All Forum Posts by: Dale Lotts

Thanks for mentioning rently - it seems cool. 

Right now I try hard, and so far have succeeded for several years, to have my properties turn over in 24 hours - current tenant moves out at 11:00 am on the last day of the month, new tenant moves in at 2:00pm on the first day of the month. As a result, I don't see a way to do self-tours. =(

@Anthony Wick this post started pre covid-19 (check the dates) so no need to insult me for having group showings (I would never have an open house). Obviously separation is important these days.

I've had people apply and get rejected even though I'm fully up front about screening criteria and my application fee is $55 - debt-to-income ratio tripped up the last applicant. It rarely happens to me, but It does happen often across the rental market. Even though it never happened to you...that the strange thing about this world, not everything happens to everyone. 

Yep, I got it working with gmail metadata in the email address and a zapier auto responder. =)

Nice. I already have a similar process in place. Also all free. 

I still need to respond to emails and texts when they come in, that's what I'm trying to automate next. For example, if someone fills out the form in Zillow I'd like an automatic email responder to reply  with instructions about how request a showing (it would of course go on to say that it's an automated response and that filling out the form is the only way to get a real person)

Now that I think about it, maybe I can get Zapier to handle this for me.... =)

Interesting - it looks really nicely done. What are you using for inbound email parsing? 
I was using MailGun but they changed the plans so I can no longer afford inbound mail.

I self manage and my "To Do" list blows yours out of the water. I have a very high degree of automation and consistently hear that my rental units are the nicest people have ever seen - this includes real estate pros and people who have rentals.  

Oh, and a 30-day turnover? You have to be kidding. Unless you're doing some significant renovation a turnover shouldn't leave a single day unrented.  For example, the current tenant moves out by 11:00 am on 31st and the new tenant moves in at 2:00 pm on the 1st - I would fire any property manager that doesn't do turnovers this quick.

Hey @Ronald Rohde, I came here because I was looking see what clauses others had. I didn't really have much luck. I'm not really looking to prevent legal ownership, I'm looking to make sure any gun on my property has limited access, since Suicide is statistically the biggest inappropriate use of guns - I don't want a gun suicide on my property.

For any gun rights advocates, I don't really care about your opinions, so please don't comment. I'm intersted in seeing a few lease clause options so I can decide what, if anything, might go into my lease.

[Edit]: Well I was able to answer my own question for my MN properties - A landlord cannot restrict the lawful carry or possession of firearms by tenants or their guests. Minnesota Statute 624.714. This means that clause must be worded only to include unlawful possession and I certainly will not allow that on my properties.

@Nik Moushon is incorrect. What the Second Amendment protects citizens against is interference on the part of government (both federal and state government, as the McDonald case established) not private actors like landlords. 

Unless your state bans such provisions, like Texas does (big shocker there), you may be able to ban guns in your rentals. It's best to check with a lawyer and not the internet. =)

What did you decide to do? I got a similar request today. Very suspicious. 

I recommend paying off any non-revenue debt first. Pay off the car, primary residence second mortgage (first mortgage if possible) and absolutely everything else that isn't generating revenue. This puts you in a much better financial position when unexpected expenses come up. 

Next, understand in detail what your insurance company will pay for regarding roof and other CapEx items. Often the roof will be damaged in some way covered by insurance so your out-of-pocket expense may be just the deductible. You cannot count on insurance paying to replace the roof, but you should know what is covered and how it works. Some thing you should know are: When is the roof covered by replacement cost vs cash value, how does color matching shingles factor into partial roof replacements (which may lead to entire roof replacements), which shingle is on your roof now and is there a class action lawsuit effecting that shingle (there might be).  

Finally, I like tying up the reserves a bit longer to earn more interest.  For example, use CD ladders for 12 months of personal income (save up a year of income) - 12, one-year CD's with one month of income one CD renews every months and rolls over into a new 12 month period. If I need the money, I just stop the auto renewal and pull the money out. If I need more money, more money is available next month.  This is easy to get started, just open a CD every month for a year - any amount you can afford will work - the next year when the CD renews, add some money to it. Eventually you have a year of income saved up. 

Same with the CapEx account - put that money into some other financial instrument to earn as much as possible while it's sitting there waiting to be used.