All Forum Posts by: Laticia Braxton

Send a letter and warn them that repeated offenses may result in lease termination and/or non renewal. If your lease doesn't have a no smoking clause, you should consider amending it at renewal time, if you decide to keep them.

Hi Michelle,

If you don't have any property management experience and your profit margin allows you to, I would recommend hiring a PM. I've been in property management for over 25 years and unless you are okay being burdened with the responsibility of chasing rent, collecting rent, filing in court for rent, assessing & scheduling repairs, vetting contractors, handling emergency calls 24/7, etc., you need a professional to handle these things for you.

 Some investors find it more beneficial to hire a PM so they can enjoy more of their lives, and some investors find value in doing these things themselves, so they gain the experience through trial & error. I see it as a very personal choice.

If you would like to schedule some time to discuss further, I'm always happy to help.

Laticia

If the HML is your only option, go for it. Although expensive, it would be better than not having the property at all :-)

Replace the roof now and be sure to vet the contractor that you choose to go with.  Make sure their license is valid (check with your state’s MHIC licensing office) and get a copy of their liability insurance certificate (make that a requirement for them to get their deposit) before they start the job. Lastly, be sure to compare details of the warranty when you are biding the job out to at least three roofers.

Best of luck to you!

Laticia

You had me at New Orleans! My absolute favorite city in the country! Anyone else from the DMV going?

Hello Shriram.

You definitely want a written agreement. This company will be managing your investment on a daily basis, hiring contractors on your behalf, accepting rent payments, etc. Without a written agreement, you have no defense in a court of law should something go wrong. Protect yourself and your investment from the start.

I hope this helps and best of luck to you!

Laticia

The rent roll will show you rents charged, unit numbers/sizes and lease term, but you really want to see the A/R report and each tenant’s rent ledger to get a true sense of what you’re dealing with. Send the attorney another email requesting everything and keep sending that email everyday until you get a satisfactory response. 

Hope this helps and best of luck to you!

Laticia 

Try calling a local restoration company that handles fires. They use an ozone machine for fire units which do an amazing job. It may cost you a few hundred bucks, but it sounds like it will be worth it to you.

Hope this helps and best of luck to you!

Laticia

Congratulations Jess!  Feel free to shoot me a text and I will connect you with some of my contacts.

Laticia

You should consider making it standard practice that anyone over 18 years of age living in the house must complete an application. You not only want to know about their credit, but you should be checking their past rental history (someone may be skipping out on another landlord) and criminal records as well.  EVERYONE gets the same check. That way, you’re covered and there is a lesser chance for a discrimination lawsuit down the road.   If they want to be there, they will all apply.  If they make excuses regarding why someone can’t apply, but confirm they will be living there, you should reject them.  

Regarding the income requirements, you again need to determine what your set application criteria is and stick to that -  do you require income to be 3 X monthly rent, etc.?  The primary wage earners should meet your income requirements and if they don’t, and need the other adults’ income to qualify, just consider that you may find yourself getting late rent payments once they are in. 

I hope this helps and best of luck to you!

Laticia