All Forum Posts by: Jill F.

Hi all,

My stepbrother has fallen ill and his wife is in need of a property manager for a SFH(3-1) in the Chesterfield area of Richmond, VA. He had starting looking at companies and had information from Go Richmond rentals (Tim and Lorrain D'angelo), the Wright Choice Richmond Reality Group, Riverside property Management. Does any one have any experience with any of these companies or have other recommendations? Thank You.

I'm moving because I'm tired of you always reminding me about my late rent when I know perfectly well my rent is late.

@Ashley Shearer I have not had problems with it damaging walls underneath but in the cases where I have used it, it was applied over walls in good condition that were painted with satin paint. I saw several complaints on Amazon about people having trouble with wallboard paper tearing off when product was applied over no paint/flat paint.

Hi Scott,

The submeter / remote reader was installed by superior drain, it was called a Carlon SSMR

We had it professionally installed because we wanted to make sure that the water was actually split up between the units and no tenant would be charged for another tenant's water use.

We paid $750 for the parts and installation. I think the parts would be a couple hundred dollars.

I could rent that tomorrow in my area. I bet taking pets would do it. I get a "non-refundable pet fee" up front and then $20/month per pet. Oh, I bet a decent frig would really help too.

You know, we've looked at a lot of units and even on a first tour the tenants will tell you all about any problems with the unit. A huge number say their unit needs paint and flooring. 

I do not let tenants paint. Painting is harder than they think. If they don't have experience they'll make a mess and do it poorly. (There will be splatter all over the trim and flooring and the ceilings will need to be redone because the don't know how to edge). Since we look for properties where we can add value and then raise the rent, I tell inherited tenants they can get first shot at remodeled units but the rent is higher. I do not remodel units with a tenant in place--- you'll never hear the end of the whining about how the painters got drips on their heirloom furniture or the carpet layers scratched up the fine furniture. How the new carpet is outgassing and causing them asthma and the paint fumes are giving them migraines for months. Nope. I'm not going there.

They can purchase removable TemPaint wallpaper in any color or pattern they want. (I'll even offer to help them hang it). Or they can hire professional painters to paint the place with temporary colors of their choosing or permanent colors that I approve.

We are submetering our duplexes. Because they are built on a slab, we were told it would be cost prohibitive to do the work to install a second city provided meter. In our city the property owner is ultimately responsible forany unpaid tenant water bills anyway, so we added a submeter at the main water shutoff and a remote reader outside for each of the units. We will bill water in addition to rent.

In Ohio, there have been conflicting case law decisions on daily late fees.  (Ohio law deems up to 20% "reasonable")

We do a three day grace and 10% late fee. I'll usually waive the first late fee if advance notice is given.

My lease allows tenants a three day grace period. So I can file for eviction on the 4th day of the month. However, I have found it very useful to have a more generous late policy in order to reduce turnover. 

Under my late policy (Ohio) I will accept late rent with advance notice given without a quit or pay ONLY IF the tenant pays enough to stay current through the pay in full date. My policy permits up to 4 "small" lates per year (with notice), 3 lates in a row (with notice), and two quit or pays (with notice). With no partial payment I quit or pay on the 4th and file for eviction in three buisness days if not paid in full or according to the terms of a payment plan. Payment plans MUST BE PAID EXACTLY as agreed.

In the case you described, For example, for $750 monthly rent /30days = $25/day. 25*11=275. I would require a payment of $275 before the end of the 3 day grace period in order for my tenants to avoid a quit or pay. If rent (and late fee) is not paid as agreed on the 11th I would then quit or pay on the 12th. If this is not possible, since the 11th is almost half way through the month, I would insist on a token payment and quit or pay the day after the token payment ran out and then file on the 12th if not paid in full.

The policy allows me flexibility but protects me from larger losses because I get partial payment and/or quit and pay early. It also trains tenants to GIVE NOTICE and to DO EXACTLY WHAT THEY PROMISE if they go on a payment plan. My tenants seem to appreciate the flexibility and appreciate knowing in advance what will happen if some misfortune prevents them from paying the rent in full. In this case, I would tell the tenant, It's better for you if you can do a partial payment so you don't have to use one of your two quit or pays. Can you pay $275 on time? if not, I tell them okay, expect a quit or pay on the 7th-- this does not mean I really want you to move; I want you to pay. You have three business days after the 7th to pay in full plus late fees I'll wait the one extra day until the 11th but I'll file eviction on the 12th if not paid in full. This has been really useful for "C" properties where tenants sometimes struggle to get work hours during slow seasons; I have found that tenants tend to "save" their late allowances for actual emergencies.

Buying and holding rental properties that you self manage is really a business start-up rather than an "investment." I would present it to my husband as exactly that and ask him to support ME in furthering my goal/dream to found and operate my own business. Then you aren't asking him to evaluate the deal, you are asking him to take a bet on your abilities. He might be more willing to do that. 

On those numbers however, I would not buy that townhouse unless you are are expecting (almost) immediate appreciation. It wouldn't cashflow enough to make me happy but then again I'm out here in the cheap midwest.