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All Forum Posts by: Scott Wang

Scott Wang has started 5 posts and replied 15 times.

Post: Giving seller 1 year of occupancy?

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

Secondly, do I really need a full, separate lease, or can the terms of that occupancy be fully contained in that section of the written offer contract?

I own other rentals so I'm familiar with leases but I want to hassle her with as little paperwork as possible.

Post: Giving seller 1 year of occupancy?

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

I'm purchasing my great aunt's house. She's 76 in failing health. I will move into the house as my own primary residence eventually, but for the next 6-12 months I plan to let her stay in the house. 

I'm drawing up the offer contract now and I'm wondering how to phrase the occupancy in the additional terms section of the offer. She'll have to reimburse me for property taxes and insurance while she lives there, she'll still be responsible for lawn care/etc, and she can stay for up to 1 year. Best way to go about this?

-Scott

Post: Rental Software Programs

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

We use quickbooks for our other businesses so it was natural to use it for the rentals too.  But we keep it pretty simple - just using it to track tenants (customers), create invoices and receive payments, balance the bank account, etc.

Thanks guys for all the great advice!  That's exactly what I was looking for.

Window treatments such as blinds and curtains.  Do you include them with the rental or do your tenants provide their own?

My experience so far has been to renovate-then-rent so I haven't included things like blinds and curtains yet because I figure tenants would want to choose their own anyway, but I'm curious what is the industry norm.

-Scott

Post: How to do a smooth transition between tenants

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

Thank you everyone for your feedback and @Marcia Maynard for your suggestion about the holding agreement!

edit:  apparently I don't know how to tag people yet.

Post: Can I keep the security deposit in full?

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

If you just walked through it in January and didn't smell any smoke, you might get lucky.  If there's a faint smell now, a good cleaning might take care of it, since the smell hasn't seeped into the walls and floors.   If you're going to try to keep the security deposit, document everything as well as you can (the smells, photograph any stains, etc) and keep receipts for every expense, and make sure you send her notification in writing with the itemized list of expenses (or whatever is your state's requirements).

Post: How to do a smooth transition between tenants

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

I have a single-family house and the current tenant is moving out April 30th.   I just found a new tenant to take it starting May 1st.

I've never gone straight from one tenant to the next in one day, and I've never selected a new tenant a month before the start date.  So my questions are:

 - Even though it's 1 month before the start date, should I still have the new tenant sign the full lease and all the paperwork, or just some type of letter of intent and deposit to hold the property?

- Should the new tenant pay the security deposit and May's rent right now or do you make May's rent due on May 1st and just take the security deposit up front?

- If the house needs a small amount of touch-up paint, or some extra cleaning, how do you normally squeeze that in between the last day of the old lease and the first day of the new lease?

I've had rentals for a few years now but my experience has been to buy a fixer-upper, renovate it, then rent it out.  This is my first time transitioning between two tenants.

Scott

Post: Beginner from Central Wisconsin

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

LOL @Scott Schultz you must have been to Thorp.  :)  It's been a while since I've eaten at the Thorpedo but we did quite frequently when we first moved to the area.   Thanks for the well wishes!

Post: Beginner from Central Wisconsin

Scott WangPosted
  • Investor
  • Thorp, WI
  • Posts 15
  • Votes 4

Hey everyone, I'm excited to be part of this community.   I have a couple single family rentals in small town Wisconsin and I'm hoping to keep going.  My 30-year goal is retirement.  :)