All Forum Posts by: Robin Grimes

The rental property has a huge back yard and the tenant has asked to install a storage shed.

I'm considering adding a Lease amendment with the following conditions.
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Tenant is allowed to install a storage shed at the Tenants expense under the following conditions:
• Storage shed will be Tenants personal property.
• Tenant agrees to remove all parts of shed, including any foundation materials, within 30 days of the expiration/ termination of the lease.
• In the event that Tenant does not remove the shed within 30 days of lease expiration/termination, the shed shall become the property of the Landlord with NO compensation to the tenant for the sheds value.
• Landlord’s insurance will NOT extend to the storage shed or shed’s contents.
• Footprint of shed will not exceed 230sqft. (roughly 15ftx15ft)
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Any other conditions I could add or risk I should consider?

Robin

When your wife refuses to take you garage saleing with her anymore because:
1. You kept stopping to "take a quick look" at every vacant house.
2. You only take her to neighborhoods in your target area.
3. You asked every person hosting a garage sale if they were getting foreclosed.

I closed on a Homepath loan in August. It was a really good buy but I had to put 15% down. HomePath changed requirements in August. 3% OO, 10% 2nd Home, 15% Investors. The process was not bad at all. Paid 1.5 points for a rate of 5.25. No PMI, No Appraisal. I did have to buy a survey though.

Believing a Tenant or potential Tenant will actually do what they say.

I'm on my third set of approved potential tenants for my first rental house. They apply, say they will take the property, schedule an appt to pay Rent + Dep +sign lease.... Then either no-show or call to cancel or reschedule twice, then back out.

Lesson learned: NEVER tell any other potential tenants that the house is rented until you have a signed lease with $ in hand. Cost me a week of lost marketing the first time. Never again.