All Forum Posts by: Hark Tukay

We have a tenant moving out and when I went to show the property to a prospective new client I noticed that their was water damage to the ceiling of our LR and several tiles in the kitchen had popped out. Both had been damaged for a while. Is there any recourse to get the tenants to pay for the repairs for either since they did not report them in a timely manner? As of now they refuse to accept responsibility for the issues. I want to be fair but I also do not want to pau for repairs due to their negligence. Please help!

I believe they have The money to fix the issues Within reason. The contract states they are liable for the entire contract amount and there is no buy out clause.

Our tenants of 7 years are moving out next. They have asked to break the lease with 11 months remaining. When I went over to prepare for a showing I noticed there was water damage on the ceiling and a bunch of tiles are busted in the kitchen. None of the damage was reported to me. I know from previous damage that no one sells replacement titles that match. They have pictures everywhere including all the way up the stairwell. My questions are:

1) should I charge them anything to break the lease?

2) are they responsible for the damage due to negligence?

3) since I cannot replace the broken tiles can I charge them to fully replace the kitchen floor?,

4) can I charge them for the nail hole fixes?

5) What is customary for painting, etc before a new tenant moves in? Is it just understood that the new renters will have walls with holes or is there an expectation that all of that is fixed?

I believe the damages will be more than the security deposit. Do I just need to notify them of the additional charges as part of their checkout? Property is in VA if that matters.

Thanks!!!

Our tenants of 7 years are moving out next. They have asked to break the lease with 11 months remaining. When I went over to prepare for a showing I noticed there was water damage on the ceiling and a bunch of tiles are busted in the kitchen. None of the damage was reported to me. I know from previous damage that no one sells replacement titles that match. They have pictures everywhere including all the way up the stairwell. My questions are: 1) should I charge them anything to break the lease? 2) are they responsible for the damage due to negligence? 3) since I cannot replace the broken tiles can I charge them to fully replace the kitchen floor?, 4) can I charge them for the nail hole fixes? 5) What is customary for painting, etc before a new tenant moves in? Is it just understood that the new renters will have walls with holes or is there an expectation that all of that is fixed? I believe the damages will be more than the security deposit. Do I just need to notify them of the additional charges as part of their checkout? Property is in VA if that matters. Thanks!!!

Our tenants of 7 years are moving out next. They have asked to break the lease with 11 months remaining. When I went over to prepare for a showing I noticed there was water damage on the ceiling and a bunch of tiles are busted in the kitchen. None of the damage was reported to me. I know from previous damage that no one sells replacement titles that match. They have pictures everywhere including all the way up the stairwell. My questions are: 1) should I charge them anything to break the lease? 2) are they responsible for the damage due to negligence? 3) since I cannot replace the broken tiles can I charge them to fully replace the kitchen floor?, 4) can I charge them for the nail hole fixes? 5) What is customary for painting, etc before a new tenant moves in? Is it just understood that the new renters will have walls with holes or is there an expectation that all of that is fixed? I believe the damages will be more than the security deposit. Do I just need to notify them of the additional charges as part of their checkout? Thanks!!!

How does everyone handle paperwork for renewals on their properties? Do you have the tenants sign a fresh contract or do you mark out the key dates and have them initial those areas? I have been doing the latter but it seems like maybe it wouldn't hold up as well if there were any legal issues. Also, where do you go for lease documents?

I am looking to finance an auction property. I expect the auction price plus rehab to be around $400k with the value to be around $500k so I will have 80% LTV in the property once it is fixed up. I would like to keep the property as a long term investment and I am trying to find a lender that will finance the $400k for 30 years as an investment property without having to put 20% down on top of the equity I already have in the property. Can anyone direct me to a funding source that wouldn't not require a 20% down payment on top of the equity I would already have? if not, does anyone have any creative ideas like to acquire with hard month and re-fi to a traditional? Thank you!

Why wouldn't you buy your primary now then rent that in a year and buy the next one as your primary?