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All Forum Posts by: Laura Marks

Laura Marks has started 3 posts and replied 124 times.

Post: What is being rented?

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111

Zillow is horrible for rent rates, it will give you a ballpark idea but it's very dependent on the area. Talk to someone who rents 20+ properties a month and knows what renters want. 

Post: relocating applicants, cosigners and additional tenants

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111

Hi Holly, 

You can make your requirements whatever you'd like them to be, but a co-signer is a great thing to have, relative or not. I have used the co-signer as the only qualified applicant and it's been fine. Often times this will be a better situation because they don't want the co-signer involved with non payment etc. 

I have a sight unseen clause that allows me to keep their security deposit and first months rent, if they get to the home and don't like it for any reason. 

Adding additional tenants needs to be the same qualifying process that you used with the initial applicant. However, if the original tenant is qualified, it's almost the same as a co-signer situation. 

Post: Turnkey property in independence MO / Kansas City market

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111
Quote from @Abigail T.:

Thank you @Will Pieper for the tip and heads up. Calling other agents in the area is a great idea. 

I'd love to talk to you about my hometown Independence 😁

Post: How many days were your property vacant before rented out?

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111

Hello, 

Did you get this rented? Average time on the market depends greatly on the season, condition, price and location of your property. Typically, winter months are the longest and your lease should reflect that. All of the leases that I am signing now will expire in spring/summer of 2023. I rent a home in about a week, currently. In the summer, I will rent properties without them even going live for showings. 
What does your home look like? A, B, or C property? Does it appear clean, fresh and inviting or something else. Kitchens sell the house, in my opinion. Does the condition reflect the price of the home? Are you getting lots of views but not applications? No showings or interest at all? That tells you a lot. Knowing how to interpret all of the above, can let you know what you need to do to get it rented. 

Post: Your Opinions On Landlord/Tenant Responsibilities

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111
Quote from @Jay Flaggs:

@Joe Martella Thanks for the friendly feedback. Good points. I've heard the $100 threshold rule before on a BP podcast, but this is a really good reminder of a good time to put it to use! Fireplace maintenance depends on use, but typically once every 1-2 years if used mildly. I was asked to perform a fireplace inspection upon move in. As far as getting an attorney to write a lease agreement, it seems like the smart thing to do. However, I can't imagine that there is anything new happening in real estate that would really require this process each time a house is rented out. Wouldn't the attorney be just providing you a copy or template of the same lease they've given every client in that state for the last few decades? I'll definitely look into it!

Yes, you can use the same lease over and over after you've had an attorney review it. Keep current with all state and local laws regarding rentals, tenant rights, and owner responsibility. 

Post: Your Opinions On Landlord/Tenant Responsibilities

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111
Quote from @Jay Flaggs:

@Max Gradowitz thanks for your response. Definitely considering a PM company when I can afford it each month. For now, I just have to ask questions to figure things out for myself. As a new landlord, I'll inevitably ask questions that more experienced landlords would find silly or obvious. 

To answer your questions (not sure if they're rhetorical or not):

Wood flooring - Some wood floors need to be refinished every few years depending on use. 

Grill - About 70% of the properties I've seen have a built in grill if not a full outdoor kitchen. Maybe it's more popular in my area. 

Water heater -  It might be a real question for a tenant who has never rented a house and doesn't know what to expect. Why leave it ambiguous when I can just throw it in the lease agreement along with the not so obvious things? When it comes to money I don't think anything should be left ambiguous, so I don't think this question should be discouraged or put down. I hope it's helpful for someone else who stumbles across this post later on. 

IF your wood floors are designed to be refinished every few years, that would be normal wear and tear. I have a clause that states furniture on wood flooring needs to be covered. Scratches etc from furniture are tenant damage. 
I have a fireplace clause that tenants must inspect, if they want to use it. 
Grills aren't a thing here, so I don't have any info on this. If provided, I'd say it needs to be maintained by you. 
Water Heater is ALL you, no question this is a habitability issue.
You shouldn't be writing your own leases and if you do, have an attorney review it or purchase one from Bigger Pockets :) 


Post: multi-family news resource

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111
Quote from @Jason Malabute:

What is a good resource I can use to get national and market specific (Indianapolis and Kansas City) multi-family news/updates for my monthly newsletter I am starting? Thank you.

I can help you in KC, give me a call. 

Post: Real estate license

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111
Study, study, study. Ask people to help you study. For the state, know your Real Estate Commission rules, regs, fines, terms etc. 

Post: Is now a good time to buy a multifamily?

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111
Come to the KC market! I will say that multifamily are hard to come by, but why do you think multi's are better? We have lots of cash flow opportunities in sfh here. 

Post: Addressing complaints about a special needs tenant

Laura Marks
Agent
Posted
  • Real Estate Broker
  • Independence, MO
  • Posts 126
  • Votes 111

Does the HOA know this is the issue?