All Forum Posts by: Dominic Scatto

@Susan H. It expires at the end of October and we can't raise rents mid-lease. They take great care of the property and don't complain or nit pick and they always pay. Them being late just means more money in my pocket, I just need to enforce it.

@Jim Adrian The rent for the 3 bed 2 bath SFH of about 1100sqft is $1100/month. According to rentometer.com, I'm about avg for rent in that area for that type of home. I could go higher and do plan on raising the rents at lease renewal by $25.

@Michael Noto I use Rentalutions (and have tried to get them use it, even offering to come over and get it setup for them) and have it setup to remind them via email and I will be switching on the auto-late fee charge feature after I get the email out. I can't force them to use it, can I?

@Michael Jones It's a year lease, not month to month and the late fee is $50, but I do live in WV. The property is about 45 minutes away in VA, so not too terrible. I'm still drafting the email that I'll be sending, but will have it to them by tonight.

Thank you both for the input!

Thank you everyone. 

I have been considering hiring a property manager, but I did want to experience doing it myself for experience and to help to know what to look for in one. I've been calling around to different property management companies. So far, they've told me they would have to have the manager call me and explain the details to me - which I thought was odd. Shouldn't the receptionist know the basics - like the costs and what they provide? 

@Linda S. Thank you for your input, I appreciate it! Yes, I have tried to get them to pay online and have even offered to come over and help them get everything setup, but they weren't for it. I even tried to explain all of the benefits and the time it would save them from having to drive to the bank to deposit it - as they have been. They didn't want to go with it.

@Michael Boyer As Thomas pointed out, it's a SFH and I can't just stroll up to talk. Hiring out has been on my radar. Thank you again for your input, as always!

@Thomas S. Great idea! Does it depend on the state you're in or the lease, if an email would be considered as official? I'm not saying sending a certified letter is a bad idea (I'm going to that in this case), I'm just curious why one wouldn't be able to print out the email and file it, or just save it on the computer or Google Drive in my case?

@Lynn McGeein I'm going to have to go that route, and it'll probably be best. Thank you for taking the time to post!

@Jim Adrian It's a $50 late fee.

@Joe Splitrock I'm definitely ready to follow thru. They do take great care of the property, but they are late more so than not, and they always do pay, but I need to be consistent across the board - as you stated. Honestly, them being late is more money in my pocket, but I need to start enforcing it and collecting that money. Thank you for making that point!

@Michael Boyer Thank you again for your quick input on my topic. FYI, the idea to show up and explain the transition was YOUR idea lol! However, I don't believe I can just show up without scheduling something. For one, I need to make sure they are going to be there; and two, the lease stipulates for maintenance, inspections, etc I need to give at least a 24 hour notice. So, while they don't need to be there, I do need to let them know. So, I could tell them I'm going to show up on 'X' date to discuss an important topic, but they aren't required to be there and that would defeat the purpose. 

So, I'm going to try to schedule something for this weekend and if we can't agree on a date/time, I'm going to draft a professional email explaining the situation and the transition from a hobby landlord to a professional business, following your wonderful guideline above, which is not untruthful either. I am expanding my business and am actually looking at several multifamily properties with my brother to partner on, so it is definitely exciting times!. While it won't have the same impact, I'm sure the first time they are late after that and there's a notice on their door, they'll get the point I'm serious. 

Thank you again, kind sir!

@Michael Boyer So, I've been trying to schedule a date to meetup with the tenants to discuss the transition, but it's never a good time for them - work schedules, prior engagements, etc. 

They've mentioned doing it over the phone or thru IM would be fine with them, but I really feel this should be a face to face discussion. At the same time I would like to get this done sooner rather than later. 

Would a formal email suffice, if nothing else to notify of the transition, and to have wording in there to tell them I'm more than happy to have a face to face discussion for questioning?

Again, thank you for your initial input and suggestion, I truly appreciate it!

Welcome to BP! I'm fairly new myself and have learned so much already from BP! Definitely check out any meetups in your area or start one, if there isn't! Best of luck to you!

It really depends on what I have going on in my life at the time and how I'm feeling. Some days or weeks I'm LUCKY to get 5 or 6 hours a night; while other days or weeks I can easily manage 7-8 hours. I do try to make up the hours on my days off by sleeping in or going to bed earlier, but again, it all depends on what life has going on.

If I had to put an average to it, I'd say 6-7 hours.

@John Woodrich and @Natalie Kolodij Thank you for your input, I really appreciate it. I'm in the process of finding a CPA. I have a couple phone consultations setup now. I've had a couple in the past that fell through. I called in to the number they gave for the consultation and no one ever answered during our scheduled time, and I left a voicemail. I emailed to find out what happened and never heard anything. 

@Matthew Paul I put the reason for finishing the basement in my post. 

@Sung Park Yes, that's where I saw it, thank you! I have updated the post to clarify my question.