All Forum Posts by: Sharon Zhou

Hi everyone,

I need some advice on a rental situation. My tenant's lease is ending in July, and she's asked if she can switch to a month-to-month lease because she recently left her job and is looking for a new one. She's willing to pay a premium for the month-to-month arrangement.

I've never done a month-to-month lease before and I'm worried it might be a hassle, especially since I don't know how the market will be in the winter. I've heard winter can be a tough time for rentals with potentially lower rents. My current rent is $2875, but similar less-upgraded units in my community are listed for $3100.

For context, this is a town house in Northern VA and my tenant has been great for the past two years. I want to help her out but also want to avoid significant financial loss.

Could anyone share their experiences with month-to-month leases? What’s the worst-case scenario for rental prices during winter?

Thanks in advance!

I'm still collecting rent from the tenant, who should also be responsible for any damage as well, right? 

Hi everyone,

I’m about to renew the lease with my tenant, who has requested a change to allow subleasing. Our current lease, based on a template, prohibits subletting, so I’m not fully aware of the pros and cons of this arrangement. This tenant has been great, and I want to encourage them to renew, but I’m also concerned about potential risks if I permit subleasing.

Can anyone share their expertise on subleasing? Specifically, what are the worst-case scenarios I might face if I allow it?

My property is in Lafayette, IN. If any property manager is interested in managing, please let me know!

Hello everyone,

I'm reaching out for some advice on managing a rental property remotely. Here's a brief background: I purchased a new construction property remotely about a year ago. Initially, my agent helped secure a tenant, and since then, I've been managing the property myself. My management primarily involves remotely receiving rent checks and coordinating online services for any repairs, which connect directly with the tenant.

Now, I'm facing a new challenge: my current tenant is moving out, and I need to manage the tenant checkout process and secure a new tenant. My agent has offered to handle these tasks for a fee of $1000 or a continuing 10% commission for full property management services. As a new landlord, I find both options quite expensive. Paying 10% could lead to a net loss rather than income.

I'm seeking your insights on a few key points:

1. 1. Is a property manager essential for a remotely managed rental property?
2. 2. What are typical fees for tenant check-out and check-in services?
3. 3. Are there any effective strategies for remote property management that I might consider?

For context, I am 1000 miles away from the property, making self-management challenging. Any advice or shared experiences would be greatly appreciated!

Thank you in advance!

Hey everyone, I recently discovered a rental property in my neighborhood that has an interesting listing. The owner has purchased a home warranty and requires tenants to file claims for repairs. This is the first time I've encountered this strategy and I'm curious about your thoughts on it. What do you think of this as a property management tactic?

Quote from the listing: "Owner will cover HOA fees and warranty coverage. Repairs will be made through warranty. Tenant responsible for service charge for each repair (warranty information will be provided). " 

Hello Everyone!

My name is Sharon and I'm from Virginia. I started being a landlord later last year by renting out my first residential house. As a first-time landlord, I don't feel I'm doing well in the past months so I got the book on managing rental properties. The book opened my mind! 

Happy to be in the communities and wish to learn more about real estate investing.

Thanks,

Sharon