All Forum Posts by: KENDRA J.

Hi

I have been contacted by an assisted living company that is interested in renting my home to use as a small 4 client assisted living home. They currently have another assisted home in a different part of town that they run for 5 years and are looking to add my rental home as a second. I checked them out and they are fully licensed. Contacted my city rental licensing ( i live in one of those cities where landlords are required to have their properties licensed) and was told my only requirement with them was to have the basic city rental license. The tenant who would be operating this would be responsible for all licensing beyond that. I'm wondering if other landlord's have had experience with this and if this is something that has worked out or should be avoided? Thanks in advance for any help

I have a SF home that i have been renting out for the past 7 years. It was my family home before we started renting it out. The current tenants are the 3rd to occupy this property and gave notice they will be moving out at the end of Dec. Currently weighing the options to sell this property or continue renting it. Would like some advice if it financially makes sense to keep it as a rental? Currently rents for $1800 a month. Owe $180K on mortgage with an interest rate of 4.3 %. Could sell for approx $300K if we do some updating. We originally paid $280K 13 years ago. Any help would be appreciated ~~~ Thank you

Thanks so much for all the helpful advice!! Sounds like getting the hardwood floors refinished and coated with 3 coats of polyurethane will be the way to go. Colleen F, thanks for the tip about finding someone who uses an attached vacuum.

Dawn, those floors look amazing!!

We are in the process of doing a turnover at one of our rental houses. Carpet is very worn and stained and will be coming out. We pulled back the carpet and the original wood floors (house was built in 62) underneath look ok but will need to be refinished.  We are considering refinishing the floors instead of putting carpet back down. 

Wondering if it is the right thing to get these floors refinished instead of putting carpet back down? I don't have much experience with hardwood floors but have heard they scratch easily?  We will not  be allowing pets in this property.

Any advice would be helpful

Any others have rental properties in cities that require you to have your rentals licensed by the city? If so how has it went for you dealing with the required inspection and dealing with your cities laws and standards they require?The city i own rental property in now requires all rentals to be licensed. We just received the city inspection packet with the application and requirements for inspection. I'm dreading this upcoming process after reading the requirements (the list is long), fees and the fact that the city inspector has a right to enter the property at anytime!

Thank you all for taking the time to post. I appreciate your knowledge and wisdom and have a better prospective on this winter move out and month to month lease situation.

Great ideas! Thanks for taking the time to help. I'm going to contact the tenant this week and discuss signing another lease instead of allowing him to go month to month. If he doesn't want to sign, i'll give him notice that we will be rerenting the property.

George, we had to fill a vacancy at one of our rental houses this past winter too. Ended up having to reduce the rent by $100 a month and filled it at the end of December. On the bright side, the tenants did sign a 2 year lease.

Hi

One of our tenants has a one year lease that ended last month on a 1 bedroom condo he rents from us. Tenant has been a good renter who has paid on time so we are allowing him to go month to month. We do not want a Nov, Dec, Jan, Feb move out on this property but did not include that in the original lease. Would we have to have the tenant sign a new lease with those months excluded from moving out? Does anyone know if it is legal in the state of MN to not allow tenants to move out during winter months?

Hi Joey,

If your condo is in a building that has a strong hoa and you are happy with the way things are run, you may want to consider keeping the condo and looking for another in that same building. You got yourself a great deal and are cash flowing quite good on it as a rental.

We starting buying condo's a couple years ago and now own 5. Our cash flow is pretty similar to yours. We also own 2 single family homes. The turn overs on the condo's are night and day easier and the problems are way less.

Thanks for the helpful advice. I really was leaning towards selling this house but needed a confirmation from others with more experience that it's the right thing to do.