All Forum Posts by: Jon K.

This.

Safety.

If the place actually burned down/flooded out/etc., I would think insurance might re-think they "oh, no worries" approach and try to find a loophole so they don't have to pay your claim. Especially if anything happened in the improper basement.

How would someone notice? Utilities if there are 4 metered units. Mail. Inspectors- city and insurance folks driving by. Property taxes and square footage. Your income taxes and deducations on more units. Your mortgage lender having a problem with it. Neighbors made about 4 sets of tenants in one building complaining and ratting you out. An angry tenant you have to evict ratting you out or claiming your building has flaws to try to get out of paying rent. It's not that hard for passerbys to notice occupancy, and others can notice more easily (utility companies where there are 4 sets of utility boxes, mail people, cable installers, tenants, neighbors, city inspectors, insurance companies, etc.). But, yeah, maybe you would luck out and nothing happen to the property or with a tenant/neighbor ratting you out and no one notice. Some people have "illegal" units for years and no one notices. I would enlarge the windows and make the building up to code instead of throwing good money to finish an "illegal" space and take that risk. Or use the basement as "storage" or "laundry room" or "rec room" for all tenants... some sort of "bonus" area to try to get more rent from.

Why lower or raise rent?

If they want to pay for it and use a contractor that YOU approve, AND:

1) they pay for it and reliquish it to you when they leave at no cost to you with no reimbursement to them whatsoever (and SIGN an agreement stating as such... absolutely must sign such an agreement)

2) AND they sign a waiver making you not liable for any injuries resulting from the use, install, etc. of the storm shelter.... (an absolute must to waive yourself of the liability)

.... then you might just have yourself a free storm shelter.

Make sure they sign both a liability waiver, and an "improvements/leave the shelter with the house for free" agreement. And use a reputable, insured, licensed installer that you approve.

I would not buy a storm shelter for them. Are you going to start buying everythign else they ask for? If they want granite countertops and a swimming pool, are you going to buy them those things too and charge $25 more? They want a luxury item and are willing to pay for it/sign waivers/leave it with the property/use a contractor (licensed and insured) that I approve, I'm in.

I would also use caution in that if you ever anger them or raise rent or anything else, they'll dangle this carrot over you forever. You try to raise rent and they'll say "but we bought you a storm shelter." They want a cat and you say no cats, they'll say "but we bought you a storm shelter." They pay rent late and you charge a late fee, they'll (again" say "but we bought you a storm shelter."

If they're good tenants with great references and sign both #1 and #2 above, I would probably agree to it. I mean, a "free" storm shelter. But, obviously, if anything ever goes wrong or you raise rent or they pay late, they'll hold this over your head forever. Personally, I would probably take this risk in this situation so long as they do all the above and sign all the above.

Also keep in mind that they need to make sure the storm shelter is installed property, doesn't flood or cause flooding, doesn't hit a natural gas or plumping pipe, etc.

If your son's living there and pays utilities, he should be the "controller" of A/C settings.

From what I remember, a person can "override" those thermostat settings anyway. Or, can you now "lock" the settings?

If a roommate wants it colder, they'll crank that puppy down and you're stuck paying. Roommates *WILL* abuse utilities if it's "bills paid." I would try to "cap" the utilities-- give the roommates an "allowance of bills paid utilities"-- if they go overboard with utilities, they have to split the overage costs.

Honeywell does have cheaper ones. I've seen them for $75 or so.

I wouldn't touch a neighborhood with burned out houses and vagrants everywhere that's only 2-3 blocks away from a property.

But, some people would. How is the immediate neighborhood? Has the area always been a dump? What are the numbers? How as the value of the property and neighboring properties changed over the years? And, how long do you want the place for-- if the area doesn't turn nice for 15-30 years, are you fine with that?

Agree with those saying: make sure to know if those monthly fees are always the same, or if owners ever have to pay for the roof/etc. or other costs. See what the fees include. Make sure that building even allows rental properties, and that it will allow one more rental property (not above rental quota). Condos can be easy rentals, but you can also get more complaints from neighbor noise, parking, and insurance issues (say some neighbor above floods your condo if their water heater leaks).

Cost of construction. :D

Liability with that ladder. :D

And, yes, I saw that posted on Houzz.com.

It is cool looking if you have one bedroom that you need several of your kids to share. And have plenty of money to hire a handyman to build all that. Back in my day, it was metal bunkbeds.

No.

I would NOT let them move in early, especially not with a frantic "we want to move in NOW" call.

You told them Jan. 1, but they wanted Jan. 4. They knew they would get the keys Jan. 3. I would give them the keys the night of Jan. 3, after you verify utilities are in their name. I would remind them politely of the start date of their lease.

I would put her on the lease and let him co-sign. Or put them both on the lease. Either way, both of them would be responsible for rent and you could take one or both of them to court to get the money if they don't pay rent. He's co-signing the lease. If she doesn't pay rent, you could go after him for 100% of the debt as he is co-signing. Same if he and she are both on the lease-- both of them are 100% responsible for rent if the other person doesn't pay, and you can go after one or both of them for that rent money.

Why the double security deposit? The co-signer more than meets any rental income requirements that I've ever heard of with that high income and (I'm assuming) good credit as he is a homeowner. It's not like he would be hard to find if he doesn't pay rent-- you know where he lives. If she doesn't pay rent, small claims.

I would NOT remove him from the lease in one year. She either qualifies or she doesn't based on your written criteria. Her living there a year doesn't change the fact that she alone doesn't qualify for your written rental criteria. If he dumps this affair, this lady may or may not be able to afford it selling timeshares. Her job is new. And, you don't know her recent income as she's refusing to show you paystubs. Co-signer $170,000 or not, require recent pay stubs and rental history check from this woman AND the male co-signer.

Obviously I'm assuming this is an affair. But, I'm not sure that's even relevant. He's willing to co-sign. So, she has to pay rent-- if she doesn't pay rent, you can go after her or after him for that rent money. It's not your job to inform his spouse or make sure he informs his spouse.

How far away from your income requirements is she alone?

Check her rental history, income, etc. etc. too while checking his. Make sure she has the income she says she does, make sure she doesn't have a criminal history or evictions, etc. Check her TOO even if he co-signs.... make sure she's not hiding something. Him co-signing or not, CHECK HER rental history and income too. Verify everything about her. Make sure she's not using him to hide a sketchy past of her own.

What on earth are your rental criteria if a homeowner (co-signer) making $170,000 a year requires a double security deposit??? I doubt I would even qualify for your rental.

Your co-signer meets the requirements. I would consider it, but also require pay stubs, rental history check, and your usual criteria on her also. This guy is willing to put his name and money on the line. If she stops paying, you've got a guy who's a homeowner netting $170,000 to take to small claims for your rent $.

And, no, I seriously doubt he's a "very good friend." That's what all people who have affairs say. But, I'm not so sure it matters. You've got a qualified person here who is easily garnishable if rent is unpaid.

Plenty of tenants aren't going to like cement floors.

People with young kids don't want their offspring running around inside and falling on concrete.

I've seen "nice" looking concrete in high end homes, and I've see concrete floors in cheaper outdated homes just look silly. The concrete look has to go with the style of the house interior for it not to look out of place and cheap.

Personally, I would not want concrete floors in my house. Furniture that isn't very modern looks just silly on concrete floors. And concrete floors are cold and suck to fall on. Concrete floors can show wear, and the sealant/gloss can get scratched like other surfaces. If pets pee on the straight up concrete floors, the smell seaps through the concrete and it's a pain to get rid of. Even pet pee that seaps a little through carpet down to the concrete base is hard to get rid of.