All Forum Posts by: Jennifer Jackson

Wow @Jennifer Ryan, thank you so much!

Hi all,

One of our properties was affected by the Texas freeze: burst pipes and some units are uninhabitable for the foreseeable future.

My Q: What are the logical next steps to take, other than filing an insurance claim and waiting? Do we need to buy a hotel for tenants who can’t live in their unit? Do they still pay rent? 

Thanks in advance. 

Some do, some do not. The one that is the most affected does not

@Ethan G.

Hi All,

One of our properties was affected by the Texas winter freeze--burst pipes and wet units. They will be inhabitable for the foreseeable future.

What is the protocol with tenants? Do I still charge them rent? Am I responsible for finding them a hotel? What are the logical steps to take right now (other than filing an insurance claim and waiting). 

Thanks in advance!

Hi All--I currently have one six plex and it took all of our cash to purchase it. We now have a nice little emergency fund for the property and want to start investing the additional money so it can get some returns. We have about 5k we'd like to invest, and we'd like it to be accessible so we can use the money if another deal comes by, since the ultimate goal is to use this money for RE investments. We just don't want it sitting in a bank acct. 

My Q: Any advice on which platforms are the best for small amounts of cash, and offer short terms (such as 1 yr or less)? I've considered fundrise and lending club, but would love to hear everyone's experiences. 

I am not an accredited investor, which I'm sure is obvious, but thought I'd clarify anyway. 

@Tim Herman @Theresa Harris

I went back through the lease and we have a specific clause, separate from the security deposit, stating that we will be owed 50% of one month's rent if the tenant breaks lease early but finds a replacement and 100% of one month's rent if the landlord finds the replacement. I think this clears up the issue. 

@Theresa Harris

Also, we will be keeping her security deposit (per the lease, since she is moving out before the terms of the lease are over). I don't particularly want to tell her this since it might affect her cooperation. Am I responsible for telling her that before the day she moves out?

Hi All,

I have a tenant who is moving out about 2 months before her lease is up. She gave 60 days notice so I have plenty of time to find a new tenant. 

My Q: Is there any paperwork that needs to be filled out when a tenant terminates their lease early? For example, if I move out of my apartment early, I would have a ding on my credit score and be responsible for paying rent until the owner finds another tenant. How would you handle the situation? Thanks!

@Kevin Mitchell good advice. Getting rid of the "compassion" mindset is difficult but necessary. The late rent is documented.

Thanks for the advice everyone! She ended up paying, right before I was about to start the process. Thank goodness!!