All Forum Posts by: Jennifer Rysdam

One other option. If the other 4 are in agreement and willing to split total rent by 4 instead of 5, then write a new lease for the 4 of them to sign. You'll be getting the same money just with fewer utilities. They will also have to pay him his portion of the deposit back if they think he deserves it. Maybe they are happy to get rid of him.

I wouldn't think it would be too difficult. I would find a good local handiman for the little things that you don't want to run there for. Definitely figure out how they will pay rent. Mailing checks, online, self depositing, etc. Since they are all in the same area you can accomplish a lot during a visit. If you ever decide to get a manager you will be able to afford it better with multiple close properties too. Good luck!

You are getting a lot of great advice here. I'd like to add that if she threatens to sue you, your first response should be that you'd be happy to provide all of the pictures and video to her lawyer for review. Who in their right mind would want their boss to see that disaster they left you with? 

Definitely contact her and ask for the drawers and mention the cost of new ones that will be passed on to her. While asking her mention that you may have to get a police report as well because it's theft.

I think you will be the winner here. Good luck!

Hey all! When I move I'm going to be managing my property (8-plex) remotely. What is a good process for getting leasing paperwork taken care of? How do you do it? Should I hire someone to do it? I will probably have a tenant do showings for me.

Thanks!

I would let it go to sheriff's sale. You will have more knowledge about the house than anyone else there. You may get a great deal. If you are looking to help out your family member to save what credit they have left, then maybe have them talk to the bank and let them know what you would like to offer. Maybe you can work out a deal. Just don't get emotional about it and get a bad deal because you are trying to help them. I, myself, would struggle with that. Don't screw yourself trying to be helpful. Know your numbers and know your limits. Good luck! 

Is this a single family rental? What does your lease say as far as who is responsible for the snow removal? This might be something to consider for future leases or renewals. Ice is just a fact of living in MN sometimes, especially when it's so cold and the salt doesn't work.

I would reject them. They are lying right off the bat. What's next?

How long has she been at her job? You may just want to get a double deposit to cover yourself if she doesn't pay and has to get out.

I use Quickbooks online. It uploads everything from my bank and I just tell it where to go.

The guy who used to own my building hired out everything. He made nothing :) You do it yourself because it's not rocket science and essentially your getting paid for it. Now if you owned a bunch of units then it might make sense. It would cost me $400  per month or more for a manager for my 8-plex. I'd rather have that $400 myself. Plus, I have more incentive to care for my building and also to get the units filled faster since it's on my dime.