All Forum Posts by: David Dachtera

Agree with the others. Better pics and narrative will help a lot. You've likely already lost enough through vacancy to pay a professional a couple times over.

The agent says you can't add a bath? What about the city? They're likely to know better.

Yeah - 5 / 1 is a bit much, and at that rent, well, you'll want to do comparables on area rents.

Unless it would be a bad fit for the area, I'd go for fewer bedrooms, more family area, if that's possible.

My $0.02 ...

@Albert Johnson,

You may want to consider putting an automatic gate at the entrance(s) to the property such that if left open for a fixed period it will close itself.

My $0.02 ...

My personal preference for managing an STR or MTR would be someone / a team with hospitality experience, preferably an actual B&B or hotel / motel experience. It's a whole different "ball of wax" from managing LTRs.

My$0.02 ...

You can use LED light bulbs in your existing fans and get "the best of both worlds".

Soft White or Warm White vs. Cool White (bluish, a.k.a. "Daylight") will be a matter of some debate, I'm sure. My personal preference is warm white - the ones that look like a tungsten light. 

If you're adding fans to a room with an existing light switch wired to a ceiling box, explore adding a "hot" wire for the motor and have the switched wire for the light. That way, no one has to navigate a dark room to find the light switch and the fan can run independently.

My $0.02 ...

Based on the pix I've seen of fire damaged houses, I (personally) would plan on a total gut-to-the-studs rehab on top of replacing the burnt wood in addition to the HVAC, electrical and plumbing.

I'd pretty much expect to get into the property somewhere around (probably less than) 33% of ARV. I understand your market is "hot" ... for move-in ready properties. For near-total rebuilds, not so much, more than likely.

My $0.02 ...

Have you ever received a cold call from a hotel / motel where you've not yet stayed?

This is likely one of those areas where we step out of the realm of REI and into the world of Hospitality.

Do you cold call to get tenants for your long-term rental units?

Do you cold call to get buyers for your properties? ... or do you have an agent / broker who does that for you (it's literally their job description)?

There is no "lost" rent. The only numbers which can be considered "lost" are the late fees you didn't impose because the incentive convinced the tenants to pay early / on-time.

The "Added infrastructure and expenses" are the staff's (or your) time to handle the eviction filings and any related legal / court / etc. fees associated with that activity.

It also provides a "work-around" (where permitted) in those jurisdictions where late fees are limited to lower amounts.

$100 is the real number. I can put you in touch with my former landlord (he's not a denizen of BP), if you think that would help.

It's written in the lease that the rent is - using your example - $1,500 and that you get a $100 discount for paying on or before the due date.

Here's the logic: late fees, etc. require infrastructure and expenses. Also, if you have to take a tenant to court, the judge will award you back rent, but not late fees.

;-) 

Time to let it go and move on.

The seller's issues aren't your problem. Walk away.

So, it sounds like the only complaint you have about her is the late rent.

First guess time says her income is dependent upon factors she cannot control - tips and other gratuities, sales commissions, etc., none of which are dependable or guaranteed. She may also have variable expenses beyond her control.

Want your property destroyed? Give her a hard time about it. 

Don't want your property destroyed? Patience, compassion and accommodation are in order.

In fact, here's an idea ...

Move her due date from the first to 15th, but find a way to let her think it's still the first. That way, when she pays "late", she's still on time.

You could even combine that with a strategy my former landlord (property manager, really) used to employ: The lease shows that the rent is $xxx, but if paid before the due date there's a $100 discount (incentive = positive motivation; late fees are negative motivation and are less effective).

Another poster suggested you might not be landlord material, and I'm inclined to agree. If she's late, but has not missed a month, you're needlessly getting your own guts in a knot while increasing your efforts and expenses. It's to your own advantage to relax about it and accept the situation as it is. A class in landlording might be helpful to those who get hung up on punctuality to the point of considering legal action (eviction(= increased expenses)).

My $0.02 ...