All Forum Posts by: Mike S.

No Action taken as of yet.  Previous repairs have continued to hold up.  I check on a regular basis for signs of activity.

@Dan Hoehn Do you have a part number for the surround and trim kit?  I am in a similar situation with the window.  Thanks!

Has anyone used the TrafficMaster Allure (Grip Strip Type) in houses with stand up hot water radiators?  With radiators getting up well over 100 deg in the winter it seems possible that the adhesive in that local area may not hold up well.  The same goes for near un-insulated walls.

I suppose a solution could be radiator covers could be used to provide some insulation.

I am interested in attending this group, but it's not feasible to attend physically.  Will the presentation be broadcast online in anyway?

@Kim Herrick It's intimidating starting out and wanting to make they right decision.  Mistakes will be made at some point, and that's part of the learning  process.  You have the capability to evaluate this decision.

I purchased one fully rented property in September and have another under contract that is half rented. Fortunately no one is behind on rent or pays late.  One tenant was in violation of the lease, I worked with them on it.

I will typically give it a couple months to get to know the tenant and see if they will work with you.  If not you have the benefit of M2M leases.

There is always a risk of rocking the boat an losing tenants at the beginning.  If you have a good lease in place, it will make things easier.  The lease I inherited was not a solid lease and I found this out when issues started to arise.

Things to do right away:

1. Estopel Certificate or at least a questionnaire for the tenants.  If you can get payment history, even better.

2. Have the tenants sign a release of information so the property manager can provide (if they choose too) sensitive information on the tenants.

3. Have the lease reviewed.  Things that came up for me are who pays for pest control and in what situations will the tenant be responsible.

4. Be in contact with the tenant and discuss ways to catch them up.  If you come in with an iron fist, your rapport building with tenants will be challenging.

5. Know your market.  That will tell you the rents, and current vacancy rates.

6. What kind of work will be needed for the turnover?  Do you have the budget and reserves?  It is typically easier to perform renovations without tenants in place.

Hi @Logan Jorns,

Welcome to the community.  I have an engineering degree from NIU, Go Huskies! I started a Masters in Aerospace program and asked the same question you are.  I ultimately decided it was not the career trajectory I wanted and found another position in which I could purse my passion for design.

I would ask you the following questions.

1. What would you do if you didn't have to work?  Pursue a passion

2. What is the degree in and your projected Salary?  Pharm.D is very good salary.

3. Analyze the debt and salary much like any other investment.  What is payback period?  Opportunity cost.  Have you looked into PSLF Loan Forgiveness?

4. How flexible is your job schedule?

5. Could you attain the same degree at a lesser cost?  Community college?

Ultimately I feel you are in the right headspace by asking such questions.

It's up to you to do the math and calculate your ROI and ROPS (Return on Personal Satisfaction).

Keep at it!

I try to keep a regular schedule to get 6-8 hours of sleep.  More importantly

20 minute meditation in the morning and 15-20 min HIIT exercise and healthy meals aid in quality sleep.

Hello,

I had a tenant who discovered bed bugs.  I arranged for a pest control company to come out and inspect the entire property and they were isolated to the tenants unit.  In conversation with the tenant, they said they couldn't afford to pay in full and it was too expensive and they would just buy stuff at the store.  I sensed that they would be uncooperative if they had to pay for it.  To ensure warranty of Habitability, I arranged payment in full to ensure the infestation didn't spread and that it would be completed as quickly as possible.  The month to month lease I inherited is silent on responsibility, but the PM company deferred to the local law.  The local Property Maintenance codes here in City of York, PA state that it is tenants responsibility based on the circumstances.  I am writing a letter to the tenant to explain why it's their responsibility and cite the local codes.  I was planning on offering a payment plan.

Any suggestions or thoughts from previous experience?  If they refuse to accept a payment plan?

Thanks in advance!

I would say that it depends on your experience, objective/goals, mindset, Scale, and market.  The important thing is consistency and not running afoul of local housing/building codes and Fair housing laws.

I tend to look at tenants as customers and the property as equipment.  If things are broken, they get fixed in a timely manor and are maintained properly.  If tenants have a question or concern, I address it.  If the tenant violates the lease, I address it and follow or amend the lease as needed.

These days people don't fully read or comprehend what they sign, nor are they aware of the underlying local and federal codes that apply to a lease.  Opinion's varies widely as what constitutes fair.  It's easy for a tenant to be upset with a landlord if they do not keep in mind the implications of the lease they signed.

Over the course of buying my first rental property, I could definitely pick out which were "slumlords" by how the property was kept and the various housing code violations I picked up on, conversations with tenants, and typically high ROI in the pro-forma numbers. When I performed my analysis, I scrapped pro-forma and based it on how I would run the property.

In my opinion,  if you are asking the question, you care enough about your tenants and your business to NOT be a "slumlord".

I am in the middle of a deal where I am inheriting tenants and a property management company.  

I have to abide by the lease from a landlord/Tenant Perspective.  However, I don't want to continue with the Property Management company and the sample contract I have is silent on the sale of the property.  Do I inherit the terms of the Property Management contract similarly to the tenant lease?

Should the current owners be notifying the PM that the contract is ending?

Thanks in advance!

Mike