All Forum Posts by: John McNeill

Has anyone used Flcrm to help manage their properties?  Specifically using their maintenace pIatform where they can help manage that. generally have done most of my own maintenance but want to step away from doing that.  

Thanks

John

You can't really add the coin-op to an existing machine, however new ones will pay for themselves pretty quickly.  You might consider getting the type that takes debit/credit cards, that will eliminate the hassle of collecting and depositing the coins

Thanks everyone for your replies.  I agree with what you are saying and I have already consulted with an attorney and talked to him about moving on.  The biggest issue is this is in Washington State where it is very difficult to evict.  Even with a month to month lease, which he is on, I can't end the lease and force him to vacate.  The state requires the mediation process which is where I currently am.  As a landlord my options are limited, which is why I'm considering increasing the rent, possibly to much more than market.  It seems that is perhaps my only leverage.

Thanks

Hello

I have a tenant in one of my properties that is unable to pay his rent due to loss of his job almost 2 years ago.  The property is in Washington State and evicting a tenant is very difficult.  The first step is to contact a county appointed mediator which I have done.  For this county the mediator is a non-profit organization that has funds to pay rent while the tenant tries to get a new source of income.  The issue I have with them is they are slow to pay, I still haven't received the June rent yet.  I'm not sure if this tenant will ever be able to find employment comparable to the job he was laid off from.

There are a couple things that I'm pondering.  I recently raised the rent however it is still below market rate.  I didn't raise the rent during the pandemic and when I did raise it a few months ago it would have had to go up about 40% to get to market rate.  There is no limitation on rent increases.  What are your opinions on raising the rent to at least market or above market to compensate for the hassle and late payments?

Second, has anyone ever instituted a progressing late payment penalty?  Perhaps $50 when the rent is late and an additional $5 to $10 for each additional day?

TIA

John

Hi Kevin

The basement is only a partial basement with a step foundation.  The house was initialy built as a post and pier construction and the basement was excavated about 2 feet in from the exterior walls to leave bearing for the exterior walls/posts.  When we removed the drwalland plywood we found the bottom of the walls and posts are rotted and there is no foundation below.

I'll contact you directly to go over the numbers.

Thanks

Hello all

I'm looking for advice on potentially refincing a hard money loan.

We purchased an off-market property in Seattle that closed back in January with a 12 month hard money loan. Our plan was to renovate the existing house and build a ADU in the basement. We will also be building a DADU on the property and forming a condominium association to sell each one seperately. When we demo'ed the basement we found that there was essentially no foundation and the best option would be to demo the house and build a new, modern and larger SFR/ADU.

We decided to proceed with the DADU constrution which when sold would pay off the loan.  The permit took longer than expected but we now have it and are ready to break ground.  We have the funds for the DADU construction but our loan will expire in January.

We applied for an extension but were denied because we have someone living in the house, mainly to prevent possible sqatters but I listed them as family.  So right now it looks like we need another lending option to finish the project.  We'd appreciate any advice

Thanks 

John