All Forum Posts by: Jennifer Pletcher

Okay - now that I have the information I need and have to keep this lease, I have two parts of the lease that are really confusing me tonight.  The wording mostly.

1) Tenant expressly waives to Lessor the benefit of Act No 20, approved April 6, 1951 entitled "The Landlord and the Tenant Act of 1951"., requiring notice to vacate the premises at the end of the term, or any renewal thereof, and agrees to give up quiet and peaceful possession at the end of the terms or any renewal term without further notice from the Lessor and further waives all laws now or hereafter in force exempting property from liability for rent or for debt.

2) Lessor shall undertake all necessary and appropriate repairs and maintenance to maintain the premises during the term of the Lease in the same condition as it was as of te date of the commencement of the Lease.  If such repair is Tenant's responsibility, Lessor shall bill Tenant and Tenant shall pay the same within 15 days.

With the first one - I have never heard of this Act.  I cannot figure out from the wording if the Tenant is waiving the right to this act, or the Lessor does, or neither??

And with the second one - what the heck.....is the tenant responsible for fixing EVERYTHING?  

I have tried for two weeks to reach the old owner - the one that wrote this lease, and I cannot get ahold of him.  Not even through his attorney or real estate agent - no one responds.  So I guess I am left to figure this one out on my own.  I have a VERY disgruntled tenant, so I want to make sure I get this all right.

Okay - I just inherited a renter.  She is having a problem signing our lease.   She has a year lease with the last owner.  She is 3 months into that lease when he sold it to us.  Our real estate attorney thinks that his lease is only good for 30 days once we take ownership and that then she needs to sign ours.  She is refusing.  She doesn't like the "Notice to Quit" waiver, that we charge a late fee on the 2nd of the month.  She won't pay her rent because of this AND she put it in an escrow account.  We are at a loss because we have never had this before.  We have inherited tenants, but never one that wants to stipulate the terms of the lease.  This house is in PA.  We are trying to figure out what our rights are and if we need to get this lady out - how best to do that.

We are getting a metal roof.  I want to buy the materials myself for my contractor to install. (so we can pay for how we would like).  But I am not sure where to buy?  I tried Home Depot, but it is going to take over a month for them to arrive.....is that typical?  I just purchased a house that needs its roof replaced yesterday.

We are getting a metal roof.  I want to buy the materials myself for my contractor to install. (so we can pay for how we would like).  But I am not sure where to buy?  I tried Home Depot, but it is going to take over a month for them to arrive.....is that typical?  I just purchased a house that needs its roof replaced yesterday.

Hi all!  For those of you who had metal roof installed on any of your properties - where did you buy it from?  I usually like to buy my own materials so I can pay for them how I want, and then my contractor installs.  But I am having a hard time finding places to buy them.

We had one multifamily (tri-plex) when this year started, and now we have 7!  This fall we decided it was time to add more.  All of them are multifamily (5 duplex and 2 triplex).  I do most of the managing - book keeping, phone calls, etc.  But I do have a PM that helps with maintenance (he is my contractor and is terrific) and showing the apartments, etc.  It works out nicely.  I live 600 miles away from all 7 of them - they are in my hometown.  My parents are there, and they help as well to keep an eye on things.  We bought there because the buildings are cheap and the rent is good!

I want to just  to @Justin Young - in the neighborhood we are working in - MF is big.  There are tons of them.  People cannot afford too large of a rent on a single family home, so they opt for a smaller option.  We can get $500/month for a 1 bedroom, and $650 a month for a two bedroom duplex (one side).  For a single family - I could get maybe $700 if I am lucky.  So instead of making between $1000 -$1300 a month I only get $700.month.  It is almost a no-brainer in a money aspect.  As for resale - I think it is harder to get rid of MF.  Most people find it easier to sell off SF.  

Thanks!  This has been very helpful.  In the little town where we own, the MF are either duplexes or triplex - nothing bigger.  We have enjoyed those because they do bring in a nice profit.  One of our triplexes is only 1 bedrooms, and it is out biggest pain.  It turns over constantly.  It was our first MF, and we vow never to buy 1 bedrooms again.  Just too much turn over (which means a lot more repairs, etc).

And I see what you are saying about SFR. We would love to have some where the tenants stayed for a longer period of time. IT makes sense to make sure they are all basically at the same maintenance level. Never thought of that.

Thanks!

Thanks Douglas! So - you are buying the 10 SFH as a package deal and you could get one mortgage. I didn't know you could do this - that sounds amazing! We are working on getting 3 from one person.....our realtor mentioned package, but I never thought to ask him what that meant. I thought each property would still need their own mortgage and closing, etc.

I agree on the buy and hold.  I do like it - we have no plans to give our properties up for a long time.  I just wasn't sure if flips brought in a big one time cash flow that I could then use as a down payment for another house that I plan to buy and hold. :)

I have read a lot of posts on Bigger Pockets that cover this, but I still wanted to start a discussion. We currently own 4 multifamily and are in the process of picking up three more. We are looking at a few possibilities but I am just not sure which direction to go. I am thinking it would be good to pick up a few SFH, but should we keep them and hold onto them (they are going to bring in significantly less rent in our area), or pick some ones that need rehab and flip them? Where would the biggest payout be? I don't mind holding onto the multifamily - they bring in nice profit. But not sure how I feel about SFH. (and flips)