All Forum Posts by: Michael Peters

Can't say I'm familiar with HVAC prices in Denver but I don't think the age of your current unit warrants that kind of investment.  Is the property 80 degrees with the unit running full?  Did you ask them to quote out a replacement or just to take a look and let you know why the property is not cooling correctly?  Did they verify you have enough refrigerant and that there are no leaks in the system?  It could be anything from the unit not being the correct tonage, the property using flexible ducting that limits air flow, partially covered vents, is the property not insulated correctly, or even a fan issue.  Sometimes even a duct cleaning can make a huge difference in airflow which only runs a few hundred dollars.  

HVAC is a pain and can be difficult unless you know it intimately yourself or have a vendor you can trust.  Just make sure to consider all your options before throwing around that kind of cash.

Just add an addendum as previously stated.  Make sure this new tenant would qualify under your normal criteria to ensure your following fair housing.  Definitely add a pet fee and additional security deposit for the animal.  Once the tenant is added to the existing lease they are jointly liable for the deposit and any damage to the property.  I would just make sure to discuss this in advance with your current tenant and get your agreement in writing.  

For deposits we always issue deposit checks to all tenants.  I'm not going waste my time or potential legal issues by determining which tenant deserves what refund.  They can figure it out.

I'd turn him down.  Are you on the hunt for a resident manager for the property?  If you do move forward I would ensure you vet him properly, just like you would a tenant or business partner, and get an agreement in place reviewed by a lawyer at this entrepreneurs expense.  If he wants to mark up he would be financially liable for vacancy and I would include something about splitting any losses should the tenants deposit be exhausted.  Odds are this person won't get back to you after explaining your expectations.

I agree with @Landon Moore that looks like Gypcrete.  Not a big deal you'll just need to add some additional self leveler to ensure the cracks are covered before you put down the flooring.  Not a huge deal to skip if you're just adding carpet but a must if your doing LVP.

I would agree with @Anna Sagatelova on the lease contingency.  One of the major advantages to single families is being able to shift these financial responsibilities to the tenant.  I worked snow removal throughout college and single families always fell to after our bigger complexes and associations were finished.  I wouldn't want to be taking calls from tenants who can't get out of their drive because the snow hasn't been removed yet at 6am.

Read this thread as a curiosity.  Really feel for everyone here.  Seems like your getting royally screwed.

With that article it sounds like this may lead towards a class action.

I would imagine if they are trying to include this as income they are just barely below your 3x rent rule.  Stick to your standards and the advice above.

Agreed per the results your free in clear and its nothing you have control over or caused.  It doesn't matter what the tenant "believes" in this situation.  Just be firm but they probably won't leave you alone until this is resolved.

I would get on the HOA and make sure they understand this needs addressed asap. I know some tend to drag their heels with tenanted units but drop everything for a homeowner.

I would agree with @John Underwood.  Rent should be prioritized over a car payment which is nonessential.  Odds are they can get a some assistance on their loan with zero to minimal long term penalties.  I would require some sort of proof that they have lost income due to COVID-19 that impacts their ability to pay.  At this point apply the late fee and let them know you will consider removing it once all back owed rent has been paid within a plan you create.

Yes the questionnaire is meant to filter out the tire kickers.  Those that actually need the help shouldn't have any issue with providing some additional documentation to demonstrate how they were adversely affected.  I won't be offering any rent forgiveness.  Your cell phone bill or your car payment aren't going to be waived.  Someone that is able to demonstrate the need is real would have a rent prorated to the end of their lease to cover any missed payments.  Late fees would be forgiven once the remaining payments are made on time.  This would be the last option since there are plenty of opportunities out there right now for those willing to pursue them.