All Forum Posts by: Mark Radford

We have gone through this with fussy tenants. There is mold everywhere on the planet, including homes.  Cleaning with a fungicide or bleach is the simplest cure we tell folks. Tenants should always turn on the bath fan when showering, etc.

If you search on here there's a very good clause to include in your lease regarding mold sent in by a sharp landlord. 

Yeah if it's a flip may  it not be necessary but I'd wager you'd get all your money back plus.  All the features and benefits are upsells to a buyer I'd think. If you do it watch everybody on the block copy though! Ha.

Not sure if it helps values in Cali but here in Indiana I'm slowly converting my mulch beds into hardscapes with boxwoods for year-round greenery and maiden grasses for height and volume.  

Less maintenance!  We let the dead grasses remain through Winter for a nice aesthetic and cut them down in the Spring after the first couple of new shoots pop up.

No more Spring mulching, almost no weeding if plastic was put down, leaves blow right off in the Fall and a great curb appeal that many properties don't have around here.

We need 500 - 1000 dollars per month. This can be challenging but is the very least we will accept. This is why we prefer duplexes, triplexes.  

We keep it simple: Buy the worst property in the best neighborhood. What we can't do ourselves, we source out to pros who guarantee their work. Location, Location, Location is the key. There's no need to overthink things!

I can fold sweaters part-time at Macy's for 200 dollars a month.

$500 - $1000 to turnover an 800sf unit is way too rich for my blood. That's a lot of cash if you're in the $200 dollar a door club..

You used satin paint so the walls are easily washable. You paid a cleaning service 100 bucks to scrub the whole place down and charged the tenant back 40 bucks because they never clean the stove. If needed you replaced those janky mini-blinds for 5 bucks each from Lowes, and if you (still) have carpet you found a random coupon from Savor Gator or some such for cleaning.

Agree with Samantha above. In this part of the world you should be able to update that size unit for around 5k or less /- appliances. 

I would then notify them their tenancy is ending at the expiration of the lease. Rehab, and keep it pushing. 

*However*

Our situation was similar in that tenants had been there nearly ten years. Prior owner did nothing to unit - happy getting checks with no headaches. Place was in rough shape from years of deferred maintenance and he charged under-market rent in exchange for no phone calls.

We told them unit is badly in need of rehab and if they'd be willing to live through it we'd deliver them a place proud to call home. If not, they had to leave and were welcome to re-apply when we were done. 

Naturally rents would increase but they had no issues with that. The location was walking distance to work and they really didnt want to move. Rents went up 40% and covered the cost of rehab. 

Going forward if they stay or leave we don't care. Unit is up to speed and they paid for it, so to speak.

Yes.

Proceed as usual as you would with any other tenant.  I assure you they are fully aware of the rental process.  You may wish to translate in writing but aren't obligated to.  

We inherited such a situation and they have been stellar tenants. 

We avoid personal gifts for the reasons mentioned here. However we've done modest upgrades for great tenants who've stuck around. Some have included:

Privacy hedges/snappy landscaping.

Bike racks or bike ports.

Patio furniture. (Obtained at Goodwill/Habitat outlets. *Stays with property*)

Small deck off the back door.

Etc.

All are appreciated by tenant, increase appeal of our product, and are a minimal cash investment on our part.

Leaves room to raise the rent a few bucks also. 😆

I would avoid discounting rents in any form. Do lenders do that for us?

If it's a rental I'd do nothing.