All Forum Posts by: Jennifer Lyles

Go ahead and file for the eviction. Sometimes when they are served the notice, that is enough for them to know that you are serious. If he does pay, then you can just  cancel it but if he does not, you haven't wasted more time and have delayed the eviction process even longer. 

Good Luck!

On a daily basis I get questions from investors/property owners about the rental rate for their rental property. I just wanted to share a few things to help educate newer investors! 

I frequently hear that someone purchased a new property because their real estate agent told them they could get X amount for rent, when in fact, the market comps don't support that amount. Now we have a problem! If we price the home based on what they thought they could get for it, it will sit for weeks/months. If we price it for what the comps show, then they are typically coming out of pocket every month. 

I am here to tell you ways to avoid this from happening!

1. Reach out to a LOCAL property manager that knows the rental market BEFORE you go under contract! We pull comps all day long and are very educated on market demands and pricing. Real estate agents tend to want to make a sale and they are not as experienced with the rental market as they are the sales market. If you ask for a CMA from a local PM, you will be able to make sure the numbers make sense before you buy!

2. Having a vacancy costs money! An overpriced rental can result in longer vacancies, ultimately costing more than slightly lowering the rent. If your PM is recommending a reduction of $100 on a $2000 a month rental property but you don't want to lose that money every month. If the reduction helps the property rent in less than a month, then you have only lost $1200 over a 12 month period of time. If you didn't do the reduction and let it sit vacant for another month or possibly longer, you've lost $2000+.

3. Renters today have more options and properties that are competitively priced to get leased faster! They are being offered discounted rent, free gym memberships, free cable, etc. Ask your PM how to come up with some strategic incentives...possibly listing high and reducing every 7-10 days until it's rented, offer a move in special, a gift card, future rent credit, etc. 

4. Trust your PM! Most of us get paid a percentage of the rent so a reduction is not benefitting them financially. Vacancies hurt all parties involved! You can adjust the rental rate at the renewal or the next lease up and possibly make up the loss the following year!

I hope this information helps! Good luck!

If he was MTM he still needs to provide you a 30 day notice therefore, his deposit should be kept since he did not give you proper notice.  @Spencer Howe

You will need both people to sign an amendment removing him from the lease.  Both parties must agree!  You will also want to add something in there about the husband forfeiting the deposit otherwise you may come into some issues when the wife vacates and the husband wants his deposit back.  Good Luck! @Alexander Canalini

We actually do not stop advertising a rental until we have the executed lease AND deposit.   This way you are not losing time on someone giving you the run around.  Since you don't have the deposit, you will have a very hard time tracking them down and collecting it.  

@Brittany Blue

Hi All,

We have recently taken on a HUD community and are looking for someone to assist us parttime with HUD procedures, applications, and recertifications. We are located in ATL but I don't necessarily think someone needs to be local to help with this program. If you know of anyone that specializes in HUD leasing, please have them reach out to me!

Thanks Everyone!

Jen Lyles

@Niyi Adewole @Austin Kay

Atlanta's market has some areas that are better than others for rentals. I'm happy to help run rental comps for any properties that you may find so you can make an educated decision on whether or not to buy. Just DM me if you need help! 

@Eric Fung  I would keep them, a lot of people request them if they aren't there.  It's an added bonus for a property and could even make the difference between someone choosing your property over another one.  They're fairly reasonably priced now so it won't break the bank if it should need to be replaced. Keep in mind if a tenant damages it, you can charge them to replace it!

@Joe Zinger

Yes, some of them in GA are pretty particular about it.  It was a question I asked when I was interviewing brokerages.  

@Andres Rossini  We sell quite a few rentals every year to Progress Residential.  There offers are always at asking or slightly over asking and close quickly.  We've never had an issue and they've been very easy to work with over the years.