All Forum Posts by: Debra R.

My attorney emphasized that I should always have the phrase "jointly and severally" responsible for the rent.   If one tenant shirks then they all are behind  on and responsible for the rent.  Do the individuals know each other?  That creates some peer pressure for everyone to pay rent on time.  If they don't know each other, it's more likely one will flake and the others will try to refuse to make up the missing rent and you'll have to take everyone to small claims court.  

Can you try to get one person/family that's capable of paying?  

Hi Lois, 

Glad to see someone so nearby me! 

I would start by just asking "I've noticed the hedge is looking pretty sad.  Have you cut back on watering it bc of the drought?" If they say no, they just forgot then you can remind them that it needs watering once a week (or whatever).  If they say yes it's bc of the drought, you might need to just let it go.   People can get very emotional about watering outside when we have such a severe drought.   If they are good tenants otherwise, it may be best not to stir things up.  

Hi Tim, 

Welcome to BP!  Wish I could give you some advice on area rentals, but I'm up north and imagine the market is quite different.  BP is a great community.  Someone will be able to give you specific advice. 

Debra

Hi Derick and Lisa, 

I'm sorry to say I don't know the answer to your question but I have a question for you. If the rental payments are being made by a charitable organization, do the tenants pay anything?  If they pay nothing for the property they are more likely to not take good care of it.   For example I have a friend who owned an apt building.  She rented to a relative.  That person never bothered to buy a shower curtain.  It caused thousands in damages.  If a relative is capable of doing that....

I'm not trying to dissuade you, just trying to help make sure you've covered every base.  

Debra

Thank you everyone for the warm welcome!  

Hi All!  I'm very happy to have found BP.  Really looking forward to learning from others experiences.  

I have a 4 unit building in Alameda with great tenants.  I want to add in a few more buildings but can't afford the SF Bay area right now.  Sacramento is not too far away and the prices are much better.  I'd love to talk to others that own properties in either area (East Bay or Sac).  

I'd really like to talk to members who are knowledgeable about getting loans for borrowers with unusual situations.  More specifically little income but lots of assets.  

I'd be happy to help with questions about what buying in this area is like right now.  Rents are crazy high.  I have a tenant moving out this month and will be able to get between $300 to $500 more per month.  Because the rents are so high, the cost of multi family properties has also risen a lot.  

Can't wait to jump in and learn as much as possible!

Debra

I intended to post my new member intro first but couldn't pass up posting my weird crime story. 

I bought a 4 plex complete with tenants.  One tenant had a boyfriend (we'll call him Tom) living with her who wasn't on the lease.  Tom seemed sketchy to me but not so much that he was scary.  A few things came up missing and my suspicion was that it was him, but no proof.  Shortly after that they moved out and I moved into the building.  A year later at 8 pm a nicely dressed woman shows up on my doorstep asking if Tom lived at this address.  I asked why she wanted to know.  She was a local TV reporter and Tom had been arrested for killing his girlfriend!  She was looking for someone to comment on him for the story.  I declined.  I really didn't need a murderer mad at me.  :)