All Forum Posts by: Chris Eaker

Thank you @Tracy Streich and @Josh July.

I am selling one of my rental properties. The current tenant paid a $600 pet fee (2 pets @ $300 each). The lease calls this a pet fee, not a pet deposit, and states it is non-refundable. 

The buyer has rightly requested that the tenant's security deposits be transferred. Of course, no problem there. But they also asked that the pet fee be transferred. I have two questions related to that:

1. I believe I am correct in denying that request to transfer the pet fee. It's not a deposit. It's non-refundable. It's a one-time fee for the privilege of having a pet. What do you think?

2. I will be assigning the current lease to the buyer, which goes through the end of next April. Can the new owner charge the tenant a new pet fee when they take it over? I don't think they can as long as the current lease is in effect. If they sign a new lease with the tenant after the current lease expires, can they charge a new pet fee then?

Hi @Charles M.

We have 5 rentals and we use Kathryn Eaton and Andrew Hartung with Eaton Tax and Business Services. I will send you a private message with their contact info.

It's cheap insurance. Change them monthly. I give my tenants one box of the cheapest filters I can buy and tell them to change it monthly. It's also written in their lease that if they don't change it, they get charged $15/mo it isn't changed. I put a new filter in before they move in and write the date on it. 

@David Hanson

Welcome to Bigger Pockets. I'm up the road from you in Knoxville.

Hello Bigger Pockets:

I am a buy and hold investor in Knoxville, TN, with approximately 16 years of experience in the real estate investing business. I'm currently working on putting together a syndication for my first multifamily purchase. We are seeking properties that will bring our investors a good return. I can tell you more about what numbers I'm shooting for if you are interested. If you are interested in being on my mailing list to see potential deals to participate in as a passive investor, please contact me so we can begin a conversation. I want to get to know you, as you will also want to get to know me. You can email or call me at the contact information below. Feel free to visit my website and see what our buying criteria are.

**We have a deal currently in the works, so let me know if you'd like to hear about it.***

Sincerely,

Chris Eaker

@Robert Wilson Fall Semester starts August 23. That is still over a month away, and I know students aren't the best at planning ahead. Maybe that explains it.

@Jaysen Medhurst

Thanks for your tips. I have considered renting by the room, but I didn't want to have to deal with three independent leases. It might come to that though. Thanks!

Hello All,

I have a 3-bed/2-bath condo in an area where mostly students live. It's a nice condo, relatively new, and comes with free off-street parking, which is valuable around a college campus. It has been rented by the same tenants the last two years at $1800/mo. They're moving out at the end of July.

I have had this condo on the market since March and I have had maybe 3 inquiries about it. I started at $1800, then steadily dropped it and now it's at $1575. I don't know why I'm having so much trouble other than maybe the market is saturated now. There has been alot of new student apartment construction over the last 2 years. 

It's currently listed on Zillow, Trulia, Hotpads, Craigslist, Realtor.com, etc. What do you suggest I do to generate some interest in this unit? My break-even rent is $1410. That still includes allowances for maintenance, taxes, insurance, vacancy, etc. Below that I lose money on it.

@Rachel Pivonka well...it could get ugly, but you have done what you could do to alleviate the problem as quickly as possible. Do you have photos of the roots and tampons in the pipe before they cleaned it out?

Option 1: I would tell her that she should consult an attorney before attempting to breach her lease. I would also tell her that she can file on her renter's policy if she wants compensation for the hotel.

Option 2: Tell her to forfeit her deposit, pay the 2-month penalty, and move on. 

Those are her two options. 

You can't hold her responsible for the plumbing company's incompetence for not finding the problem correctly the first time. You can only hold her responsible for the part where her negligence caused the blockage. But I've learned by going through the courts to get money from a tenant, that it is very slow and arduous and chances are good you will not end up with any more money, and probably less.