All Forum Posts by: Megan Phillips

@Amy Paradis @Emily Auert @Matt Rauer @John Consalvo

see updated date due to 14th Star being closed on Mondays

@Dan Beaulieu  

Please let anyone else you thought may be attending know! Thanks!

I try to make it clear via the lease that very simple and routine maintenance issues are up to the tenant to take care of. For example it mentions that the tenant is responsible for all costs incurred by landlord for plumbing issues when caused by the tenant, even if the problem is accidental. When you make it clear that you can fix something (or hire someone to fix something), but it won't be free, they hopefully get the hint that they could just fix it themselves.

"Thanks for your interest in our rental, we are going in another direction." 

They don't need an explanation. Short and to the point.

I would show pictures mid construction, but perhaps wait until flooring is at least down, that would make it look much more finished. If it's not complete in the photos, let them know it's being "completely renovated!" and give the laundry list of updates. Say you won't show until X date (sometime closer to completion) but that interested parties should fill out the application/information ASAP. If you give a hard date of availability (Dec 1st?), make sure it's going to be ready! Take good photos, lights on, shades open, etc. I'd go hard on the tenant screening for the first one, so it may take you a couple weeks to sort through people and get references etc anyway.

Also - look on CL or wherever you're posting it for other ads of the same type, to gauge pricing and expected amenities. If you buy @Brandon Turner's book on managing rental properties, it has TONS of extras like leases and pet addendums and other document (on top of just useful info for beginner landlords) - just have them looked over by an attorney to make sure they are okay for your state.

Next.

@Matt Rauer next Monday at 6pm

@Shane Brown I'm pretty sure that place has been on the market longer than that, I think it was for sale when I was looking around last fall, they probably re-listed it - 90k isn't an unreasonble price, that means you have to offer less than 90k and have room to move up.

At least go look at it, look at neighboring properties, look at how the tenants live, verify heat type like Amy said, just completely avoid if it's electric heat (it looks like it's Rinnais though) unless you want to spend a few thousand on gas installs. If you meet a tenant - ask them how much the gas bill is, ask them if they have issues with the place, they'll let you know about how the landlord didn't fix X, Y, Z. 

You can look at numbers all day, but it really comes down to if you're comfortable purchasing that property in that location. You'll never be 100% comfortable with going for it the first time, and you'll likely have anxiety for months afterward wondering if it was a good choice/thinking about everything you want to fix - you just have to do your best to make good purchase. 

I think 800/mo is reasonable rent expectation, that's what I charge for the 1br unit in the duplex I bought, and other 1br units are renting for 850-875 in St. A. I could preach about tenant screening, but my tenant was inherited, so I frankly didn't do any - but would if I had to get another. I would recommend verifying leases/getting estoppel agreements, and using month to month lease terms instead of yearly (hopefully current tenants are close to end of lease or M2M already so they could sign your new lease). This way you can get rid of low quality tenants quickly instead of riding out a year lease/evictions. Oh. Whatever you think your fix up costs are going to be - double them, and however long you think it's going to take, double that too. It doesn't look in that bad of shape really. Get a decent inspector and do the walk through with them.

Overall though - this property isn't going anywhere - if you're not sure about it, wait for something else in an area you're more comfortable with. I would ignore almost anything on the MLS right now, pretty high prices.

It sounds like you've put enough effort into making contact with the current "occupier" and have documented it -- I would call animal control. Leave messages and texts about all of these things. Dates/times, what was said, etc. 

Or frankly, play 007 undercover agent and sit on the house until someone shows up - a waste of time, but they are clearly ignoring your notices. Take photos of the inside if possible, show that it is inhumane and maybe talk to the town about what you're allowed to do. Animal cruelty charges can be pretty significant if the issue is extensive.

When are you expecting rent? How are they going to pay you if they don't even know who you are and don't respond to any contact? Getting advice from an attorney goes without saying. I agree with @Account Closed there is something not quite right about this whole thing.

I don't know the number of the episode, but one of the podcasts was solely about storage facilities as a business and how they find ways to improve the properties. Was moderately recent, within the last few months.

That's a great idea. I would definitely continue through Vermont, NH, and up to Maine. You may be able to go onto the VAST (Vermont specifically, but all states must have them) website for maps of trails and I would search FB or google for snowmobile clubs - they can probably recommend accommodations and restaurants/gas up locals, and would be interested in joining your site.