up! We personally thought we were going to start with a small apartment complex... turns out we are building new duplexes to hold... opportunity strikes you need to be prepared to jump! And you also need to know when to walk away from a bad deal!

I agree with @Christian Wathne; the coloring is nice, the grey blends in with the concrete.  If possible I'd keep the trees but trim a lot of the excess saplings that are growing up out of it.  The "dirt" needs to be remedied... either place a beautiful dark mulch or even a white stone would make it pop.  I'm from the midwest so lawns are key!  But not everyone wants to maintain a lawn and it looks like that would be pretty hard in that yard.  Your first picture has something blue under the window... is this permanent or can it be moved?  Possibly painted neutral or green to match the house; or (not that I would want to add more to the already small yard) hide it with something.  It sticks out like a sore thumb.  The bushes at the bottom of the stairs seem odd; they're on one side but not on the other... they just seem really out of place.  Shaping them would definitely help so they don't look like they've grown wild.  The sapling under the window needs to go as well; it will eventually ruin the foundation being so close to the house.  I wouldn't bother with shutters as the house doesn't lend room for it.  But I would think a nice drop light would be adorable in the entryway.  A fresh coat of spray paint on the railing would make it pop too.  I would also try to fix up the rocks; even just straightening them out where the trees have pushed them around a bit may work some magic too.  The house is actually very cute!  It's just hard to see!  Remember to post after photos!

Have you looked into the other side of the property?  I think an assessment is warranted and not just going off of the word of your other tenants.  Also you may need to determine if it was neglect caused by the tenants or by the previous landlord as well.  Legally I am not sure who is responsible, but I wouldn't be surprised if it were the landlord, unless you could prove some sort of neglect by the tenants.  I would also want to look into the property because if they are somehow allowing or possibly even encouraging an infestation because of their actions then I don't know how much you would want them as tenants if you pay to remediate the problem and have the possibility of it coming back again.  Best of luck!

Looks great!  Love what you did with the kitchen; especially with the angles from the ceiling!  

Double check with your states laws regarding Pet deposits and fees.  In WI we are NOT allowed to do a non-refundable pet fee or any type of security deposit on an animal.  There are other ways around it but I know there is a fine line between what can and cannot be charged.

I'm all for second chances... but there are too many red marks on this one.  I'd say no and await your next applicant!