Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kevin Kim

Kevin Kim has started 16 posts and replied 49 times.

Thank you for your reply. 

I totally agree with you. If I were someone who discriminates based on gender, I wouldn’t need to ask this question. 

We have already decided to rent our house to them. 

However, because we don’t have much experience with this matter, are relatively new to being landlords, and come from a different culture, we wanted to understand if there are any particular considerations we should be aware of.

I heard that it is illegal to ask about religion, national origin, and other personal information when we talk with tenants, even if we don’t have any bad intentions or discriminatory purposes. So, I just wanted to know if there is anything we need to be aware of when we communicate with them, etc.

I’m sorry if my ignorance made you uncomfortable.

Hello everyone,

Sometimes, we have prospective tenants who are LGBT couples. Since I am not very familiar with their experiences and perspectives, I would love to hear from those of you who have had interactions or experiences with LGBT tenants. Any insights or advice would be greatly appreciated!

Thank you!

Post: Can you review our lease agreement?

Kevin KimPosted
  • Posts 49
  • Votes 9
Quote from @Jaron Walling:

@Kevin Kim Find the time and build your own lease. Tons of clauses, tips, and advice in the forums. Search for it and use it. Investors should do this so they can learn and remember the clauses. It's a living document. Every time you place new tenants you're reviewing it and "tweaking" things. This is wildly important if you're handing the PM. 

If you plan to hire that out then it falls on the PM company. You need to screen them and ask the important questions no different than tenant. Best of luck. 

Thank you for your reply.

I have studied and drafted a few important clauses, which I asked the lawyer to translate into legal language, including must-have clauses for a California lease agreement. Since I lack a legal background, I don't want to risk handling it myself, especially for our first rental. Once we have a solid lease agreement in place, I'm confident we can make any necessary tweaks. Thank you.

Post: Can you review our lease agreement?

Kevin KimPosted
  • Posts 49
  • Votes 9

Hello,

I hired a lawyer from Upwork.com who has received many 5-star reviews.

I asked him to write a lease agreement. However, I later found out that he lives internationally.

His first draft was missing many important terms, such as those regarding lead-based paint, Megan's Law, etc.

I questioned his qualifications for this job, and he assured me of his capabilities.

I'm attaching his final version here. lease agreement

I removed personal information in the contract. 

It would be great if you could review it to determine if it's suitable for use.

If not, please recommend a reliable place or lawyer to review or draft a lease agreement.

Thank you.

Quote from @Bruce Woodruff:
Quote from @Kevin Kim:
Quote from @Bruce Woodruff:

Having owned, and been around horses before (for years), they can cause a LOT of damage very easily. One move of the hips can take down the side of a shed or fence. If they get loose on a wet day, you will be fixing their hoof damage for weeks....

Not to mention the liability. There are signs that should be posted to lessen your liability. Get several of these and post them all over. Let's say the tenant has a horse and someone stops by the property to buy an item they saw on Craigslist. Their kid goes over to the horse and spooks it, gets kicked in the head.....guess who will definitely get sued? Yes you. I don't care how much insurance your tenant has...you will be seen as 'Deep Pockets' guy


Thank you for the reply. 
So, even though tenant have a renter's insurance with liability, are we liable for the sue???


 Oh Yeah. You know this. They will go after everyone involved...

Does the Enuine inherent risk law protect us even though just random person get injured by our tenant's horse in our property? 

Quote from @Russell Brazil:

Only if it is single family. If it is multifamily, and the horse is in the upstairs unit, it will disturb the tenant below when it dances.


 I will ask my tenant don't bring their horse to upstairs :)

Quote from @Bruce Woodruff:

Having owned, and been around horses before (for years), they can cause a LOT of damage very easily. One move of the hips can take down the side of a shed or fence. If they get loose on a wet day, you will be fixing their hoof damage for weeks....

Not to mention the liability. There are signs that should be posted to lessen your liability. Get several of these and post them all over. Let's say the tenant has a horse and someone stops by the property to buy an item they saw on Craigslist. Their kid goes over to the horse and spooks it, gets kicked in the head.....guess who will definitely get sued? Yes you. I don't care how much insurance your tenant has...you will be seen as 'Deep Pockets' guy


Thank you for the reply. 
So, even though tenant have a renter's insurance with liability, are we liable for the sue???

Quote from @Andrew Bosco:

This is absolutely a question for your insurance provider. See what that will do to your insurance and general coverage. I personally own horses and it's an insurance nightmare most of the time - especially with renting out stalls to non-owners. 

Hi Andrew,

Thank you for your reply.

I haven't asked our insurance company yet, but I will do so tomorrow. However, I have asked them to obtain renter's insurance with $500,000 in liability coverage. They checked, and the premium was less than $200 per year, which is affordable. Additionally, I will ask them to pay $75 per horse for pet rent, so it will increase the monthly rent by $150.

Please let me know if this sounds okay, and if there are any other steps we need to take for tenants with horses. Thank you.

Quote from @Marc Winter:

Hi @Kevin Kim, your post did not mention if you asked the powers that be (lol) if you could keep the one pole, and simply have them install a separate meter for each building.

On multi-family property, we have installed multi-meter boxes with external disconnects as per the electrical code in PA.  When electricity comes into a meter panel, the exterior panels can be expanded, separate meters can be installed, and of course separate service entrance panels with breakers.  

Check with your trusted local licensed electrician.

Thank you for your reply.

Our county and Edison have stated that we can install a sub-meter, not a separate meter. Therefore, we will install a sub-meter outside of the house. The tenant will be able to see both the main meter and the sub-meter. This setup will allow them to determine their own usage, and we will pay the difference either monthly or annually.

We use the warehouse only a few days a month, so our power consumption will be very minimal.

If this makes sense, or if there could be any legal issues, please let me know.

Thank you.

Hello,

We're considering renting our house to a prospective tenant who owns a horse. I'm curious about the implications of having tenants with horses.

Do horses typically cause damage to fences or buildings? I'm also considering charging a higher rent due to the potential for additional wear and tear.

If you have experience with tenants who own horses, could you share your insights? Any advice would be greatly appreciated.

Thank you!