All Forum Posts by: LeeAnn Owens

Hi @Dozar Real,

Unless it is a crazy good deal I would pass on it. This is a prime example of functional obsolescence. It will limit the number of people who are interested in your property and you may end up having to rent it to lower quality tenants and / or below market rent. 

If you can get a property with a more modern floorplan at a similar price I would go for that. If not, just be sure you are not running your numbers with market rent. 

I have a unit that has a a 10x12 room with a window but no closet that you walk through to get to the master. Legally it is not a bedroom because it has no closet, but the previous owner (and even the listing agent when I bought it) advertised it as a bedroom, which is incorrect. We advertised it as a "bonus room/ office" and I think that helped attract the right applicants (they were not expecting a 3 bedroom apartment and then arriving to find out it was only 2 beds with an awkward bonus room).  

Good luck! 

-LeeAnn

@Bryn Chatterton 

Welcome to the wonderful world of landlording!! Congrats on taking this step!

My fiancé and I are actually going through the same process now. We have a multifamily but we want to get our primary residence ready to become a rental. This might sound silly, but have your most honest friend come over and do a walk through with you and point out every tiny cosmetic detail that should be fixed. You don't have to do it all, but at least you'll have a list. Quality tenants will want a high quality rental, if you put more work in on the front it will be worth it. 

I would spend time on carpets / flooring and paint. If you're replacing carpets maybe consider replacing with VPL. I use the same "Millennial Gray" color in all of my units, it makes it super easy when we need to do touch ups. For the windows, if they are all original to the house and some of them are having issues I would just replace them all. It will save you from having to do it down the road which could be tough if there is a tenant in there. You could probably finance it for $300-400/ month. You can also write it off as a business expense and there could be additional tax benefits for energy efficient home improvements.  

Good luck!

-LeeAnn

GP- 

I agree with all that was said here. I assume your lease has something about maintaining curb appeal / cleanliness of the property. We have a clause in ours stating all vehicles on premise must have an active registration. The only thing I would add here is that I'm concerned what the state is of the other properties being managed by this same PM. Why did they let it get so bad that you are receiving a letter from the county? Maybe time to find a new PM. 

Good luck!

-LeeAnn

Hi @Hunter King ! 

For a rental to be considered "Owner Occupied" It does have to be the owner's primary residence. If a property is owner occupied there is additional leeway that you have, for example certain laws that would apply to a traditional landlord would not apply to you if the property is your primary residence. 

I would fact check this, but I believe that if you are attending school full time and living on campus, this house could still be considered your primary residence. Not sure if I'm misunderstanding the situation. 

My rental is in Upstate NY and I have a great lawyer that I could refer to you who could help you draw up the appropriate lease. Let me know if you would like her info. 

As far as the 10 month lease, yes you can do a lease/ rental agreement for any period of time. I would just make sure that it is priced accordingly. Personally, I would charge above market rent if someone is not committing to staying there for a whole year. 

I hope that helps, or is at least a start for you! 

-LeeAnn

Identify real estate agents who work with investors and get to networking! Find folks on BP or in local investor groups. It’s human nature to give business to folks you like, so put yourself out there face to face, not just on social media 

Hey Andrew, sorry you’re dealing with that, sounds like a nightmare. If the apartment is uninhabitable you can start the process for a constructive eviction (would recommend talking to a lawyer). If that isn’t an option I would reach out to the regional manager or someone higher up (you can look at the property management company employees on linked in to find out who is in upper management) and give them the option to make things right with you, or inform them that you’ll be taking civil action. You could also let them know you’ll be posting reviews with photos of roaches and mushrooms. You have more pull than you think. Your property manager probably doesn’t want to get their supervisor involved, so if you ask your property manager for their boss’s contact info they will probably be more inclined to help you to avoid getting their boss involved. 

Hi Tiffany, I don’t think it would be worth it to provide the internet. Look at comparable rentals in your area, are they providing internet? A lot of people will probably want to have their own network for security reasons anyway. 

@David M. so if your tenant has a month to month lease you’re required to rent to them forever? 

My guess is that the realtor is not prioritizing the property. They probably have also not posted on the MLS. Have a direct conversation to see what their plan is and make sure that they posted it on the MLS.

I agree that 1st month rent + $300 is outrageous! Especially to have it sitting this long. I would tell them that you did your research and they’re overcharging and underdelivering. 

Did you sign an agreement with them? If so you typically need to agree that no one else can represent the property for a certain period of time. 

Hi Mike,

In your lease agreement how much notice do you have to give to terminate the month to month lease? I have a month to month in one of my units, and each party can terminate the lease with 60 days’ written notice.