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All Forum Posts by: Lance Turner

Lance Turner has started 11 posts and replied 41 times.

Post: Tenant Turnover During Holidays

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

Thanks.  It is late for this incident and not actually dealing with the issue, but that advice will help in the future!  In this case they actually aren't breaking the lease.  Their year ended in August. They're not legally wrong, they are just leaving me in a tough situation (try to find a new tenant over the holidays).  However, my wife took advantage of an impromptu conversation and it looks like they will stay until January.  That should be a little better.  Plus, I will have some time to get ready to convert some extra space into another full up bedroom.  If they leave in Jan, I should have it on the market by February while things are ramping up towards the spring.  This is a case where it turned out good that we have a solid relationship with the tenants.

Post: Tenant Turnover During Holidays

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

Great.  Thanks!

Post: Tenant Turnover During Holidays

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21
Quote from @Dominic Rosato:

For the new tenant you sign, aim for a lease that ends in the spring or summer.

For example, if a new tenant wants to move in on 11/1, try to secure a lease of 17+ months. If needed, you can even offer a small incentive, like a half or a full month of free rent on a 17-20 month lease. That might sound strange, but vacancies can easily extend for many weeks during the holiday season. The trade-off might be worth it in order to avoid this problem in the future.


 Good idea.  Thanks.

Post: Tenant Turnover During Holidays

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

Thanks!

Post: Investment Property with an ADU

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

I'm considering purchasing an invesnment property with a small ADU (1/1) in Georgia. I've never owned an ADU and I'm concerned about how it'll influence the primary which I also plan to list and rent. It has separately metered electric service. Can anyone share experiences renting out a primary and an ADU. The area is not a dense urban area.

Post: Tenant Turnover During Holidays

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

Thanks

Post: Tenant Turnover During Holidays

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

My tenant just let me know they accepted a new job in another town and will therefore be leaving us.  They've been good tenants. However, their move will occur in Oct driving us to seek new tenants in a tough part of the year.  Any suggestions on how to approach this?  Someone suggested we ask them to be out by Oct 1 so that we get a new tenant before the holiday season.  Their lease ended in August. Lease requires 30 day notice

Post: Popcorn Ceilings - Possible Asbestos

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21
Quote from @Greg Kasmer:

Lance - I've have contractors take down popcorn ceilings in a few single family homes that were built in the 1950's, but I haven't had anyone say that they might have contained asbestos. Did someone mention that to you? I would just hire a guy to remove the popcorn ceiling - they might be able to weigh in as well as give you a quote. 


 I've heard that from a couple of people in the industry and I've seen it online.  Most technicians say there is no.reason to do an abatement but they are not thinking in terms of risk.

Post: Popcorn Ceilings - Possible Asbestos

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

I recently learned that popcorn ceilings made before around 1985 potentially contain asbestos. Are you guys testing your rentals for that?

Post: Investor looking to Grow

Lance Turner
Posted
  • Investor
  • Posts 41
  • Votes 21

Joseph, Right now I'm looking at 1 SFR and one lot with 2 homes on it. The latter is my preference.