All Forum Posts by: Ned J.

Can be a great thing.... search all the posts about nightmare inherited tenants.

Do your research on possible "why" but I would not call it a "bad sign" on face value alone

Document EVERYTHING... every conversation, every contact, every document from the remediation company etc etc etc.

Then I would send him a certified letter that states all necessary precautions, accommodations and solutions were done. If the tenant is concerned for their health, you will immediately release them from the lease with no penalty for early termination. Your prime focus is to insure that they have no additional health concerns staying in the property. If that is not possible, you understand and will allow them to break the lease early with no penalty. 

This is a shake down.... tell them to pound sand

So the major reason for the claim denial was the clause about the fence and security.... but they have admitted that clause was entered in error and should not have been there...doesn't that shift the liability to the the company the entered the clause by error?  That would be my focus and I would actively go after them. And I mean ACTIVELY.....dont wait weeks for them to contact you back.... YOU contact them multiple times per week....calls, emails, documents. Insurance companies will take their sweet time and ignore you if they can. Be the squeaky wheel.....and for sure get a lawyer to flood them with contacts. This is a LOT of $$ involved and I would not give up just yet

That's the beauty of the M2M.... be a PITA and I get rid of you w/o having to wait until a longer lease is up. Not even up for debate.... bye Felicia....

I would not renew and unless required by law in your state I would not provide a WHY....providing a WHY only opens the situation to a rebuttal and attempt at persuade you to change your mind. NOPE... you gone....

If you keep the bad one and let the good one go, the bad one will only poison the next one too... cut out the cancer and be done. 

If these were great, easy going tenants, I would probably get them a new key and move on with my life

But these people would annoy the hell out of me....... and I'm not going to continually enable them to make me there servant for every little issue. If you don't ever set boundaries and say NO, they will continue to escalate the behavior. 

The post office has a specific protocol for this and I would tell them to contact the post office and follow their protocol. Other than that, its not MY problem. If its a PITA and/or cost them $$$... not my problem. I didnt lose the key..... THEY did.... not my problem. 

If you are still wanting to expand your portfolio then don't pay extra towards the mortgage until you have enough capital and reserves to buy your next property. 

The average return of 8-10% vs the 7.375% interest rate isnt a very big "split" ....so its tempting since paying off the 7.375% loan has no risk vs the other investments do. Yeah Index funds and crypt etc are WAY above the 8-10% but we all know that wont last forever

Stop showing it...waste of time and effort

Your only leverage is to start discussing how much deposit will be held if there is a lot of cleanup after move out...damages etc. Right now my concern would be how bad things will be at move out....how much I'm going to have to clean up and fix. That would be my focus and I would start leaning hard on that with the tenant. I often provide a sheet of costs for certain cleaning/replacement items that will be assessed if they have to be dealt with at move out- Leave out that its making showing hard..... they dont care. Start talking about THEM losing $$ and you may get some response. 

Your goal is to minimize how crappy the place will be at move out....get that dealt with and worry about showing it after that

You need to raise it to pretty close to market- within 5-8% is usually my target. Enough to get you close but mitigate a turnover if possible.

My biggest advice is be brutally honest when you assess market rate. Some old run down never renovated unit is NOT the same a a newer nicer unit with the same bedrooms, baths and square footage. I see a lot of people seem to think an old beat up unit is going to compete with a nicer until that is 1% higher on rent. 

Just the post I was looking for....

I'm in a similar state as Jeff....got some capital that I want to deploy but have no experience in the HML sector

Define "ESA".....is it really an ESA or someone with a dog that got bogus paperwork on it? 90% of the "ESA" pets are bogus and ruin everything for the real one.

You cant straight up decline due to the ESA aspect...lawsuit waiting to happen. 

The breed insurance exclusion will give you a reasonable justification, but it could still get messy if they pursue legal action.

Id dig into the true status of it being an ESA and if that pans out as "real" then its reasonable to require the tenant to carry liability insurance for the pet