All Forum Posts by: John J.

My tenant of 6 months has notified me that he will be traveling and would like to have someone he knows move in while he is out and also mentioned that this person would like to take over the lease when the term is up. I don't want anyone living in the house who is not on the lease right? Also is it just a simple lease addendum I send?

Thanks
Ron

I got "Rental Property Manager" and I like it.

What about someone who has a few properties in his own name? Would it be wise to get a prenup or will those remain separate if a divorce occurs?

300-350 for a 1 bedroom in nyc seems kinda cheap. Also find out if your looking at condos or co-ops. Co-ops have boards and will rarely let you rent
the apt for at least 2 years. With condos its do what you please but you pay a premium.

my 2 cents

As of this year I think PMI will be tax deductible and also if your in an appreciating market you can take the PMI and if the value of the house goes up to where you have 20% equity you can get rid of the PMI after 2 years.

The Cops weren't much help and the body was removed prior to us going there. Actually we were not notified until 6 days later...kinda strange. Anyway the process for us is as follows. Went to county office to get info, trying to avoid a lawyer if possible. A "Notice to Quit" sign needs to be posted for ten days with proof. Then have to go back to county office to file for a court date which takes 7 to 10 days and if they don't show up they get another ten days grace period to make their claim at which point you can call the sheriff to make an appointment to change the locks....another 7 to 10 days.
Altogether if the wife never shows up it should take around 45 days. The only thing that Were not clear on is what to do with the belongings. We think we might have to put it in storage for a month and also take out a "public notice" ad in the paper. FYI this is in the state of PA.
Always something....that the biz I guess
Ron

Hey Guys,

I need some important advice. One of my dads tenants has committed suicide in his rental house. He was late on his rent by a month and a half and from what we are finding out the power was also recently shut off. Someone noticed that the house didn't look right (garbage and house items all over) and called the cops. We've been trying to contact the wife (who was also living there) but she is nowhere to be found and the only contact number we had for her is disconnected. So long story short after this unfortunate event we now have a house with their belongings in it without a way to contact anyone. Someone may turn up but what does he do? If someone leaves can we just throw out the stuff? or would you still have to evict and have the sheriff remove her belongings? Also there is some blood in the house, probably a lot I assume, are any special cleanup procedures that would have to be done?

Thanks
Ron

Speaking of frivolous lawsuits heres one that just took place. Luckily for the defendants the judge threw it out.

http://rawstory.com/news/afp/US_judge_sues_Korean_dry_cleaners_f_06122007.html

Hey Guys,
Are there any tips or tricks to painting a metal entrance door. I sanded and prepped the surface then painted with rustoleum. The paint seemed very thick and got tacky quickly leaving brush marks, also 4 hours later certain spots seemed so shrivel up and leave fine ridges all over. Im sure there is a little trick or something. I was thinking of thinning the paint?

Thanks
NS

Personally, I take it year by year. You would'nt want to lock your self into a set rate into the future B/C youdont know what will happen to the area. What if the location becomes really hot and you can raise rents more than you agreed to, or if prop taxes increase and you need x amount more. Also if I get good tenants I usually don't increase them as much or at all for their second year. In short take 1 year at a time.