All Forum Posts by: Cara Wells

Good morning!

I've made a rookie mistake on lease language, and was wondering if you all have any advice. This is for a condo in Alexandria, VA. My current tenant's lease is scheduled to end on 31 December 2015. The lease contains the following language -

At the end of this Lease Agreement, Tenant shall have the option to renew the Lease for an additional term that is equal to the initial term of this lease (Term of Lease Agreement) pursuant to terms and conditions contained herein.  If Tenant or Landlord does not wish to renew the Lease, written notice must be given to the other party at least 60 days before the end of the term (Term of Lease Agreement) to terminate the Lease (including any exercised renewal or extension thereof).

My critical error was not including a clause to automatically renew the lease. Now that 60 days notice has passed, without a response to my own note 10 days ago reminding them of the notice, their renewal options, and that I hope they renew, I'm going to list the condo for rent again.

My question is this - do you think the wording is written as such that they can come back to come at any time and try to sign a new lease before the end of their current term? I don't want to spend time and money finding a new tenant, only to have issues with this current tenant trying to sign a new lease at the last minute.

Appreciate your help and insight!
Cara

HELP! I've run into a rental payment issue. My tenant was previously depositing her rent ($1800/month) into my Pentagon Federal Credit Union account. When she signed a new lease starting 1 June, I wrote the requirement to deposit the $ into my new bank account at USAA into the lease, as I was converting all my primary accounts from PFCU to USAA. I did not realize she was taking cash to the actual PFCU account until she was unable to deposit cash at USAA (since she's not a member).

I offered to discuss alternate forms of payment, including wire transfer, etc (I'm 600 miles away so I can't ask her to come by my home with cash). Her response today was "depositing the cash into a physical location is best for me - the PFCU account works great."

I'm not sure the best way to proceed LEGALLY since she does not seem to understand that the PFCU account is no longer an option. If I keep the PFCU account open I'm getting charged $15.95/month since it is no longer receiving direct deposit. How would you proceed?

Hi all,

I have a 1BR condo in a very desirable location just outside Washington DC (Alexandria, right off King Street). I bought it for $280K in 2006, could sell for $265K, and currently owe $233K.

My main concern is my negative cash flow. My monthly expenses are $1938, and I rent the condo for $1800. My PMI - $159 - will drop in 2 years and I'll have slightly positive cash flow. Each month $400 goes to my principal payment.

I've seen a lot of different opinions on BP. Am I foolish for holding onto this property, or am I on track playing the long game? It's in an amazing community that was just extensively upgraded (everything from front doors to new insulation, siding, etc) so there are no planned assessments.

I also just moved to Alabama and am self-managing. The $400/property tax I'm paying in VA is making me cringe when I compare it to the $100/month I pay here on a similarly priced home.

Cara

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