All Forum Posts by: Michele Velazquez

@Michele Velazquez, it's one thing of consideration if the tenant cooperates and pays on time, but if he's been late on rent, it makes zero sense to renew his lease, especially if you are intending to increase rent. The PM is trying not to upset the tenant and avoid causing a commotion, but this is only hurting your business. Do not renew the lease. Once the tenant vacates, turn the unit over and increase rent to market value respectively.

Agreed. I just don't get why the PM is trying to sway me to do that. It sucks because I am not local and rely on them so much.

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Quote from @Jonathan R McLaughlin:

I mean even if you weren’t going to raise the rent I would get him out and get someone reliable with no bad rent paying habits in there. What’s the upside to keeping him? Don’t see it

Agreed. I just don't get why the PM is trying to sway me to do that. It sucks because I am not local and rely on them so much.

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Quote from @Justin Hammerle:

My vote is to raise it to market by $400 if you think you can get it. That's a lot of lost income, and for a tenant that has a bad record likely better to get a more qualified tenant in there anyway. how much to remodel the unit? Is the $400/mo increase contingent on the remodel?

I will ask my PM. I am not local and rely on them but wondering why they are wanting him to stay

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I have a MFU in Austell, GA which is managed by a PM. One tenant is paying $400 below market rent, he is often late for rent, and has returned checks. He is paying the least amount of all of the tenants. His lease is up for renewal and I was thinking to raise it $400 to reflect market value and he will leave and I can get in a new tenant. However, the PM is saying that it is better to only raise his rent $250 (he still may leave) so we can keep him in there and not have to remodel and have a vacancy. This is all new to me so I'd love to hear your opinions as you all are much more experienced. TIA

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Quote from @Steve Vaughan:

Leaks, always. Attic ladder- have a handyman re-support. Pressure regulators not until they fail. In my 7-unit we just removed them as they started vibrating and getting loud. They aren't usually as necessary in a MF as a SFR.

Your PM hiring things out is much more expensive than a self-manager/ repairer like a lot of us so you'll have to cost/benefit analyze a lot with probability of bad scenario.

When I sold most of my portfolio last year, even the irrigation guy was trying to charge $110/hr. It was continue self-repairing as I have for 20 years or let the out of area syndicate pay the ridiculous repair rates. Buh-bye.

Thank you for the advice! I wish I could self repair but I live in Los Angles and my units are in Atlanta.

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Quote from @Eliott Elias:

Use all of these findings as a opportunity to negotiate price down

I did ;)

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Quote from @Nathan Gesner:

Quote from @Michele Velazquez:

Make the property safe, fully functional, and pleasing to the eye. The last one is subjective.

When the tenant sees a cracked window, a broken attic ladder, or a dripping faucet, they get the impression the Landlord doesn't really care about maintaining the home. They are more likely to abuse the rental, or at least fail to report little maintenance issues. I recommend you fix as much as you can afford and keep the property in the best condition possible. It will attract better tenants that pay more and stay longer.

The #1 reason Tenants give for moving? Landlord's failure to maintain the rental.

That is great advice, thank you. I will go forward and fix it all. Do I just take the PM"s quote at face value? I interviewed several PM's. I choose the one have based on reviews and comparing to the other places. They allegedly don't mark up quotes but charge 10% a month of rent. I just felt like $500 to fix a wood ladder and $350 per water regulator seemed high. But I live in LA and my properties are in Atlanta and no plumbers even called me back lol

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Hi everyone,

I am excited that I just bought my first 4 townhomes in Austell, Ga. The inspection report came back with a lot of findings and I just wanted to pick your brains since you all are so experienced. Do you have any rules on repairs? like when to fix and when to not fix? It seems like the previous owner didn't fix a lot. The Property Manager is recommending to at least fix safety issues. Some of them are obvious needs (broken windows, moisture, etc). But some I am not sure about such as fixing a wooden ladder that goes up into the attic.... (Thinking why not just use a regular ladder and the repair expense is over $400). A leak outside of the house with a hose? Do I fix the water pressure regulator gauge now ($350 in each unit) or wait and see if it causes leaking later? I don't know but I know you all do so hit me with your best advice, pretty please!

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Hi,

I just bought 4 townhomes in Austell, GA. Yay! But the regulator in the waterheater seems broken and I wanted to get quote to fix it. The PM said they are $350 per unit and it seems high. Anyone have a plumber they can recommend?

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Atlanta, Georgia

hi there,

I wanted to get your opinion on Solution property management. Can anyone tell me of any good or bad experiences with them? I am thinking of using them but their lease fee is 100% of the rent and they don't refund the lease fee if the tenant stays 6 months. Thank you!

1 Vote

Atlanta, Georgia

All Forum Posts by: Michele Velazquez

Michele Velazquez has started 20 posts and replied 143 times.

Post: Keep Tenant or Get Him Out

Post: Keep Tenant or Get Him Out

Post: Keep Tenant or Get Him Out

Post: Keep Tenant or Get Him Out

Post: Opinions about when to repair and when not to repair

Post: Opinions about when to repair and when not to repair

Post: Opinions about when to repair and when not to repair

Post: Opinions about when to repair and when not to repair

Post: Need plumber recommendation in Austell, GA

Post: Opinions on Solution property management in Atlanta