All Forum Posts by: Joseph DiNardi-Mack

Hi @Courtney Huntoon Offering incentives to tenants can be a great, and cost effective, way to find new tenants. A $100 or so reward is a lot cheaper than using a real estate agent to fill a vacancy, and like many people have already stated if they are good tenants themselves the people they know will probably be good as well. As far as offering an incentive for constantly paying their rent on time, I would stray away from that. While you want to have a good relationship with your tenants, they are under a legally binding contract and you shouldn't have to pay them just for them to follow it. I also think @Dick Rosen's idea for rewarding and incentivizing good tenants to stay by upgrading the unit is a great idea. It's a win win as they get a nicer place to stay and you are keeping your unit well maintained and attractive for when the next turnover occurs.  

Hi @Tracey Wittke I would take @Jason D.'s advice. Go and talk to them and figure out what's going on. Like he said this time of year is the perfect time to turnover the lease. If they won't move out than I would also let them live there without electric, so long as your lease states that they are responsible for paying it. I would also inform them that you won't be accepting any rental payments that are below the full amount, including any and all late fees. This way if it comes to an eviction they won't be able to toss a partial payment in and prolong the eviction process. 

Hi @Sean Fisher are you trying to systemize keeping track of when leases expire, sending out lease renewals, finding new tenants, getting the leases out signed and returned, etc?

Hi @Joseph Banko I think @Aaron K. hit the nail on the head. All I would add are:

- What is your policy and procedure if I wanted to cancel my contract with you?

- Do you charge any type of fees while the unit is vacant? 

- Approximately how often do you turnover a unit?

- How often will you update me on my portfolio?

- When do you pay the owner?

- Especially if you're remote I would ask; how often do you checkup on / inspect your properties?

Here is also a great BP blog post with a list of 80 questions you can pick from: https://www.biggerpockets.com/renewsblog/2015/10/0...

Hi @Jordy Clark I'm not a lawyer but I don't see any issue with this. If it's a standard offer to all of your tenants you aren't discriminating against anyone, and you have every right to make promotional offers. 

Hi @Travis Walker welcome to the BP community! Sounds like you have a great foothold and best of luck to you in your rapid expansion. BP is a great place to expand your knowledge and network, reach out on the forums and message people directly if you think they'd be a great fit for your team. Everyone here is extremely friendly.

As for my fun fact: I've gotten a hole in one. Granted it was at a pitch & put but I'll take it.

@Ryan Jopson I think you hit the nail on the head, College Students are the best to rent multi families too in my opinion. I have a few properties in the Rutgers area and they are cash cows. Like you said since they are living together and splitting the costs you can charge slightly higher than market rents since the per person cost is low and still cheaper than a dorm. Better yet the prices on these homes keep climbing as other investors realize the value in College Markets. 

Hi @Kham Sing I would let the grandson know that without an application, background, and credit check submitted before the end of the week than they need to vacate the unit with the uncle and aunt. Since he does not have a lease signed with you he has no right to stay in that unit. If he does submit the above material and does not pass any of your standard qualification requirements than inform him that you will not be able to rent him the unit for that reason. 

As far as the friend staying over night, what does your lease say? If your lease does not allow guests than enforce your lease with whatever repercussion you have written into it for violations. Serve a warning first that you will be enforcing the lease in x days if they do not comply. The same goes for the smoking.

Hope this helps, feel free to DM me

Hi @Adam Stroik you have every right to charge them that way, and it is definitely not unethical as you are the one who will be paying to repair and maintain the machines. You'll want to look at what the norm is for the area the rental property is in though. If it is common in your area than go for it, however if it is abnormal than it could be a deal breaker for more than just this one tenant. 

At the very least I would keep the RUB system since tenants who don't pay for their own water tend to run up the bill and not care.  

@Lawrence Liao I think giving them the M/M till October is a great idea. This way you have cash flow coming in while you look for tenants to replace them, and they know what to expect.