All Forum Posts by: Tracy Hightower

I've recently started moving into a new market and the contractors are known for not finishing the jobs or taking an advance and running off. To compensate I was thinking charging $100 for each day over (excluding extreme weather and unknowns that popped up during rehab). I also considered a bonus to finish early. Either way, their estimate to complete the job would probably be longer than necessary just to favor them. I DO pay a certain percentage a couple times during rehab (but after something is completed) and the largest amount at project completion.

I was wondering what others do, if there is a recommendation, or something else to consider.

I'm thinking she should send you a letter in writing stating the ceiling fan is broken and describe the situation. Assuming you installed a working fan and she signed a move-in checklist, then you repair the fan within 7 days. All in writing.

Since nothing happened; only a near miss, offer to have someone review the home for other safety items....plus if that person takes pictures of their inspection, you will have a better idea of what's going on and proof of the whole situation for the future or move out.

You might consider a separate fee to hold the rental for them or perhaps twice the deposit to cover if they break the lease they sign with you.....especially if you aren't getting lots of bites now.

I would absolutely do a thorough background and credit history to see if this is their trend. I'm of the mindset, that if they did this to one they probably will do it to you.....double deposits for sure.

If you are getting lots of bites on your rental, then tell them to contact you when they are ready and have completed their lease.

Go for it. It has helped me. Now, since you don't want to be an agent then don't join a group that requires monthly desk fees. Find a group that takes remote agents. Those usually cost an annual fee (say $200) and then a fee for each contract closed (say $150 for SF, $50 for renting SF out).

You know Zach, I look forward to learning what you find out. I wish I had some advise for you as we are in the exact same position. I'll close on a tri-plex next month and the landlord currently pays the water. I've gone back and forth on this issue. I'm leaning on raising the rent when the current lease terms are over and figuring out ways to lower the water usage. I dont know if it should be a flat rate (potential profit) or dividing by number of people in the unit.