All Forum Posts by: Michael Craig

@Tyler Seever

Short Answer: Deduct whatever you are willing to defend in small claims court. 

If you and the tenant agreed to a re rent fee, then you are entitled to that re rent amount. As far as the eviction fee is concerned, did you state in your lease that Tenant is responsible for legal fees in the event Landlord has to take repossession of premise (or something along those lines)? If so, you are entitled to that as well. 

@Andrew S.

Keep their current locks. Only change the locks when a tenant moves out.

@Justin Wotring

I structure the lease the same as I would in peak months. I hold rents to around the same price point as well and just expect occupying them to take a little longer - just need to hold out. Try to avoid listing in November and December for obvious reasons.

@John Underwood makes a good point about not listing the property prematurely. 

@Willard Blair

Cozy.co is a great site to place tenants and collect tent. Cozy has its own pre-made application and background/credit check software and it is very simple to use. Highly recommend

@Brad Sparks

Sure there are instances where you would upgrade appliances, I just wanted you to know that you are not obligated to. If you think the tenant is a good fit for the unit and you would like to see them stay, spending a few hundred dollars on a fridge to make them happy is a good ROI.

Check out Craigslist or FB Marketplace for appliances - you'll be surprised by some of the deals you'll find on second hand equipment.

@Brad Sparks

If the fridge is old and failed from normal wear and tear then it is your responsibility to replace it, however if the tenant damaged the fridge they are responsible for the repair/replacement. 

If you plan on replacing the fridge, replace it with like for like. 

HVAC equipment is typically landlord's responsibility unless it is a single family home and tenant agreed to all the maintenance - this is usually spelled out in the lease.

Hi BP,

Recently I fell out of my routine of eating healthy, exercising, reading ,etc (essentially dropped a lot of my good habits). I like to blame this on the new(ish) property I bought which has been taking a lot my time and effort trying to get it rent ready. 

This is no excuse though for acquiring poor habits. After recently re-listening to BP Podcast 328, I was inspired to make a weekly goal score-card which tracks how well I drive each goal to completion (arrive to work on time, so many home cooked meals per week, exercising so many times per week, etc.). 

My friend is going to keep me accountable to make sure I complete each goal - does anyone have any suggestions for consequences if I do not meet the goals? I have heard on the podcasts people paying money to the other person, but was wondering if anyone had other ideas?

@Account Closed

Depends on your market and tenant class. I am in a class B market. I look for a minimum of a 625 credit score and if the tenant cannot meet this I require a cosigner who meets this requirement. I provide a list of criteria before each tenant files an application.  

@Aaron Johnston

Technically you don't have to prorate the tenants rent because they're leaving early on their own. However, if it were me, I likely would prorate them because it is such a small amount in the grand scheme of things. I wouldn't prorate the money though until they are completely moved out and the apartment is spic and span. I would let the tenant know that as well so they are incentivized to do their best at cleaning the unit.  

Note, I do not always have this stance on letting tenants break the lease however, because it is an inherited tenant I like to get them out ASAP - especially if it is on their willful doing.

@Shaye Mora

The legal way to move out of the duplex would be to refinance the mortgage, utilizing a mortgage plan that does not require owner occupancy.