All Forum Posts by: Anna M.

Am up and chasing them, nice to see you here @Pat G..  You are always so full of great advice.  Thanks for helping us newbies :).

This is why I add the above "Reliance on Rental Information" clause and also have a pet addendum to my leases that all tenants sign including those without pets (in which case on their lease it just shows 0 pets, but they get the exact same addendums as all other tenants).  In all fairness, your tenant is changing the terms of the agreement, after the fact.  You as owner should be able to challenge that and if not happy about it, then at least have the option to terminate said agreement.  Not knowing how your lease reads, I would suggest checking with an evictions attorney.  Evictions based on non-compliance are difficult (not impossible).  I really would not spend time without attorney input trying to figure out what time-frame you were legally right to charge for pet fees.  The amount of time may well, be more than the amount of pet fees you are looking to get compensated for, for the duration of time.  I think sometimes we forget that time truly is money.  My suggestion is run it by attorney including the above clause to see if it is something you can begin to implement in future leases, to at least give you something to fight with.  Again, as previously stated, not sure how strong my reliance on rental information clause is and/or if would hold up in court, but I borrowed and modified it from a property management company that managed a property that I rented at, a while back when I was a renter not landlord.  Please keep us posted on what you find. Cheers!

I use cozy to schedule my payments (free).  In addition to that I do monthly ledgers that list the running log of payments received to date.  Ledger shows rent due date, as well as when previous rents were received, thereby keeping a record of all rent receipt dates.  Reason for monthly ledgers too?  I tend to provide copies of utility bills for shared utility bils.  Cozy does not allow you to upload bills, at least not when I last checked thus the seemingly double effort here. Use of cozy though allows me to stop rent collections without issue should an eviction start.

Not at all @Albert Bui.  It was Colorado Credit Union.  Residential :). 

Thank you @Bettina F..  Really valuable.  Have PDF'd and saved this post to my property management folders.

Thanks @Bill S.!  I really appreciate your and all the forum's advice. :)

@Bill S., it is never, never too late to join the party, lol and certainly never late to give advice.  I am actually extremely excited to ready your response at it is exactly what I went and did.  Yesterday I drafted to have ready a 30-day written notice to vacate/notice of upcoming lease changes.  This letter will not be issued until after closing 1/2/18.  Tenants already have a copy of my lease (that I stupidly gave on 11/20/17) and what it will look like but for great reasons raised above by many, legally I can not hold them to that as I am not yet owner.  I only become owner effective 1/2/18.  So I will run my notice over to tenants after closing to start the count-down so that at the very least I cover both the need for a 30 day notice to vacate and a 30-day notice of lease changes which is going to include a slight rent raise.  My notice will provide tenants with 48 Hours after receipt of notice to communicate intent, but actually they have essentially about 42 days as the lease was already given 11/20/17, just I did not know at the time that, that would not hold.  Anyway, it will be the same lease, just showing different dates.  Their lease expires 12/31/17 so they will go month to month for that one month that ownership is changing at the previous rents, $995.  But they will get a notice 1/2/18 of the lease, rents, ownership change letting them know that they will need to vacate by 2/1/18 or can continue to rent but at the new lease terms and rents.  Still unsure if this covers the 30 days requirement.  My hope is they will agree to stay, as I hate the months of November through end of January, actually even end of February as time to look for tenants.  So I may actually update that to see if they will take a 14 or 15 month lease at the same locked in rate to avoid the February lease end date.  But does this sound somewhat like what you are suggesting?   The tenants actually know about the upcoming

Unfortunately one cannot charge for emotional support dogs but I like @ Kim Meredith Hampton’s suggestion of requesting, that “thingy” to verify that it is legitimate.

I thank you for this post, because, as a result, I am going to modify the #2 section of my lease which is the “RELIANCE ON RENTAL INFORMATION”, details of which are presented below.I love Bigger Pockets for the great information and ideas that come up even when one is not looking.Feel free to adapt and modify the reliance on rental information provided below.Now whether it will hold up in court, that is for an attorney to decide but at the very least it initiates that agreement between me (Agent) and tenants.Cheers!

RELIANCEONRENTALINFORMATION:

Outside of a sale-purchase scenario, this Lease agreement is often executed subsequent to Tenants completing a Rental Application and their rental application being accepted. In instances of purchase of property, lease is executed subsequent to buyer entering into a rental lease agreement with inherited tenants.This agreement is preceded by review of due diligence documents provided by seller to buyer.Tenants acknowledges that Agent is entering into this Lease in reliance on the information contained in Tenant’s rental application and or all other information provided to Agent by Tenants or Tenant’s current landlord/property management team in the event of a property sale, all prior to this lease agreement. If it is determined at any time that such information is false or materially misleading, then Agent shall have the option to terminate this Lease upon three days’ notice to quit. If tenants decide to provide any new information (not previously disclosed) after lease signing, Agent shall have the option to carefully consider this additional information and either decide to terminate this Lease upon three days notice to quit if the additional information has the potential of unfavorably impacting the previously signed mutually benefiting lease agreement, or Agent can decide to make adjustments accordingly including but not limited to any additional screenings as needed, rent/security deposit/utility fee or any other applicable fee raises, pet fee implementations as applicable, request for emotional support documentation for new pets and request for completion of a pet addendum to modify existing lease.Unless otherwise communicated, Tenants are required to resubmit application for any Rental Lease Renewals.Tenants shall promptly notify Agent in writing of any subsequent change in the information provided by Tenants on Tenant’s lease application.

You are correct @Ned J. in that you need to "document move in/move out condition better".  I would suggest keeping photo documentation too.  On your situation, I am not sure there is much that you can do other than potentially take it as a lesson learned.  I can't think of anything that would not just take more time out of your day and still leave you with the ultimate problem, that being that the walls need to be properly repainted.  It is for this reason that I never let tenants do repairs and the fact that they may damage something else in the process.  I prefer to take care of that and then just charge them accordingly.  But that's just my two cents, there might be other opinions out there, following.

• Own a Triplex – Investment Property.
• $85K Left on the note
• Positive cashflow ~ $750/month
• Great credit
• Total possible available liquid funds - $46K ($8K + $38K).
• Additional sources of income:1.IRA (Mother coming in as a partner - I would not recommend liquidating IRA), 2.Settlement check of $50K

From what I see, you have a lot to be thankful for.I love your hunger, keep that hunger as it will drive you to find the way, yet at the same time do not forget to celebrate your wins.You have a lot that you have accomplished, and even more impressive that you have done it by age 23!So it always seems to boil down to money doesn’t it?So as I was reading your post, a few things came into mind and at the same time I decided to read other comments too, just so I can have that information for myself too.I love hearing what others have to say, best way to learn.Okay so a few things I was thinking.

Cash out refinance?HELOC?Rental income to reduce that debt to income ratio.House Hack your way into an FHA.

I loved everyone’s suggestions.Love BP for that. Some really great info from some some seasoned investors, as well as others new.Overall, really valuable advice.Some of the comments that stuck out to me:

@Robert Soto and @Amy Beth:"steer clear of Mom's IRA".I agree and besides, from the look of things there are other options outside of that, that you can pursue for downpayment.

@Cory Dessauer:Seller Financing.

@John Leavelle:Refi.And as John stated, that is exactly what I am doing. I refinanced first then working on the next purchase.I also like that he mentioned HELOC which is the route am also taking for additional funds.

@Thomas S and @ Amy Beth :Find another job better suited to investing or a parttime job to supplement current.I would opt for the later here because again, lenders like to see longevity so perhaps keep current job just supplement it, especially if you have time with currently working only 30 hours a week.

Good luck.Keep that hustle and that hunger, and at the same time, celebrate your wins, you are doing great and an inspiration.Great topic.I learned a lot from this and good to see that I am not alone and also nice to know that the strategies I am using currently are in part what has been suggested here: Refi then do a HELOC.I could have gone with a cash out Refi, but I needed more than what the cashout Refi was going to allow me.Good luck @ Nicholas Weckstein.