All Forum Posts by: Michael Noto

In no certain order this is what we find matters most on a BRRRR appraisal as far as things you can control

- outside curb appeal

- remodeled kitchens, baths

- Updated electrical and HVAC

- a new roof if the current one is a big eye sore

Yes, I would raise it at least cost of living inflation which is higher this year, about 7%. 

This is on the tenant. Time for them to become an adult. Just weather the storm, once she gets hot water this will all go away. 

Propose what @Joe Villeneuve said at the beginning of this thread before trying to come up with another solution, this is the easiest for everyone involved. 

Let your PM handle it, this is what you hired them for. Any PM has been through this situation multiple times, ask them how they've handled it in the past.

Do not under any circumstances let the tenant have any role in filling the unit, that should be done by you or someone who represents you. 

Tell them you need a date they will be vacating and until then you will not be putting the unit up for rent. See how they react to that and take it from there. They are playing games and want the best of both worlds. 

In the future, consider adding an early lease termination fee into your lease. It outlines a fee the tenant pays to break the lease, usually equivalent to 2 months rent. It takes the emotion out of situations like these. 

@Armin Shivazad What does the rest of his credit profile look like and what is his credit score? 

Congrats on this deal. I went to school at York College and wondered how the real estate market was in this area. Thanks for sharing. 

There are so many options to collect payments these days, but in general I would not choose one that takes 7-10 days to clear. Just not worth dealing with because there are better options out there. 

I've never seen a lease with that language you outlined, but for us it depends on what kind of appliance. For refrigerators, stoves, dishwashers that are owned by us we take care of repair/replacement. That is the norm for our market. 

If a washer/dryer remains from a previous tenant we outline in the lease they are more than welcome to use it, but we will not repair/replace in the event an issue happens.