All Forum Posts by: Cedric Van Duyn

Hi Everyone,

I have 4 Hot Water Heaters that look like they need replacement in the next couple of months.

I would appreciate any reasonable solutions from other landlords & property managers.

Question: Are the Waterless Heaters a good option? Do they work well? How do costs compare?

Thank you so much for any recommendations!!

Cedric

 Thank you Victor, you are not the first person to suggest a month–to–month rental agreement as opposed to a lease. I find myself in a tension between the peace of mind in knowing that a tenant is going to be there for a full year (no worries about them moving), or the control that the m2m rental agreement provides. I guess that with potential damage to property, etc., it is better to have the control of a m2m

 Hey Jeff, thank you so much for the clarity!! This gives me the space to prepare the new Rental/Lease Agreements and the Addendums so that I can systematically update them.

 Yep, I am a newbie and didn't check the keys properly. Lesson learned for next time! Also, I should now go ahead and check all the other keys!

Also great advice about adding the addendums. I need to go ahead and do that.

Question: Is it standard practice to renew the leases when purchasing a new property? Do the old leases trump my desire to update (& upgrade) the current leases? OR do I have the right as the new owner to go ahead and renew the leases in spite of the fact that some of them are agreements that go through to next year? Thank you for your advice!!!

 That sounds really solid, thank you for the advice!

 Question from a newbie (me): Is it "standard practise" to sign new leases with inherited tenants? I just bought a 6plex and I am wondering about this. I inherited a vacancy and raised the rent by $25 no problem (could have done $50!!). Should I consider having each new tenant sign a new lease with (potentially) increased rent? Is that standard, and is that permissible in spite of the fact that they have leases that are current? (Some are month–to–month, so those could be adjusted.)

I closed on a 6plex about 3 weeks ago, so I am NEW in the business and I currently SELF–MANAGE to learn the ropes...

A tenant got locked out of their apartment and did not have a key. Since I work full–time, I had them come to me to get a key and make a copy. When they got back to the apartment the key only unlocked the bolt, but not the doorknob. Since she was pregnant and her husband was out–of–state, I sent a locksmith to the door to let her in. I got hit with the bill for $86.42.

Since it is technically my responsibility to have working keys, I am guessing that I did the right thing even though: (1) I inherited the previous owner's non–working keys, & (2) it was the tenant's lack of planning that put them in this situation (the tenant's key DOES work, but they did not have it on them).

I know this is not a big deal either way, but just interested in "industry standard practices" on this?

Thanks for any feedback!!!

Hi Everyone,

I am new here and have just sold a negative cash flow property. I am under a 1031 exchange to find a new property in about 40 days. In my area it is impossible to find the 2% Rule – everything is between 0.5% – 0.7%.

My question is whether anyone can point me to any companies that help match investors with better markets across the country. I do need to be assured of credentials and track record, as I would obviously hate to be taken advantage of. I found Home Union (Home Union) online but do not have enough assurance to move forward. Has anyone heard of them, used them, or could anyone point me to a similar company with a strong track record?

Thank you so much for any help/direction!

Bill Exeter, thank you so much for your reply!!

I appreciate the explanation about NET Sale Price. That gives me a great idea of where to aim in filtering listings. It is good to understand that there are deductions, so I will meet with my CPA and figure out our number. Also thanks for the part about how the taxes on a down trade works.

Thank you for the very helpful answer!

Jim Carney, I read several articles until I felt that I had a decent understanding of how it worked, but somehow missed the point about what it means to "trade up." I ASSUMED that I would just need to use my whole equity in order for it to not be taxed and didn't catch the part about having to purchase equal value to what I sold. I am meeting with my CPA this week but was hoping for a general ballpark idea of tax since I am already considering listings and want to add that factor into my equations. Things have been moving a little faster than my education and so I am trying to catch up while working full time. Thanks for responding.