All Forum Posts by: Kim Meredith Hampton

@Wesley W. thanks for mentioning that about the timing on the claim. @Ryan JudahWhether they say claim or not, you should contact and make aware to your insurance company (just in case) if it becomes a problem, they may deny later. 

I manage thousands of habits and have seen a few things, some of the advice coming your way could possibly create a big problem for you down the road. 

Hope it’s all nothing, but positive thoughts coming your way in our crazy upside down world 

 Given your answers, raise the rent to $1000 or give her a 30 day notice to vacate and do your reno

Ryan

Yep, comes with the territory unfortunately!!! We live in a litigious world and people are always out to get us. Really sucks

I’m glad that your PM takes good before photos, they will come in handy. Also a copy of new flooring invoice helps. Maintenance log etc…

You probably should open a file with your insurance company right away. We had something very similar in a property we had purchased with the tenant already in place. She claimed a piece of drywall came down and hit her kid in the head. They went to the hospital, but nothing wrong, told the mother to give him some tylenol, no cuts or bruises.

Immediately the PM went to write up an incident report, called a vendor to do any repairs etc… Our vendor said looks like someone pulled it down. We also had photos and an inspection done when we took over and there were no leaks, stains or loose drywall at that time. The insurance company still ended up paying her some nominal amount even though the adjuster thought it was bogus too

AJ, I would try the rent increase first and foremost. Bird in the hand……

I caution you on the mid terms for a couple of reasons and things to consider;

1. Is this a legal conforming studio rental?

2. STR and MT terms have slowed down significantly, so I caution you in figuring 100% occupancy in your calculations

3. Downtime for rehab should always be figured into your equation with regard to cost and vacancy during this time

4. Do you live in an HOA whom allows MT rentals?

@Alain Chautard

What kind of condition or age, was the property rehabbed prior to the renter taking occupancy? Sounds like a lot of needed repairs, a maintenance monster or a combination of both!!

Let your PM know what and what you won’t repair from this point forward, and that you want before and after pix from the contractor 

Nicole congratulations on building a portfolio

There really is no formal training required for you as a landlord, but plenty of books and podcasts, or even look for classes offered to property managers. If you don’t have enough time to educate yourself in a tenant friendly state, I would recommend hiring a professional property manager

For properties that are non conforming and illegal, are extremely difficult to get approved. My husband was previously the chairman for code enforcement and almost never got anything like that approved. They usually will make you tear down or remove the illegal unit. You most likely will need a GC and plans that outline the project. 

I usually tell people to walk away, this is like opening a can of worms 

absolutely!! Most (i’m sure not all) have a clause in their mngt agreement for things that go beyond the day to day mngt of the property, and charge a % of the job

During hurricanes or other floods etc…. the insurance companies have never had a problem reimbursing us

@Greg Virgin We are in Florida and learned early on that you need to have something in your mngt agreement to take care of paying you for your efforts beyond just managing and leasing the property. 

I have seen anywhere between 10-20% oversight fee, and yes, you can put in an invoice to the adjuster to pay you. 

100% what @Matt Devincenzo said