All Forum Posts by: Michelle Fenn

I explain renters insurance during the tenant selection process.   I explain that renters insurance protects them.  The landlord is protected by their property insurance but it does not protect a tenant.  I tell them the story of my neighbor whose pipes burst on the 3rd floor during a bad cold snap.  The water fell 3 floors, when I observed the incident my neighbor was attempting the sweep water out the back door.    The house was made inhabitable.  My neighbor who owned the property and lived in the 2nd floor rebuilt.  The young couple living in the 1st floor, lost everything and was homeless at Christmas.  They had no renters insurance.   My version of the renter's parable.

Is it just my location or are a great majority of rental listings on Facebook Scams. A quick check of new listings results in many listing that seem well below market rates. Googling the address shows Zillow listings at market rent or MLS listings. The listing parties all seem to have 2024 accounts. I

I have not listed on Craigslist for years.   It became a place where my properties were listed fraudulently by others.   It became so bad I documented on other platforms that I do not list on CraigsList.    Last week I was hit by requests via Zillow platform inquiring about my listing on AffordableHousing.com, formerly GoSection8.com.    Sure enough a fraudulent listing of my property.    No email contact address and no one available over the holiday weekend.    I checked their reviews which were very low.    Yet another site defrauding tenants.

I include a quarterly HVAC inspection clause in my lease.   I bring a furnace filter to exchange.  It gives me an excuse to inspect my rentals every 3 months.

How do you even define a hoarders clause in a lease?   By the time you need to evict due to hoarding they have probably violated multiple other more definable lease clauses.  

I am 67 and a realtor and property manager.   My exit strategy is to sell off my multi-family rentals and exchange them for single family homes in desirable neighborhoods.    I am putting in place what I determine to be responsible tenants that want to be home owners in the future.   I then rent for at least a year, if they pay in a timely manner and keep up the property I offer to seller finance the home to the tenant.  I have now sold off 2 homes, I will close on another in Jan 2025 and a new tenant is interested in buying the rental home in 2026.  I am building a monthly passive cash flow for my retirement.   I have even sold off the notes in the past at a small discount when I needed to raise cash quickly. 

I am having a similar problem in Cleveland.    Same seasonal moving issues.  I have heard similar comments from other landlords in my area also.  Right now the majority of viewing requests I am getting are from potential tenants that have credit issues and eviction filings.   Increase your due diligence in screening tenants during the next couple of months.  

 Cleveland OH offers to pay for half of the sidewalk and apron replacement.   Before using such a program get your own estimates.   They city required that I replace the best sidewalks in the neighborhood under the program and the cost was substantially higher than estimates I obtained on my own. 

MIchael Symthe :  That would be my response also.   Even if I do not make an offer, I will provide feedback on how below market rents or unrealistic rents decrease the value of an investment property.   I have seen sellers try to sell homes with 10 year leases at below market rent. 

Noise and parking are always an issue with duplexes and multi-unit housing.  Having a quiet hour policy is the best way to address noise.   

To address parking, one tenant blocking in another in the drive and the late night calls it produces has led me to this policy.   I explain that I assume that all my tenants are reasonable adults and will negotiate parking amongst themselves.   If that proves not to be the case I will auction the drive and garage to the highest bidder with the losing tenant getting to park in the street.   This policy at lease signing greatly reduced late night parking calls.

SFH are easy to manage, you can have the tenants take care of utilities, lawn care and snow removal. Move to duplexes and you learn you need to pick compatible tenants to avoid becoming a mediator in disputes about noise, pets and parking. Once you move up to Multi-unit units you now add provisions upkeep of all common/shared spaces. Expect the call to replace a lightbulb in the laundry area or a battery in the garage door opener. And do not be surprised if it is in the wee hours of the morning or night. I am at retirement age and I am now selling my multi-unit properties with seller financing, I look forward to a monthly check without the calls. Good luck on your purchase, PM of multi-unit properties is for the young or those with professional management.