All Forum Posts by: Russ M.

We always send a letter thanking them for being a tenant and recap/itemize things in statement fashion.  If there were no deductions it is good for them to see a 0.  We also ask them to consider recommending us to others if they know of people looking to rent.  We have had people refer others after moving out.

I had a tenant that was an inherited tenant when we bought the property.  Was initially on a 12 month lease.  Lease clearly spelled out - Rent increases 10% if you want to go month to month instead of renewing for a year.  His first response was "the previous owner said they never really did that".  I told him the previous owner doesnt own the building any more and we are going by the terms of your lease.  He proceeded to pay the higher amount for about 18 more months.  Then when he finally did move out, the check-in/check-out sheet was marked with no problems during their move-in inspection.  When we sent them a statement charging them for holes in doors and other broken items, he said "Oh the old owner told us we didnt have to write them on the inspection sheet, they would remember them".  He also threatened with court.  I suggested he go back to the old owner to get his money because again, he didnt own the building anymore and he as the tenant was responsible for those damages.  He cashed the security deposit check and we have never heard from him again.

I would take a hard look at your rent numbers.  I think you are being extremely aggressive with $1000 for a 700 sf apartment in that part of town.  Have you done a market analysis of comparables?

You could have a clause in your lease similar to what is common up north, not allowing move-outs between November and February.  

Tell them you wont take late payments.  Payment in full on or before due date.  When that doesnt happen give notice.  Set the tone early or you'll make it harder to do anything later.

If you say yes to letting them change the lease for this you are setting a precedent.  What will they ask for next?  You obviously had a reason for saying no pets originally, don't base your decision on emotions, make a sound business decision.  Remember, in the end, they are your tenants, not your friends.  

Look at Wisconsin Legal Blank.  They are in Milwaukee, but have a website wilegalblank.com that has WI leases that you can purchase.  As mentioned earlier they are written by lawyers so should be solid.  We havent had a problem with them.  Of course we havent had a problem when any tenant has left.  We have been lucky that way.

This tenant may be smarter than you give him credit for.  You mentioned he has inquired about purchasing the property.  Have you ever remotely implied giving them first offer at the property if and when you sell?  He seems to be laying the grounds for you to sell to them and only them and hold you hostage when it comes to price because of all of the "improvements" they made and paid for.  I wouldnt be surprised if he said sell to me or reimburse for everything we have done.

Or I could be completely wrong.

Prospect:  I get SSI of $800/month

Landlord:  You won't have much to live on after $550/month rent?

Prospect:  Oh I get other money, I just can't tell you how I get it

Conversation over!!!!

We don't allow pets, and have not seen an issue due to "decreased renter pool".  No matter how good someone says their dog is, that is their personal opinion.  You open yourself up to noise complaints, nuisance complaints, odor complaints, etc....  What if you have one tenant who works 3rd shift and someones dog is barking during the day because a doorbell rings or something else gets them stirred up.  And I don't care what commercials advertise, you can never completely eliminate cat odors, they just continue to increase.

No pets = less headaches.