All Forum Posts by: Greg Weik

 Can't say it better than this.  With current mortgage rates so low, most people are investing poorly by overpaying on their mortgage.  Use your money to make more money.  

We use a product called "CoreTec", sold by Carpet Exchange. We have it in our office (very high traffic, Denver, snow/slush/rain coming in frequently) and it holds up well. I use it in my SFR rentals as well. It's impact resistant, waterproof, but the downside is it is pretty easy to damage via scraping (like moving heavy furniture if people aren't careful.)

Tile can be a good option too, especially the newer woodgrain looking finishes, but only if it's installed perfectly.  Tile breaks easily over time if it's not installed on perfectly prepped surfaces. 

Smart move, IMO, to go with solid flooring.  It looks better, shows better and lasts much longer.  I always try to convince my clients not to go with cheap carpet at turnover. 

It could be a liability.  If they didn't put it on a concrete pad, it's possible other corners were cut as well. 

My recommendation is to give the tenants an ultimatum.  Let them know they have violated your lease (I hope this is the case and you have something in there regarding alterations to the property), and create an addendum that will do a couple things:  1) Exculpate you from any liability of tenants, their guests or invitees injuries related to the shed.  2) Tenants agree to remove the shed upon lease termination or be charged accordingly, including restoration of the grass (alternatively, have them sign agreeing that the shed is now part of the property and owned by you, this part is your choice.)  3) Give them a deadline to sign the addendum you create or let them know their lease will not be renewed.  I would not suggest posting the requisite notice and filing an eviction over this alteration unless you deem the shed to be unsafe and/or you really want your tenants out. 

I have tenants at one of my single-family rentals who brought in bees.  In my opinion, very cool.  I love it when good tenants make the home their own.  The biggest issue from my perspective is always liability.  

Did you sign a PMA (Property Management Agreement)?  

The PMA - if you signed one - should outline the process for cancellation.  

I would normally not advocate going to the Real Estate Commission, but in this case I don't see a lot of other options if they won't respond to you.  You need to get ahold of the unit keys, security deposits and leases in order to take over management. 

I hate hearing stories like this that give my industry a bad reputation. Best of luck. 

The Cleveland Browns made the playoffs. Ohio is officially on the map. 

The takeaway for landlords and professional property managers is to focus even more on tenant screening.  Look at who still pays on time and who doesn't - use the data to help mold your processes tighter for the next time.  Be quicker to charge larger security deposits on risky applicants (or deny them.)

If this has taught us anything, it's that there actually can be something more expensive than a vacancy...

Hey @Brett Mather, we market on Zillow and it can be finicky - but they have surprisingly good customer service.  We've submitted many support tickets over the years and typically we are met with quick responses. 

They do charge $9.99/week per listing, so it's possible your PM is trying to cut marketing costs.  It used to be free and I think it still is for private landlords.  

I would make sure he's also on FB marketplace and responds quickly to IMs on there.  Hope it gets rented for you!

As others have said, "it depends."

The issue is not really whether a year of rent up front is "good" or "bad", you just can't let that take the place of your screening. In other words, rent upfront should not move the needle on the approval process.

Smart tenants won't lock up that much money without earning a return, so any tenant who offers up a year of rent should raise a red flag.

As a property manager, I've had this offered numerous times. In my experience, if a marginal applicant has extra money to put down, the landlord is best served to collect additional funds as a double or triple security deposit, not as future rent.

A large security deposit is where the money can most easily be used in the event of default.

In no case should additional rent paid upfront open the door to a tenant that would otherwise be rejected.

Hi @Andrew Rosenberg, Google Reviews are one way to tell who is reputable in property management.  Not just the reviews, but the owner responses to reviews. 

I suggest calling to see if they answer their phones, texting them if they have that capability (most do not), and emailing them to see if they respond quickly. 

Check their website.  Do they clearly identify their services and fees, or do they want you to "get a quote"?  If it's the latter, they are salespeople, intent on closing a sale, vs. a professional service provider with a clear list of services, fees and accountability.  

Check for hidden fees.  Agreements with vendors are a big one.  Charges to tenants are another big one.  Most PM companies hide this in the fine print of their Management Agreement. 

Ask if they operate in silos.  I.e., 1 area for maintenance, 1 area for marketing, 1 area for financial statements, etc.  Most PM companies operate this way, and the end result is a lot of frustration if you're trying to understand something on your owner statement.  

Also, @Drew Sygit has to say "you get what you pay for", because that's the only defense for over-charging for services.  

Our firm charges the least, offers the most and is now serving Colorado Springs.  Good luck!  :) 

Hi @Axel Meierhoefer, very good points.  I think where I'm coming from is that you simply won't have historically strong appreciation in an area where there's high crime, bad schools, or a marginal tenant pool.  

My experience has been that appreciation itself covers all these bases.  Strong appreciation in a given area is the result of all the other factors, not independent of them.