All Forum Posts by: Kristina Heimstaedt

@Dana Holland I had a tenant who knew he was moving out, but was very fussy every time I tried to show the property. He would throw a big temper tantrum every time I scheduled a showing. In this situation I would do the following:

1. "Hi tenant, I have a scheduled showing for x date and time"

2. tenat: "it is very inconvenient to continue to show the property. I would like to enjoy my time and space."

3. "I understand your concerns. However, my only legal obligation is to provide proper notice, which I've done. I look forward to a smooth transition until I can return your security deposit."

In your case, I might add that because their lease has ended, they no longer have any legal rights to the property and that you will reinforce this by changing the locks. I might also try to get an idea as to why they are paranoid. Everyone has a reason. Hear them out so that you can maybe work with them and end things on good terms. It's your property. They're just borrowing it. They're acting pretty ballsy given that you still have their security deposit. Set them straight real quick, but then be sympathetic and hear them out and try to come up with a solution that works for both parties if there is one to be had.

@Dana Holland

I would absolutely echo @Mike Cumbie and handling things by the books. As a side note, I'd change the locks on the first. I highly doubt that they would make the effort to come back and do something that would harm the property, but it doesn't hurt to be sure. 

@Albert L. @Manolo D. Keep in mind that a lot of the three story developments that have been popping up aren't necessarily local developers. There are "new" developments one house from the sand that aren't moving because it's not necessarily what people are looking to purchase. However, that's what happens when dirt is expensive.

The cost develop that land and clean it up just seems like it will be too large a hurdle for any developer if they can't build as many units as they'd like. In this case scenario, time is money and the developer appears to be losing.

We use Home Depot pre fabricated cabinets and then hire a finish carpinter to install them. That doesn't give you too much variety in terms of style. However, it's cheap and the carpinter makes it look pretty. And keep in mind that white shaker cabinets are classic and that's typically one of the options.

Hi Everyone,

I thought I heard something about lending against your Roth IRA on one of the podcasts. Curious about understanding lending against retirement accounts as well as even life insurance accounts. Thanks so much for your input!!!

To echo what @Matt W. has said, it appears that Coastal is against the project and unfortunately for the developer, they must work with Coastal Commissions in order to complete the project. It also seems as though that the non-profit associated with the project is doing a great job of stalling the project as this land was purchased over 20 years ago. I think the thought is to drag it out to the point that the project itself is no longer feasible financially especially if the developer is going to be responsible for cleaning up the land due to the oil rig. If ever you have questions about particular pieces of land, your best bet is to go to whichever city to obtain the zoning for the land.

Just like @Thomas S. said, nothing replaces good credit. There is a lot of power in that.

@Keith Smith don't assume what your tenant will or won't do. If you don't communicate with your tenant you're left in the dark place with scary thoughts. Your tenant has already expressed tgat they don't want to be there. The easier the tenant makes it easier to market, the lower you get your vacancy rate. If you're worried, tell your tenant that you'll return the entire security deposit if they find their replacement. I'm a fan of focusing on the positive as opposed to the negative (aka penalty fee). 

You have a contract that states that you expect that money coming in over the course of the next x number of months. They are financially on the hook until you replace them. I had tenants who purchased a property a month after they signed a new one year lease. We were up front about the fact that they are financially on the hook for the property and the tenants are very eager to accommodate showings and allow me to market the property effectively. Remind your tenant that they have a financial commitment as spelled out in your lease and let them know that you will work to find a replacement as quickly as possible, but that allowing free access to the property and keeping it up will help to get it rented faster. I'm a huge fan of incentivizing the tenant to work for you rather than against you.

Run the numbers. Does it make sense to sell, purchase and re-leverage into another property where you could get a better return rate or can you get a decent return and not go through the process of selling.