All Forum Posts by: Lynn McGeein

@Cedric Skeen a tenant who is demanding hardwood floors be installed where I don’t want them is a big no. And if I feel the flooring is in good condition, even if not new, when I’ve had applicants that didn’t like flooring color (usually use a darker taupe), I tell them that’s what area rugs are for.

@Ricardo Polanco I would not grant buyer early possession without a large nonrefundable deposit. Ex., if 20% down payment in purchase agreement, have him place all those funds in escrow at the settlement company with clearly written signed addendum that should buyer not close by x date for any reason, those funds are nonrefundable and to be released to you, but all credited to buyer at settlement if they close. Not saying there will be issues, but they could move in, decide they hate their new job, or the layout of the house, or trash the place, and they just stay without paying or move out and move on with free temporary housing while they find something better. If they’re serious about closing, placing funds in escrow early and risk losing if they don’t close shouldn’t be a problem.

 Toby, Maybe in your state they return it to tenant, but that seems reckless on old manger's part. What if there are already damages to the property that you could have deducted and tenant keeps whole thing rather than submitting to new management? Your new management should know what the rules are.  When we did it, new management had old manager transfer all funds held in relation to our account to the new management, including existing security deposits.  In NC, we must inform tenants of where security deposit is held within x days (think it's 30), so new management then informed tenants where security deposits were now being held.  Seems much safer for everyone involved.  

@Annette Eck I’d send a complaint to the real estate board and the agent’s broker, especially if you have video proof that the agent is giving lockbox code to applicants, not present with them. That should be a violation of their license. Maybe place a sign on your door, “Do Not Enter Without Agent Present.”

@Cory Melious. It may be frustrating but check your state and local landlord tenant laws regarding this because it could be an expensive lesson for you if they’ve followed required procedures. Some states require an established relationship with the health professional, not just one evaluation, but many others, it’s just a letter from a professional if disability and/or reason for animal is not readily apparent. I think it shouldn’t be that easy to obtain, but I guess they’re worried it may be too burdensome for those who actually need it.

@Mark Dutton it sounds like you have decent reserves both rental and personal. For the low-interest mortgages, I personally would never pay a cent extra, just let my tenants pay down my mortgages, because I can earn more even on a short term CD than I would paying them down. You can decide to utilize those funds to pay it off once you have that much or buy more property with it, especially if we get a recession where cash is king. If you are concerned about your sales income stability moving forward, just make sure your reserves stay big enough to let you sleep at night. Maybe house hack your primary with a roommate. Also plan to sell your primary every 2 years if it has appreciated so you can maximize the up-to $250,000 tax-free profit while you are young and can move that frequently. It’s harder once you have kids in school. It’s a great wealth builder if you can do it.

@Dawn Johnson I am also a Virginia landlord, not a lawyer, no legal advice, but my understanding is unless your lease clearly states your lease renews annually or you have tenant sign an addendum showing new term ends x date, then she likely believed it converted to monthly. However, I think Virginia requires that notice be given before the 1st of the month, so notice on the 8th would mean full rent due for following month. If 60-day notice, then full rent due for following 2 months. I would expect a court to give tenant benefit of the doubt for anything not clearly defined. I always send a renewal addendum 30 days before tenant’s notice is due with any change in rent or terms plus new lease end date. I tell them to sign if they want to extend and remind them if they don’t agree with new terms they must give notice by x date or those terms go into effect.

@Marie Magno different state, but whenever we had issues with our Section 8 tenant we contacted her assigned case worker who would help the tenant understand that she would lose her voucher and face eviction if she did not comply with the lease, paying her portion and following lease terms. Also, we inherited that tenant when buying the property at a foreclosure sale and section 8 was very helpful in providing all documentation, last signed lease, renewal or rent increase instructions, inspection information, etc. May be different in your state but worth a try.

@Miguelli Fernandez short seller rent-backs have gotten very commonplace in my area. I usually suggest to my clients the equivalent of 3 months’ rent held in escrow and double the daily rent rate to be charged in the rent-back agreement starting after agreed upon move-out date if they are not out, with seller maintaining all utilities and repairs on appliances and systems until move out, especially if you’re planning to renovate, anyway. You don’t want to have to repair their dishwasher, heat system etc in when you’re putting in a new one, anyway.

@Becca Pariser most listing agents discuss seller financing when listing as it’s a field in the listing data sheet - seller financing: none. So the agent can state clearly if seller is offering to finance or not. It’s likely a waste of everyone’s time to request it if seller is not offering it. Agents are required to submit all written offers unless seller has instructed them differently. For my investor-sellers, I ask if they want to sign up front not to send them offers under a certain price or terms like seller financing or open-assignable. That’s not being an “unhelpful agent,” just more efficient.