All Forum Posts by: Len Fallis

I would definitely try a local insurance broker in the area close to the property you have (in the same state is fine). My experience- I tried to do it on my own, online, and researched a lot. Purchased a policy and felt satisfied till I talked with other investors in the area and started to feel I paid too much. I went to a local insurance broker and got better coverage and now pay less. Leave it to those with the knowledge and save yourself the headache. A plus was the agent was an investor himself and knew my major concerns.

Welcome to the business!

My 2 options:

1) Do the small $25-$50 increase - repeat 

2) Inspect the properties. Who is taking better care of your new house? Keep that one and give the notice to the other. Later, move the new tenant in a freshly-painted apartment that demands market rent - repeat with the other apartment 3 months later

Option 2 is like getting the band aid wet and THEN pulling it off , like Eric C. mentioned earlier

Good luck and may you prosper!

Check the ads local to find the pet deposit or fee that is common to your specific area. A quick Google search shows me $350 per pet on apartmentfinder.com for Peachtree City. I would find a few other sources. It also depends on apartments, SFH etc.

I charge $250 deposit plus $25 pet rent per month. Also, be ready for those who say their pet is a service animal or emotional support animal. If they have a service animal you can still get a deposit but not monthly fee. And contrary to popular belief a service animal that is a "nuisance" can be grounds to evict. (except NY!  ; ) 

My stance would be to stay with the current PMs policy. I agree the smell factor might not be as intense as burn/smoke but I'm unsure of the cumulative effect. Here is a report from FEMA and the US Fire Administration that details the fire/explosion danger which you can cite to support your PM.

https://www.usfa.fema.gov/downloads/pdf/publications/electronic_cigarettes.pdf

Alexis,

PM me the deal andI'll take alook!!

Congrats on the first! I went through this decision just a few months ago putting my first rental on the market. My thought process was this:

1) Tenant will put up who knows what on the windows, i.e. blanket or something else not really pleasant to look at. Think of neighbors. @Brandon Turner encountered this on one of his rentals if I remember correctly.

2) Tenant will install their own blinds, window treatments etc., and their skill level sucks thereby damaging the window area and leaving your daughter just one more thing to repair at turnover.

I opted to put the blinds in myself. My plan is to use a standard type that is off the shelf at my local box store. It may not be custom roman shades but it is simple, effective and uniform looking from the outside in. My duplex has 32 windows, old house, and no large windows on finds in a more modern build.

Enjoy the Cashflow!!

Bill,

Welcome! There is a local BP meetup on the first Tuesday of the month at the Aloft hotel. It is an informal and friendly way to connect with others that share your goals.

Ahhh, STAR is difficult to calculate and it is better and more accurate to just ask the the local tax assessor. Know that you will only get a rough estimate because most school districts haven't even voted on next year's budget yet. Many wanted to prepay taxes before the new federal tax law took effect and claim it on 2017 returns. Also know, that to my knowledge, STAR can only be claimed on your primary residence.

Dan, to my knowledge NY does not have any statutes in the books concerning "abandoned" tenant property. There is however case law to go by from previous instances. Definitely worth the attorney fees on this one. I would use this as a situation to develop a policy for future occurrences. For example, "all property left by tenant will be stored at tenant expense, after 90 days the property will be liquidated and proceeds will be used to cover storage and processing costs. If any funds above and beyond expenses are recovered you will make a good faith effort to disburse." (this is not legal advice!) As with any good NY tenant/landlord exchange, use written notice and certified mail to prove "effort". I would recommend anyone to sit and observe a few hours in court. You will walk out of there with an appreciation of having a written policy that you can keep in your back pocket!