All Forum Posts by: Daniel Ferris

Thanks for all the helpful info on the topic. 

I am trying to get in touch with him to talk about it further considering the lease that we signed is not clear. I will be doing my due diligence in the meantime about PA State Landlord-Tenant laws. I am looking at this as a learning experience. I was not aware that MTM leases operated differently than annual in that the Landlord could provide 60 days notice to terminate the lease to the tenant. 

As a future real estate investor I will be sure to mention that to tenants who inquire about a MTM lease. In our situation, knowing that those were the terms would have given me pause to signing that agreement.

Hi BP,

I am asking a question from the perspective of a tenant and looking for your expertise. I have found a good deal of info on MTM leases but none that I can locate seem to directly address my specific question.

The situation:

I am currently renting and am entering the fourth year of my lease. We live in Pennsylvania in a suburb of Philly. 

Our lease has previously been a yearly lease, but when renewal time came up this year I decided it made sense to do a month to month considering that we are looking to buy a house. But the housing market is pretty strong it is definitely a sellers market, so we have had no such luck.  

The lease that we agreed upon was month to month with 60 days notice, and the lease does specify that 60 day notice to vacate must be given by the tenant (as I read it) but there is no similar disclaimer that the landlord has the right to terminate the lease with 60 days notice by no fault of the tenant, to rent it to someone willing to sign an annual lease. Rent has always been on time and there is nothing on our lease that we have violated. I am aware this is more of a legal question, but seeing as we (the tenant) have not given notice or indication that we would be moving, is the landlord legally able to market our apartment for rent, provide showings to prospects, and ultimately rent the apartment out, even though we have no desire to move? Because this is a legal question, is there any resources you have on this topic. 

Thanks for your assistance!

Dan

@Samuel Awosolu I agree, it will depend on your business model and your target market.

You need a very clear picture of who you are trying to reach, your personal "brand story", and a very well thought out marketing plan. If door knocking works in your area, that is a great. Building an online presence and telling your story is also very important and will let (potential) sellers know that you are honest and want to help them. Your marketing plan should also consider how you will convert eyes on your page or video to leads. Do you want to email people, call them, or meet them at their home? What is your call to action that you want the seller to take? 

Even if you focus on word of mouth and doorknocking, an online presence is becoming more of a necessity than a differentiator. However, if your marketing plan is well executed, it can differentiate you from every other investor looking for more great deals. 

@Ryan Hoer congrats on purchasing your second duplex! This is also my goal. I want to live in one unit while I rent out the other to leverage all the tax incentives. This is a great way to build wealth and security!

@Scott C. Thanks Scott, I am actually working on the Beginner's guide now. The content is great

Hello everyone,

I have always had an interest in real estate and I am looking to take the first step towards becoming an investor. I joined the forum to learn how to invest in my first property and eventually launch and grow some form of a holdings and development company. I have searched this forum for the past hour and already learned a lot. There is a great deal of expertise among the members and a desire to share that knowledge with others. With your help, I am looking forward to learning all that I can.

Also, I live in Conshohocken, PA and am curious to see the number of members from the surrounding areas of Lafayette Hill, Norristown, Plymouth Meeting, Bridgeport, and Philadelphia.  

Best,

Dan