All Forum Posts by: Matt Clark

Kristen,

I'm no longer building custom homes, but I built the Stoneleigh in 2007/8.  It's a BEAUTIFUL house!  The allowances listed all seem reasonable but perhaps just a little on the low side.  If you are careful in your selections I think you can stay within budget.  On the flip side, if you have expensive tastes you could easily blow the budget on each item.

Your builder may legitimately not yet know the price of the door you picked.  Options like finish, caming, etc. affect the exact price.  When working closely with a trusted supplier, a builder will sometimes order what the customer has specified prior to receiving the exact price.  It's not to play some nefarious pricing game with the client, it's just a matter of efficiency.  If vendors regularly work with a builder and know that the builder is consistently shopping their price, they will provide consistently competitive pricing to the builder.

It's not necessarily the best way to do business, but it happens a lot.

That being said, the builder could be playing a pricing game; do you trust him? 

It's great that the builder allows you to shift unspent money from one allowance to another.  Some builders don't.  Just make sure that he is keeping (and supplying to you) good records of what is spent.  It's easy to lose track of overages and unspent money.

Best wishes!

Matt

I hate to be a pessimist... but once he gets the keys he can kick back and do nothing... and pay nothing... and have a free place to live until you go through the painful eviction process... and tear up the property because he has nothing to lose...

No thanks!

Definitely screen the guarantor and verify their income. We require the guarantor to demonstrate monthly income 5 times the rent. They should also have excellent credit. Then you can be assured they will pay rather than risk jeopardizing their credit score, should that become necessary. 

This formula has worked well for us. 

I don't see what the objection is. Apartments are usually priced per unit, not per tenant. Is there some reason you don't want her there?

Collect another app fee, add her to the lease and then you have another responsible party to collect from if they fail to pay rent. You can still choose not to renew the lease regardless of whether you add her or not. 

Hey Christian!

Your attorney (you'll need one) can supply you with the one he/she prefers.  Best to use the one they recommend, as they will be the one you turn to for help enforcing it at times.

Ask around and get some referrals from other property owners if you don't have a relationship with an attorney already.

Matt

Is the tenant the one pushing for a kitchen renovation?  It's very impractical to try to pull off a kitchen reno in an occupied unit. 

Hi Stephanie!

I'll be there.  Looking forward to it!

Matt

Chris,

Yes, I'm very familiar with Roanoke.  I've been here all my life, and transitioned from the construction industry to property management several years ago.  I'm currently managing a large (for Roanoke) mixed-use/multi-family property.

My observation is that rentals in the suburban areas of the city are declining, but the urban areas have a booming rental market.  In particular, anything in downtown, Old SW, South Roanoke, and Grandin/Raleigh Court is hot.

I'd be happy to provide local intel, and meet up next time you are in town.

Matt Clark