All Forum Posts by: Jack Edgar jr

How is everything overall? If the unit is paying rent on time, and there aren't any material issues, one might just leave it alone. just my 2 cents. 

Great points Chris, let me add that security deposits belong to the tenant and therefore you are entitled to the deposit.  The estoppel cert. will confirm the held security deposit too. 

I just write an addendum to the lease. Connecting the original lease to the addendum extension. 

I agree get a few quotes to be sure. here in chicago I'm finding that it's hard for someone to do a small job for a discounted price. They are too busy it seems. 

U could paint the siding too. If it's in good good condition Id leave it if ur on a budget. Besides it looks like espostos siding which nailing into isn't easy or recommended. 

This was the route taken for my grandparents cottage and it came out beautifully. 

Cashflow is a must. Rentals offer such. There are several variables when looking at cashflowing properties that go into generating the cap rate. The key takeaway is that its just one of many tools to compare one property to the next. W/ that said, it's basically your cash return on the deal if you paid cash for the property. One that takes the potential gross income, subtracts out all the potential operating expenses (utilities, mgt, maintence, repairs, vacancy factor, leasing, pest control, taxes, landscaping, cleaning, just to name a few) . The money left over is your profit on that cash investment. Divide the remaining money over your equity and your left with a cap/% return that will allow you to see if you are making a good enough return on ur money and also compare another property/investment. Taking into account your risk tolerance, return expectations, alternative investment opportunities, etc your CAP will very. I hope this helps.

No to the garbage disposal for similar reasons above. However, check ur competition and see what they offer for the $$, your partner might have a point. On that note, The ice maker might be a feature to have if its already built into the refrige. Tip: Date the filter and note it with the tenant. Let them know that they are responsible for replacing. 

Ultimately if attracting a higher quality tenant these are some amenities to consider when looking at you competition. Others to also look at is providing custom paint colors for 1 or 2 rooms. One might even look at the rental rates and push the market further too. Just my 2 cents. 

Don't forget your local MLS.

For one, It sounds like they have found a home in your rental and have comfort in their finances to add an additional being to the household. With that said, The straight answer is what is your policy and leave it at that. If there are other tenants in the building and policy states no pets, id make it a point that no pets are allowed and have to be respectful to all other tenants as well. If your open to the idea, this could lead to additional income. In chicago, we see anywhere from $25-50+ in additional pet fees/ month. In addition, pets are becoming a more common request nowadays as more people are staying as tenants longer. Based on market and what your competition is offering it might be worth considering. Otherwise, thank them for coming to you and asking (I hear horror stories of pets just showing up) firmly explain your policy and leave it at that. Empathy goes a long way. 

Or come in and change it for them. One of the biggest challenges with individual Hvac systems I see with tenants is maintence execution. In a way it comes down to an art of understanding your tenant as to how you handle this matter.