All Forum Posts by: Marc Winter

There's an old saying:  you never REALLY know someone until you marry them or rent to them.

All the responses above give you some good advice.  This is a learning experience you will benefit from going forward.  

It's a simple process to write a new lease with different terms as long as all parties agree, as all above responses have explained.

My question is, what is the basement room to be used for?  If it's for only storage, that's one thing.  If the tenant wants to use it as another bedroom, you'd better make sure that's permitted/inspected, and there are two means of egress from the basement.

That's a major health/safety issue not to be ignored.

@Tyson Hill, you ask a simple question that doesn't really have a simple answer.  We explain to the owners we represent that we do our best to get their payments out on or before the 15th of the month.  (98% of our leases require rent to be paid on the 1st of each month.)

HOWEVER, if the tenant does not use EFT or other e-payment or credit card, and they write a check on, let's say, the 10th of the month, we must wait until that check clears the bank.  

So we have informed owners that we will forward whatever funds are cleared on or before the 15th and any funds that clear after that will be posted to their account and sent out the following month.  BTW, we use EFT to forward funds to the owners.

Hope this helps.

Hello to all my BP friends and contacts!

It’s time for me to help my in-laws get their place in the sun, and I’m looking for suggestions for the following:

They want to move to the west coast of Florida, around the Sarasota area. They would feel most comfortable in a senior trailer park that is also small-dog friendly. They both drive, so ‘walk-ability’ score is unimportant to them.  

Can someone suggest a community that might fit that bill? Any suggestions are welcome!

First, I'm going to guess that MIL is mother in law?  I'd have her set up a meeting with the seller.  Have coffee at the kitchen table, and explain the benefits for them selling to you directly.  Let them know you are an investor, and the way you prefer to buy is with the seller being the bank.

I wouldn't even mention interest at first.  They may look for straight pay off--stranger things have happened.  Go for the stars and maybe hit the moon.

Also, don't run the condition down, but let them know you'll have about $XXX in repair costs.  You can also mention their possible tax benefits in selling to you with them holding the note.

One last comment--let them know if you go to contract, the property will close on time--the best time for them.  

Oops--one more 'last' point--if there is a small mortgage left, let that be you down payment.  Otherwise, don't mention down payment--if they hold the note, you'll be improving the property with your rehab.

Hope you get the drift.  Good luck.

Here in PA, if a gas-fired water heater gets flooded/wet, the ignitor, gas valve and other parts must be replaced.  Go directly to the building/zoning/permit office and ask for them to answer that question.  You can also contact your natural gas supplier and inquire.

But whatever you do, get this issue resolved ASAP.  Court papers usually say the owners "know, or should have known..." 

$11K for a boiler swap? In NEPA (Scranton area) we've used licensed plumbers to install new gas boilers (either steam or hot water w circulating pump) for far less.  Certainly $2 to $4K cheaper.  It sounds like the plumber is so busy they can "cherry pick".  Keep looking.

BTW, I agree w @Mark Berge on the mini-splits--check them out.

@Matt M., if I were a sole-proprietor contractor, and hold the titles to rentals in my own name, I'd get on my pony and ride straight to the local LLC or Corp store, and get that target off my back. Just my own personal experience.

Get your license, hang it with a broker, and have at it.  Any other way of earning a commission for rentals or sales for a third-party is a big no-no.

@Matt M., if it does end up in court, which I find is less than 5% of the time, you will probably lose on your time. However, if you are a contractor and you have an LLC or Corporation, you can bill under that name and you'll normally get no arguments.

Good luck.