All Forum Posts by: Kris L.

Although it really depends on the market, 2% is more likely in the worse neighborhoods, and while those properties would seem to cash flow well, they are also higher risk and take a much more hands on approach.  

2% in a nice neighborhood would be less common and probably not on the market long unless there were extenuating circumstances.

Of course each city is different. I hear 1% is hard to find in LA while much easier in Cleveland for instance.

Being students, multi-year might not be of interest to them anyways depending on how much school they have left.

If they can’t pay rent, probably much better to cut losses early.  If they can’t pay rent, how likely are they to be able to pay other fees?  How difficult will it be to get a new tenant in?

Honestly better the tenant came to you with the issue rather than just stop paying their rent.

True enough Steve.  I guess it would be better to say he didn’t lose as badly as he could have, as would have been the case had the judgement been found for the plaintiff.

Another key aspect is to learn all you can about the market where you want to invest.

“Thank you for renting with us for the last 2 years.  Unfortunately, we will be unable to renew your lease when it reaches its end date.  Please review the move out requirements.”

Just that easy, though make sure it is done with enough time to meet the local laws on this notice.  Usually 30 or 60 days.  Nothing says you have to renew a completed lease, right?

@Tim Orenbuch, best way to keep neighbors from filling it is to have it delivered morning of the demo and filling it up yourself.

Sure you can.

Personal checks for security deposit aren’t a good idea, so I would recommend not accepting them as a payment method on move in.

Probably not something I would advertise at all tbh.  Do you expect a tenant to want to sign a lease that would run past the date you want to move back in?