All Forum Posts by: Luciana W.

@Colleen F.

Thank you, adding a time on the amendment is a great idea!

Thanks everyon, your advice is always gold!

I will probably let them stay the extra day, just ask for them to sign the extension in an amendment.

Hi everyone,

I have a turn over coming up, the current tenant has signed a move out letter for the 30th of the month and is now asking for one more extra day so she can move everything to her new apartment that is only available on the 1st.

I have been marketing for a move in date on the 7th to give me enough time to fix and clean anything to make the unit ready. The current residents has only lived there for a year and the place is still in good conditions.

My question is should I allowed to extend one more day? And if I do, do I need to amend their lease do add a day to the contract?

This residents have been good thanants always payed on time and didn't course trouble, the good in me wants to allow it, but I wanted to know form more experienced folk is I would be making a mistake

Thank you all in advance for any advice

@Jeffrey Stein

I have been using Hemlane for a while now, I like that does more than just collect rent, it send automatic emails to tenants if they are past due and automatic charge the late fee if that's the case, and get the rent roll organized. It also can market the property to a bunch of diferente to platforms, save all files from the property on their cloud, and be a communication hub. Very versatile.

@Jim K.

Hey Jim,

This sucks, but is fixable. A bit more stressful because of the short window you have before they move in. But I am a half glass full type of person, the way I see this is at least didn’t happen after they move in and most of all if didn’t hit anyone on the head.

@Ross Y.

I am not a CPA but I had 2 different CPAs tell me that if one member of the family is considered a RE professional and that spouse owns, for example,50% of the business, the couple can use only 50% of the depreciation to offset other ordinary income.

However, I have read in a accounting book that the family could use 100% of the depreciation if one of the spouse qualifies.

If someone in in this discussion nows best about this, I would love to hear another option.

@Evan Jackson I have properties in proximity to the local university, I personally don’t rent by room. I put them all under the same lease and it is drafted in a way that they are all together and severally liable for the property which puts them in a position to police themselves since if one of them mass things up they are all liable for the problem.

A huge positive I have seen is that a larger unit has less vacancy since even if one of the resident needs to move out the others are still staying and they tend to find a replacement roommate that they themselves pre-screen before send the perspective resident my way for final approval. So far had worked well.

Good luck

@Bill Brandt

From a previous post suggesting the tenant should go to a elderly home because she is not fit to shower on a tub.

Please, DO NO SUGEST HER GOING TO A ELDERLY HOME!!!! EVER!

It is not your place to sugest where a tenant should live. It looks like she is bluffing, but if a landlord suggest that a tenant is not fit to take a shower on a bathtub because she is old this is reason for a discrimination claim and out of the blue your tenant will actually have a case in her hands.

@Joseph Agins

I would not refi all of the proprieties, may be half. The idea is to cash out refi the ones you have or a longer length to finish paying, or the one that had appreciate the most/ more equity and/or higher interest rate. And with the cash out pay off some of the other properties and/or buy a new property.

Think in terms of consolidating a larger debt with less properties as collateral, which would not only increase your cash-flow but also put you in a safer position in case the market swings on a different direction. You can always do a heloc on the property you payed off if you need the money.

Only my 2 cents, this is a great dilema to have. Good luck!

@Sean Kollee

Amazing Reno! Congrats!