All Forum Posts by: Kathy Henley

@Samuel Young Oh yes. My account has a thing about co-mingling funds.

@Mian Rizwan I was summoned for a missing roof tile on the porch portico. With me to court, I brought a photo showing that the tile had been replaced. Case dismissed, said the judge, pay the $125 fine. Standing next to me was my property manager. 

The initial letters were mailed to the owner's address on record, for county taxes - not the PM's address. By the time the notices circled through the mail and were forwarded to me, notice #1 and #2 were in play. Inspector's don't like to be ignored and the notice to appear happened. My PM insisted on paying the fine, which was nice.

The notice to appear will have the inspector's phone number and email. Make use of it if you need more info to resolve the issue. In the end, the city/ or county wants our buildings to be safe. Slum lords are real. Plus, they like revenue from inspections and fines.

@Jason F. If the garage and an apartment are on market at the same time, I say '$100 more for the garage'. It has two berths. I have already advertised the apartment at top of the market rent. Applicants consider the options. If they decline, it is rented to a stranger on a MTM basis. Here in St. Louis people put their pretty cars in a garage in the winter. The license to park is paid for quarterly. 

@Tracie Van Your brother in-law has no written lease. The oral agreement that worked for 8 years, has come to an end. Without a receipt, note, or memo clarifying how payments were to be used, he cannot prove that a deposit was intended to cover last month's rent. Time to pay up and move out.

@Jelissa Bisono You rehab homes? That is a good skill.  Are you looking at the sexy nightly rates? Like all investments, it isn't just how much money is brought in (nightly, for AirBnb), it is how much you get to keep at the end of the month. Analyze the amazing property and see if money is to made. Is the area saturated with furnished rentals? Is there a need for more? - near recreation area? The owner pays all utilities, research those costs. Cleanliness is important, add in housecleaning expenses. And guests like goodies - add in the freebies that are expected in your area. And furniture.

Your rehab experience will help you determine the out of pocket expenses for making the place ready to rent. Add these expenses with the usual expenses in buying income property - mortgage, insurance, property taxes. This will help you determine what left over dollars would be yours at the end of the month. If the amazing property is a good deal, you will have enough for water heaters and upkeep during your ownership period. 

Start with current listing on AirBnb, the superhosts have their market figured out. You will have the opportunity to develop your own niche, to attract regular visitors. 

@Hegsdery Gret The multiple listing service (MLS) keeps track of such metrics. Set up a search with the criteria which interests you - single family or multi family, number of bedrooms and baths, or by city, or by zip code. Click 'sold' as the status of the listing. The same search could be done from the real estate websites. Some state though, like my state of Missouri, leave the decision of posting the sale price as optional. Being an 'undeclared' state means that not all sale prices will be available to the public. Metrics in such states and would be inaccurate, since metrics often rely on published sale prices (like a Zestimate on Zillow).

@Matthew Sipes Call property management companies in your area of interest. A good one would have the pulse of the market. How to find a good one? Reviews can be found on Yelp, if the area is large enough.

@Scott Esmail My employer manages hundreds of units. We charge the owners for lease renewals. Often buildings come with inherited tenants and poorly written leases. We have to work with the tenant to understand the new lease and the new responsibilities of each party - snow removal, furnace filters, landlord liability insurance, dog fees and poop cleanup, who pays for broken windows, etc. This takes time. We want them to stay, if possible, and avoid a costly make-ready (pushing it into the future more or less.) For the owner which we serve, this is fee that they are willing to pay ($60). If the inherited tenant doesn't want the new terms, they have the option of not renewing. No renewal fee to them but most will have a rent increase of $25. If tenant chooses to not renew, we do not charge the owner.

@Lawrence S. Yes, either party can write one and both must agree. Signatures show that both agree.

Addendums can be useful for parties to recognize a fine point to the lease agreement, if the initial lease had general language. Maybe something was overlooked. Our recent one was this: 'The tenant XX is in the military reserve, therefore, XX will not be penalized for breaking the lease, if called to active duty more than 100 miles from current home.'  Another was about a dog not being a pet but being a support animal. This triggered a conversation between LL and tenant. The outcome was an addendum putting facts on paper, to keep the peace and to clear up any confusion of responsibilities.

Signed by both makes it real.

@Ashley Corbett Keep talking or fold.

If your purchase and sale agreement included and inspection period, the buyer has to sign-off that the period was satisfied. If not, the deal cannot close. The problem would be solved by your agent requesting access. If seller cannot make the unit available for entry, the deal may be over. Buyer must sign-off, agree that you learned is enough to accept the conditions, is Buyers power/choice.

If your purchase agreement asked of verification of income and the seller is not willing to verify, deal may be over. You decide if you need to see more info (like the email from the Housing Authority showing the monthly pay out).