All Forum Posts by: Bryan Feltman

@Sarah Brown if she is the breadwinner and you’re happy with her living in your home than I would have her pay his portion of the deposit, refund his portion and be done with him. But if they are forcing you to get in the middle of their problems and you foresee them getting back together and causing more issues in the future than you have the option to not renew their lease. You just need to do it according to your local laws.

@Sarah Brown first things first. If he no longer lives there how confident are you she can pay the rent on her own? If you know she is fine on her own and all parties agree that wife will pay his portion of the deposit and everyone agrees in writing that he can be released from the lease and get half the deposit back...No harm no foul. Just make sure she pays his half first, preferably in certified funds.

My experience with these issues is that they qualified for the home together but now with one of the lease holders gone, the remaining person lacks the income to meet the minimum income requirement.

I think you mentioned there was 1 month left. Send them a Notice of non-renewal and have them find a new home. Just make sure you send the notice in compliance with local laws.

@Derek Morrison If you can, do it. It’s makes the home more attractive to renters. If it is uncommon in your market, more reason to provide them. Make your property stand out and charge a bit more rent.

If you do provide them you should research home warranty programs and see if you can get a reasonable monthly payment to cover the appliances in case a renter treats them poorly.

@Ben Staples This is one question where market factors don’t matter much. Washer/Dryer 100%.

You can do work from any room but you cant wash your clothes without a W/D.

@Snehann Kapnadak Can you not bill back the residents for utilities?

Also probably a dumb question but why is the debt service not included in total expenses?

Thank you.

Check out Advanta at Advantaira.com as well.  They were featured on the Kevin Bupp podcast RE Investing for cash flow episode on Jan. 26 I believe.