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All Forum Posts by: Brian Washburn

Brian Washburn has started 12 posts and replied 43 times.

Post: Dealing with an Existing Tenant Below Market Rent

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

Hey Team!

I am looking for some guidance. Today I toured a property that I am looking at for a buy and hold rental. The property seemed like a real winner. 3BR ranch with walk-out basement and attached garage. The problem is that there is a tenant living in there who has been there for TWENTY YEARS and is only paying $550/mo rent. The average rent for this area would be closer to $1,300. 


I have purchased 3 houses so far, all of them vacant. This is my first time looking at a deal with an existing tenant. She seems to be kind of a shut-in, borderline hoarder, and has no intentions of going anywhere soon. She probably would not meet our tenant qualification standards.

This presents a pretty large ethical and logistical challenge. On the one hand, this looks like a great deal and I can't wait to put in an offer. On the other hand, this woman has lived there for 20 years and it would be pretty rough for me to be the guy who triples her rent and evicts her. Business is business... until you blow someone's life up.

Any of you more experienced investors have some creative ideas on how I can approach this? The numbers don't even come close to working with her current rental income. Thanks in advance!

Post: Hereos Act will hurt landlords in a bad way

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

@JR C. Is this FOR REAL?

Post: Tenant Breaking Lease

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

Thanks all for your input. For now, they responded saying they appreciate the offer of $50 to help pay for a storage unit. We'll see if that does the trick, although now I'm not happy about the lost cash flow each month....

Post: Tenant Breaking Lease

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

I just signed a tenant to an 18 month lease in Omaha, NE. They looked at the house twice and agreed to an extended, 18 month lease. Now, 2 days into their term they wrote me to say that the house (2000 sqft) is too small for them, and they'd rather not even move in. Luckily, I already collected their 1st month rent.

What should I do? I have told them if they do not want to live there they need to provide me 60 days written notice and continue to pay rent until I find a new tenant (per the lease) . I also offered them $50 off rent each month to help cover a storage unit.

Thanks for any advice

Post: First Turnover Advice

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

@Kyle Godbout great advice, thanks! Mine also allows for showings with 24 hour notice, but actually nothing about a time frame I can show it.

Post: First Turnover Advice

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

Just did what I should have done before posting and re-read my lease. I have it in there that the tenant is responsible for carpet cleaning within 7 days of the end of their lease. So that's one big item taken care of. Also, I know they have to leave it clean, but even the best-case scenario I plan to have a cleaning company come in there for a couple of hours.  Any other turnover tips and tricks are still welcome!

Post: First Turnover Advice

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

I currently own 1 SFDU rental in Omaha, NE and my first tenants are going to be moving out at the end of October. I am looking for advice/tips on how to execute a turnover with maximum efficiency. Here are a couple of questions I am thinking about:

- They have told me they are moving out at the end of their lease a few months ago, but have not given written notice that they are vacating yet. Do I need to wait for that written notice before I start advertising the house for new tenants?

- At the actual time of turnover, how do I minimize the time the house is vacant? I am going to need to get a carpet cleaner in there, likely have a cleaning service come in for a day, and a few other small maintenance tasks. How does the timing work here? If they move out the last day of Oct, I will ideally have a new tenant ready to move in on 11/1, but that would not allow me any time to tackle these items? Do I just need to try and schedule the carpet cleaners and cleaning crew for the same day and tell the new tenants they will need to deal with a few days of work in the house? I could get the carpet cleaning done before they move out, but all their stuff would still be in the way?

You can see the main jist of my question. What are your best tips for making turnover quick and easy?

Post: Tenant put up security cameras, how to deal with this?

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35

Outside an investor perspective, back to when I lived in apartments, my car was broken into 2x in 3 months and I had almost $2k worth of things stolen (stereo system and laptop from my trunk). I asked the apartment complex if they would install some cameras on the property and they said no because it "would cost them thousands of dollars". I told them their tenants are losing thousands of dollars getting robbed, but that did not work.

Back then, buying and setting up your own cameras was too expensive to be an option for me, but if I had access to the systems that are out there now I definitely would have set up my own cameras too. If the owner complained of property damage from screw holes, I would again point to my own damages and lack of feeling secure.

My recommendation is you should not sweat the tenant putting up a camera or 2, as long as the installation did not cause major damage. Add something to your lease if you'd like for the future, then put cameras up throughout the complex so your tenants don't have to. Market it as a "secured property" and raise rents $5-$10 a month to pay for it. You don't need to go overboard, just a camera at each parking entrance/exit, the leasing office, and 1-2 other important places around the property. 

Post: Travel nurse housing

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35
I'm interested to see if anyone has good insight here, as I have a rental 1 block from the VA Hospital and only a few blocks from UNMC. Another investor suggested I look into travel nurse housing and said some of those travelling nurses get $200+ per diem for food and housing. Of course, I dont know if there is any truth to that figure...

Post: First Rental Property in Omaha, NE!

Brian Washburn
Pro Member
Posted
  • Rental Property Investor
  • Omaha, NE
  • Posts 43
  • Votes 35
@Matt Morgan no plans for refinance at the moment, but will re-evaluate in a couple years. Hoping to put in a new kitchen after a couple years of cash flow.