All Forum Posts by: Marcus Crawford

@Marcus Crawford    I would deny the requests AND the two year lease @Patricia Steiner is spot on that you have to assess the tenant and the market.  Should someone ask for a repair during showing I do that if it is warranted. Something like are you going to fix that.  I have also entertained we are having a baby and want to paint the nursery.  In general starting off with tenant repairs is a sign the property isn't for them. 

Ask yourself are these things you would do anyway? 

I would decline both requests - the 2-year lease and the dyi renovations.  A one year lease allows you to assess both the market and tenant at lease end for a rent increase as well as whether to continue with the tenant.  And, you do not know the quality of the work that the tenant will do and/or their skill. Will you have to undo their renovations to release it?  What if something gets damaged during the process?  How will you gauge the return of the security deposit if you don't like the renovations? And, the one I hear often from other investors is that the tenant would technically be "improving" your property which is known to get thrown back in your face at the slightest disappointment.  I recommend simply telling them that the property cannot be altered for the protection of both parties and that the property is offered for a one year lease term.

I'm both a Broker and an Investor...often times that gift horse is really something quite the opposite.

Best...

What do they want to do, who is going to do them and ensure that they are done properly?  Are they paying the rent while the updates are happening?  What assurance do you have that they won't start the updates and then change their mind?  Can you collect a large deposit to cover the costs to undo what they start should they not finish? That can be returned to them once the work is done.

We don't allow two-year leases. Tenants typically offer longer leases in hopes of jumping in line ahead of other applicants or to avoid strict screening, then they tend to break the lease early. Stick with one year.

As for renovations, I would want to know exactly what they intend to do, what materials they will use, colors, etc. I would want a strict deadline for completion, then I would inspect to ensure it meets my standards. If not, they would pay to have it fixed by a professional. All of this would be in writing.

If they're willing to pay your price and put money/time/energy into fixing the place up, that's an indication you may be below market price.

It would depend on the 'cosmetic' updates. I would not do a two year lease.

@Marcus Crawford

Monday (15 March) night our RE club is having training on wholesaling. Three established wholesalers will be speaking.

Embassy Suits on Verdae rd, Greenville.

Costs $20 for non members.

Meeting starts at 7PM, meet and greet starts at 6PM.