All Forum Posts by: Danette C.

I realize this post is over 2 yrs old, but in case anyone needs ideas/suggestions...

I had a similar situation and am just going to put a suggestion out there for future.  I bought a property Aug 2020.  Tenants were already in place for the year.  I thought they were just roommates, but found out Mar 2021 that they were dating and with that being said the girlfriend had enough of him and wasn't going to sign come July.  Boyfriend found a roommate and they signed the new lease.  New roommate paid his share of security deposit, etc. Girlfriend didn't get deposit back due to carpet damage from her cat.

With that being said, if I had your situation, I would have explained to the wife she needs to discuss with her ex-husband about their agreement.  If he's letting her off the hook for remaining months on the lease and is willing to let her have half the deposit, he can give her the deposit. No need to have yourself involved in that mess.  If he's staying and paying full rent, get a full year's lease signed.  Why wouldn't you unless he has requested a shorter term.  If shorter term, I personally would be willing.  I had a gentleman ask for 6 month lease as he was "separating" from wife during COVID.  I just asked him to keep me posted if things changed.  He immediately told me 4 months in, understood he was still locked into the lease, but we both worked together to find another tenant.  The day he moved out, I cleaned up and the new tenant moved in next day.  Win win as he didn't have to carry mortgage/rent on 2 places for 2 mos and I got a little bit more rent with new tenant.  Depending on your rental property's area, month to month might stress you out so hopefully you at least got a 6 month to allow you to have a more definite date to start looking for new tenants.

I recently read through posts of rent increase letters and how to approach them with the tenants.  I want to play it safe and give ample time for them to find a new place should they decide to not continue renting with us.  I figure 30-60 days is plenty as I could not find any "regulations/rules/statutes" for PA.  I am hoping some of you will share your sample letters as I have found some online, but want to make sure I am not missing important information as most letters had the following:

Effective date of rent increase with new amount

Will not affect current lease

Date tenant must reply by

Method of delivery to tenant as well as receiving back (ie certified mail, in person, email, etc)

***And anything else you would suggest.  Do I need to justify why the increase?  I will be tweaking new leases to include automatic percentage increase as I thought that was a great idea I saw in someone's post awhile back.

Thank you BP colleagues!

Danette

 I had the exact same situation on one of my rentals that I closed on in Aug 2020. I was given their lease, PM company gave me a check for security deposit that they originally had from their lease and difference of August rent as well as the payment they already made for September rent. Their lease didn't expire until July 31,2021. They asked to renew this year, which worked out okay since COVID affected the local university students' desire to even sign a lease as many were and still are trying to get rid of their leases.  With that being said, my tenant is a contractor so in return for rent not being raised, he's repairing things in his property as well as the one we are house hacking in the same neighborhood. 

So, first make sure you are completing the duties of their current lease. Then inform them now or 90 days prior to their lease expiration date  your intentions to increase rent.  

Be a good landlord,  give them plenty of time to work things out on their end. Moving is stressful and if they have been there for a very long time, 90 days is plenty of time to prepare,  research and pack up. If you let them know now, maybe they'll find something even earlier.  Which in turn may allow you to find a new tenant sooner at higher rent.

Here's another example from personal experience of tenant needing to get out of lease:  A gentleman contacted me, was very honest about his situation.  He and his wife were separating but he didn't want to sign a yr lease. Considering my unit was vacant and a weird time to get a renter, I agreed to  Mar-Oct. I told him if things got better, I would do my best to find new tenants. I knew deep down that by July or August,  he'd know if things would be finalized.  Sure enough,  July they did a family vacation and it went well.  He kept me informed so I immediately started showing the townhome and he and his wife put information out, too.  Sure enough,  I found a new tenant that moved in the 2nd of August. He's happy at home and I'm getting higher rent with new tenant. 

So, moral of the story...if you are honest and let tenant know intentions in advance,  it can go very well for both parties. Please keep in mind, our properties are considered class A so I may have less issues than say class C where it can be sticky.

Chuck, did you find the answer to the stupid poster?  Because I got one for our business in AZ recently.  I did a little research and there are states like AZ, FL, NC and I believe GA was on the list in regards to labor poster being required.  Please let me know what you did as I'm going to try and reach out to local govt regarding this stupidity.

Actually, I just found this article:

https://www.govdocs.com/employ...

Don't do it....they look pretty good too because they stress labor law compliance etc and then I turned over my doc and saw the disclaimer that they're a non govt publisher of labor law employment posters. Their service has not been endorsed or approved by government agency.

Excellent article.  Born and raised in Tucson then moving away in 1994, so much has changed. Having done vacation rentals in MO with a plethora of hotels, there's always enough clientele.  As I got to know guests and having traveled to several different places as a family of 6, it's nice having extra amenities and space vs. hotel rooms. So even with more hotels popping up in Tucson, those individuals using airbnb most likely will stick with it as long as it's well maintained.  That's the key; well maintained airbnb make for a positive return visit.  More visitors = more cash coming to Tucson.  

It's good to see vacation rentals aren't being pushed away as some states are getting very strict about the whole airbnb population. In many ways, it's good to have strict rules in place because some owners aren't properly insuring, paying the right taxes, might not get business permits or simple things like fire extinguisher inspections. 

It's interesting to read everyone's insight.  After the description I state the following:  ***No smoking. No pets. Application fee $25. Applicant needs to have a credit score of 680 or higher.***

My realtor suggested that information above when I was first starting out and I have pretty much stuck to it.  I have people look at the property during times that are convenient for me as I try to line them up back to back.  A good way for the prospective renters to see there are others interested.  Those truly interested informed me that they were looking at other properties and will keep me posted as I told them the same and even stated how many prospects will be looking in the next couple of days.  There have been the "flakes", those who respond too late or not at all.  Overall, patience is important because the minute you lower the standards, you could be creating a bigger headache for yourself. And remember, you can negotiate a situation, too. 

@Ronald Staruvsnak where have you found the best vinyl flooring?   Other than Hdepot or Lowes?

@Steve Nafziger

I agree with Joshua. Take these things into consideration:. 

Start with one area. Especially if you're planning to rent it yourself. You'll need to find good housekeeping,  maintenence staff, etc... 

Do you plan to vacation there? Pick somewhere you might enjoy taking family to. Good way to write off a trip as you go to check on condition of property etc! 

Do you want complete hands off? Ask your realtor to give you recommendations of great property management companies. Usually certain developments have one or 2  major companies managing several properties in your area. 

Stress that you hope to continue your relationship with this realtor, too. They'll want to make sure you continue to be happy with them and anyone they can recommend.  It's paying it forward on all ends as you'll develop a good rapport and they'll keep you in mind for a deal that might cross their path. And you can refer that realtor to friends and family.  Win win.

 I saw you mentioned Gatlinburg! I have heard nothing but great things about that area. We had nightly rental cabins in Branson, MO for 10 yrs. Most of our guests would mention how Branson and Gatlinburg were similar in regards to attractions and loved staying in log cabins. Sooo, maybe look into areas in Gatlinburg that have log cabins?  

You live in Ohio...ok wait. You've got Ohio State parents looking for rentals during parents weekend, football games, graduation,  etc...then you've got Cedar Point! Google things to do and see in Ohio. See popular attractions and then pull up some airbnbs in those areas to see if you can pull off something closer to home. Remember,  think outside the box.

Feel free to ask me just about anything on nightly rentals. I am happy to share information and experiences. It can be rewarding on so many levels. 

Best of luck!