All Forum Posts by: Justin Wallman

Hello! How is everyone treating early lease termination options?

1. We currently have a “buy-out” option which is equivalent to 2 months rent. Once the tenant relinquishes the keys (all the move-out requirements are completed and turns over the property) they must pay the amount at that time. This works well and I wish more people selected this option.

2. We have a “Re-Let” option where the tenant continues paying the rent, utilities, etc. while we try to relet their term. Sometimes they still are occupying the home (most times they purchased a house and vacated the property). We charge $400 for this service but do not collect it up front but simply itemize it on the security deposit itemization form.

We are finding that we are getting bombarded with relet requests. This adds to more houses to rent than initially anticipating, more tracking, etc.

At the very most, I can require the relet charge up front before placing the home back on the market? I even thought about not having it in my tenant handbook at all

@Nathan Gesner

I like the 15-year mark as a base guideline.

What would you do in this example? It has been 5 years since the original flooring was installed. After the 5 years, tenant # 1 moved out and the flooring condition was perfectly fine.

Tenant # 2 comes in stays for 2 years and destroys half of the flooring. Why should tenant # 2 get credit for the prior 5 years deprecation when it really was tenant # 1 that kept it in perfect shape?

Should this be treated similarly like carpet and require an evaluation prior to move-in regardless of the age?

Does anyone depreciate laminate flooring in the event you have to replace some or all of the flooring when a tenant vacates? Similarly to carpet? Maybe a life expectancy when a new tenant moves in?

In other words, the flooring suffered some damage (in which you charged other tenants in the past) but didn’t necessarily replace. Then, finally the last tenant did it in. Now we have to replace all the flooring.

How do you charge that existing tenant? Yes, they contributed to additional damage but shouldn’t be responsible for all the flooring.

Thanks in advance!

Seeking out possible networking opportunities in the Dayton, OH area. Wouldn’t mind connecting and learning more about all facets of our industry. Does anyone get together (maybe on a monthly) basis to talk shop? Thanks!

Hoping those of you who self-manage can lay out your current business structure as it pertains to operations. How many people do you employee, how many PM’s do you have, etc…. I think we may experiencing some growing pains and I’m uncertain about how many people we need to hire. What are the ratios to PM’s to tenants/homes?

Currently, my wife is the only person who manages all 160 units/tenants. We employ 2 maintenance guys that are basically dispatched every day. We find it difficult for them to handle any “bigger” projects as it will really bog us down. This also applies to her to keeping up with tenant turnover and the crazy amount of steps that is required on a day-to-day basis.

I thought having something in the lease that mentions a certain dollar before we will send the guys out. Just a thought…

Thanks!

@Steve Barrett I came across your post by searching the “reinsurance” topic. Have you had any luck?

Hello!

I was hoping that anyone who self manages can share their current business plan - specifically if they have 100 + units. Does anyone employ a full time maintenance technician? Do you currently provide a vehicle? We currently have 1 maintenance tech and finding we need more help particularly when we need “bigger jobs” completed. We are constantly keeping him busy (all day with appointments) but finding it almost impossible to finish “be backs” and/or schedule larger concerns. We are really only equipped for minor repairs and finding we have a hard time “completing” anything fully because we are off to the next job. I am debating hiring another technician (car, gas, etc) to split up the schedule and then come together when larger jobs pop up. But now I would have 2 employees, vehicles to maintenance, insurance, etc…. Or I can begin to establish a relationship with a handyman service. I think we all can agree both avenues can be difficult. I haven’t even began to think about what is the most cost effective route. Anyone been down this road that can shed some wisdom? Thank you!

If you self-manage, at what level did you feel like you needed additional help? If you could list how many houses/open doors you self manage along with how much help you have, that would be great. I am trying to gauge when it is required to hire another person. Thank you!

@Andres M.

Hey Andrea,

What roofing company did you end up going with? I am in the same position in Dayton. That’s how I came across this post.

Is there anyone that does not use a military clause because of the SCRA Act? This enactment protects the tenant anyway. If you do provide one, does it have similar language to what SCRA provisions read?