All Forum Posts by: Wesley W.

 Valuable feedback. This is just what I was looking for.  Thank you!

Quote from @Calvin Thomas:

Quote from @Wesley W.:

@Calvin Thomas

I self manage.  I am the single point of contact for tenants.

I guess I'm not asking the question I need the answer to.

Consider reviewing these templates. 

 Thanks, Calvin!

@Calvin Thomas

I self manage.  I am the single point of contact for tenants.

I guess I'm not asking the question I need the answer to.

@Charles Carillo Interesting.  I imagine this may be market specific.  Here, prospective buyers typically walk through small multifamily properties while it's listed for sale.  Then, there's an official "walkthrough" and inspection (if desired) that is also performed during due diligence when the property is pending.

The only exception I have seen as a buyer is one time, a listing for a 6-unit building required the property to be under contract before a walkthrough.  This was at the height of the buying frenzy a few years ago when loan rates were virtually de minimus, so the sellers were doing all sorts of things that defied local custom.  Anyways - we got the property under contract, then when we walked through, it was the proverbial dumpster fire.  Each tenant was living in filthy conditions, there were structural issues, code violations, unsafe conditions, etc.  This property was being marketed as turnkey.  The pictures in the listing did not accurately reflect the reality.  Needless to say we canceled the contract.  I'd never do it that way again.  I felt like I was buying a pig in poke, whereas a 15 minute viewing would have saved a lot of people lots of time.

In your market, investors are happy to put down an EMD without putting eyes on the inside of the asset? To me, on a retail property that's just bananas.

Every occupied small multi I have purchased in my market has been marketed as described in my initial paragraph.

An interesting take.  Have you sold occupied buildings before?  Since there will be a real estate sign placed in the yard, and buyers agents will be bringing their clients through the occupied units to tour the property on a regular basis, I'd like to get out in front of this to set expectations and inform my tenants directly before they come to that conclusion on their own.  

At the very least, I am required to give proper notice of entry for the appointments.  I can only imagine how the showings would go if I blew off my tenants and did not inform them of my intent to sell and the processes associated to that end.

Does anyone have a template they can share that they send to tenants when they are selling an occupied building?

Any other feedback on the process is welcome.

Thanks in advance!

I stopped reading Prospect #2 when I got to her income.

There is a reason why landlords have a minimum income requirement.  This lady might be Mother Theresa, but the first time she has a major expense (car breaks down, etc.) you may be left holding the bag. 

Prospect #1: I don't like the fact this guy was not forthright about rental history.  Tenants are at their best during the application process.  I don't get any better from this point.  When people show you their character, listen to them.

I don't care about their savings.  People have different spending habits.  If I ask them for move-in fees (2xrent plus pet fees), and they don't have it - that's when I get concerned.  They know they are moving, so should have planned ahead for those expenses.

What is your pet policy?  You have a chance to increase your revenue, so large dogs would be okay with me unless they were a viscous breed, but I would charge twice the monthly pet fee for two pets.

As someone else said, you are trying too hard to be a matchmaker.  A lot of your concerns are the tenants' decision.  They picked the apartment and the neighborhood; you didn't misrepresent anything.  People that live in the same building have to work it out and get along.

TL;DR: I would pass on both and keep looking.  Tenant screening is 90% of the game.

P.S.  I would get rid of the carpet at some point.  It retains odors, and most people get skeeved out by all the material that collects in there from previous tenants.  LVP would be much easier to clean on turns, and does not come with the health concerns that folks have with carpet.

If you are able to in your jurisdiction, you can collect an extra security depsit if you are worried about carpet damage from pets.

 I have a different take.  This real estate agent should be savvy enough to read an ad and determine that her client is unqualified and move on to another listing.  I think it's unprofessional of HER to be inquiring to the OP, which is a waste of everyone's time.  Ironically, it could be a fair housing violation for the OP to place her client in light of the posted minimum qualifying criteria, which they do not meet.

Just tell her it's already been rented.  Without any additional information, it does sounds she was trying to bully you into taking her unqualified client with the fair housing stuff.  It's not her job to ensure you comply; it's YOUR job, and it's kind of condescending of her to send you that material as part of a cold approach.  After you've informed her that the unit has been rented, you don't owe her any additional explanation or justification (and I wouldn't give her one - it could only lead to headaches for you).

That's my take as a self-managing landlord.

 He has prepaid for the service.