All Forum Posts by: Jennifer Rysdam

I would go by the market rent in your area. If they moved out would they be able to find the same kind of house for the price they are asking? Generally a renewal might include an increase in rent, not a decrease. Maybe you would be doing a favor by leaving it the same instead of raising it. It's all in the numbers.

Hi Corbin. I would definitely recommend one that need some work if you have the skills to do it yourself. If you have to hire it all out then it becomes a money pit for you if you don't have the funds to do it. The best way to find a good deal is to just stay on top of the market and see what is added each day. Get pre-qualified at the bank so that when a deal finally comes along you can jump on it. I find that there are a lot more of these multi properties created out of older, larger homes, especially in college towns. You just have to figure out your market and see what will work the best for you. Good luck!

Start with something that does need a lot of work. Learn those things. Then go to properties that require more work and learn those things. Don't jump into a major rehab that is full of things you don't know how to do. It will overwhelm you. Everything takes 2-10 times longer to do when you are learning as you go. You want this first one to be successful to encourage you to keep going. Start small. If you have the opportunity, do a live-in-flip. That way you are only paying for your own housing and if it takes a while then that's okay because you aren't paying two mortgages. Good luck!

As the parent of a child in a wheelchair, I would let it go and just be glad I'm not the one in the wheelchair. 

I'd say absolutely not. An agreement was already made and in place. If things needed to be done then it should've been brought up before signing the lease. In my opinion, once the lease is signed then they are agreeing to the apartment how it is. Just like buying a house. You don't buy a house and then demand that it be painted.
If these are things you want to do then do them. If you want to/have time to touch up paint then do it. The exterior stuff can be done anytime.

I would also be very clear with the PM that this is not to happen again. It's very unprofessional and unorganized, and defeats the point of having a PM.

Do lots of research online and then schedule a meeting with a lawyer to learn what you don't already know so that you are in compliance. Every state, county, city, is different. Good luck!

I'm wondering if they are expecting a market downturn and want to make sure the rent terms/rates are locked in for a long time. That's the only thing that came to my mind. Have they asked the landlord why?

I only have 9 spots for my 8 apartments. I have overflow parking on the side. It took some hounding but I made it very clear to tenants that they get one spot! They aren't assigned, but only one vehicle can be there. Visitors can park in the overflow or on the street. Don't let this one tenant chase your other tenants away. Put a on or near the door of the building (if it's a building) that says that parking spots are for tenants only and all others will be ticketed or towed. I also have a rule that if a vehicle isn't being used at least once a week it needs to be in the overflow. Maybe you can have her move it somewhere else.
Also, not saying she is, but make sure she's not dealing drugs. I had one with lots of short term visitors and they were dealing out of their apartment!

I wouldn't really ask them what they mean. I will tell them what my terms are. I would charge them one full month of rent at move-in and then the rest of Aug. (22nd - 31st) on the 1st. I don't let anyone move in without a full month of rent. It's the same amount they would have paid by the 1st anyways. You don't want someone to move in for $30, have a rave, and then move out the next day. You at least want something you can work with. Good luck!

We had a house several years ago that was 4400 square feet. It was not fancy. It was a regular home that we added a large master suite to with 3 bedrooms, a play room, and a bathroom under it. It had 8 bedrooms and 5 bathrooms. The assessor jacked our taxes up based on square footage and what they assumed a house that big would be like. I called them and explained that it was just a large, regular, family home that was used for our family and our foster kids. It was nice, but it wasn't fancy. They came and looked at it and agreed. Our tax bill was lowered.