All Forum Posts by: Carrie Westover

Hello seasoned landlords:

I am heading into my first tenant transition on my first rental property. The current tenant is in the process of buying a home and expects to close the end of february. Our contract is on a month to month extended from a 1 year lease. He has requested a pro-rated rent for half of March so he has time to move, get carpets cleaned and wash walls, etc. 

i don't have a new tenant yet. i am starting that process now. but i am concerned that i wont get someone in the middle of the month.

What is your experience show? 

Thank you

Thanks for your reply. Your suggestions are exactly what I was thinking.

After a visit to my rental property, I discovered 2 windows were broken. 

The tenant will be staying for at least another 2 1/2 months. I was originally going to use his deposit to pay for fixing the windows but is it smarter to have him front the money now and hold on to the deposit for anything else that may be damaged when he moves out?

Also, I won't be simply replacing the glass, I am going to replace the entire window since they happened to be the only 2 old aluminum windows in the house. Is it ethical to charge the tenant for the whole replacement? or should I pay the difference between what it would have cost to fix glass vs. replace window?

Thanks for your thoughts, experience!

We are working toward all of this. What is your opinion (or anyone else's) on using retirement funds to pay down current debt (student loans). Also refinancing our current rental which we have on a 12 year mtg. to a 30 year to increase cashflow to accomplish the debt pay off and funding savings faster?

also, what are your credentials? I didn't see much on your profile.

Thanks!

Hello!

the old adage, "you need money to make money" is coming true as I am gearing up to look at properties and begin my investment journey. My strategy is buy and hold for longterm SFR rentals. I currently have one that was owner occupied turned rental. So now I want to get another but I am faced with this WALL of cash reserves that I just don't have.

20% down for a conventional mortgage plus I need 6 months reserve for my existing rental and the one I want to buy. Is this really a case of wait and save? or are there ways to go around these requirements or meet them in some other fashion? My current rental has AT LEAST 30% equity in it but I've got it on a 12 year loan so they payment isn't too much lower than the rent I am getting.

any advice, ideas, are appreciated!

Thanks

_Carrie Westover

Hello!

I am new to being a landlord with one tenant in an SFR. We wrote into our contract that we could come and inspect after 3 months. . . Not having done this before, I would like some advice on the best way to do it.

Like- do I give notice and then just show up whenever is convenient for me or schedule an exact time?

Are the tenants home or not home?

these are the questions I am wondering about and perhaps some I haven't thought of. Any advice would be appreciated.

Thank you,

Carrie Westover

My situation is also a single family. I think for now I am going to explain that a late fee will still be assessed. But I may also discuss with him the possibility that Richard C. presents.

Thanks for your responses!

Hello.

I am 4 months into my first stint as landlord and need a little advice. Tenant has requested to pay 3/4 of the rent before the 1st and the remainder by the 7th of March due to his paycheck schedule. My contract assesses a late fee if rent is not paid by the 6th of the month.

Should I accomodate him?

So far, he has been on time or early on rent every month. I am inclined to do it but does this show too much leniency?

Thank you for sharing your thoughts, advice, and experience.

_Carrie Westover

When you put them in a holding pattern, does that mean it is like a conditional qualify? How do you communicate this to the prospective tenant? Thanks!

Thank you for the input. Just what I was thinking. Very helpful. When you say "seal" does that just mean having the damper permanently closed?

Thanks!