All Forum Posts by: Gary David

@Jim K.

Weird sense of curiously

Just ask Alexa !!!! Of course

I don't understand? Why are you getting notice on THEIR utilities? They should be in their name not yours. I would NOT pay it for them they wont last too long without heat or water or power. If you are worried about pipes freezing then after they shut them off go drain the pipes they wont know because they have no water service any longer and probably end up moving out or paying them on the disconnect day  

Avondale is an area where it is going to be hard to stop that. Cant you tell them to call the police when they smell it?

DS Properties LLC

I was in the same boat and used this letter and gave them 30 days to make a choice. Just copy and paste it into Word and make it your own. I also added a line if they wanted to terminate their tenancy as a option (Everyone stayed !) Mine were all month to month. mine when up between 75-100 a month if your are really low you could offer lease options with step up in rents over a year or two if they commit to a longer term lease  

Lease Renewal Decision Form

Date ___/___/___

Dear ______________________,

Thank you for your tenancy at _____________________________! We’ve really appreciated having you here this past year and look forward to continuing our relationship with you. It is a privilege to be able to work with you and we thank you for your business.

According to our records, it appears that your lease-term is coming up at the end of next month and, as such, we need to discuss your future plans with you and make sure we are all on the same page. Due to naturally increasing expenses for the owner, it is necessary to gradually increase rent over time. Therefore, a slight bump in your monthly rental rate will take place soon. However, we would like your input on where to go from here.

Please choose from one of the following options for your future at your home. Simply circle the option below you would like to choose, and send this form back to us. We will prepare a new lease with the proper information and mail it to you within seven days.

Sign a new one-year lease at $________ per month, which will begin on __________ and end on __________. This is an increase of $________ per month.

Sign a new six-month lease at $________ per month, which will begin on __________ and end on __________. This is an increase of $________ per month.

Sign a month-to-month lease agreement at $________ per month, which will begin on __________. This is an increase of $________ per month.

Although we hope you’ll stay with us forever, if you do not plan on renewing your lease and staying with us any longer, please let us know immediately. Our state law requires tenants to give ____ days written notice to vacate before the end of their lease. Therefore, please return this form and let us know your plans by ___________ so we can make plans that work for everyone.

Once again, thank you for your residency here at [address or apartment complex name]; we look forward to many more years of working with you.

Sincerely,

Management

Thanks all for the feedback !!!

I need the cash to do the repairs and would like to pull my 60k back out 

Looking for some options here I have a 3 unit rental that going in I knew it needed work (Roof, windows, deck replaced) This total for these repairs are about 25k.

I paid 60k for the property all cash. The rents are $1720 p/m Fix cost are about 300 p/m (insurance, taxes, water) I need to figure a way to pull back out my 60k  (for other purchase of properties) and get these items done ASAP . I am guessing the ARV will be about $110-120k but wont know without an appraisal. My bank is running 10-12 weeks to do any type of Refi. Any suggestions on the best way to approach this ?

Thanks

I have a unit that is in need of a total gut job for the bathroom. The tenant will be without any tub and toilet for one night I planned on putting them up in a local hotel for one night. Has anyone done this before and how do you handle or create a letter they sign to ensure they only stay one night and no additional expenses while in the hotel? 

Thank you 

Good Point Joe

A lot to think about Thanks for the feedback