All Forum Posts by: Patricia Steiner

What is the financing vehicle?  If it is a credit/equity line, you could provide a lender letter that the funds are available immediately for funding - and cured any recission period.  If you're going to need a mortgage, you're locked out of the game.  You won't be considered a viable buyer and not allowed to bid.

All for a sign as long as the property looks occupied...leave shoes near the front door, have exterior lighting, and at least a RING camera.  Squatters are a real problem nationally and a study found that they target not only vacant properties but those advertised for rent or sale that offer 'immediate occupancy.'  If you're planning an open house at a vacant listing, know that you've just let the general public know that it is just that - vacant.

Better safe than evicting/repairing...

What is the current market valuation of the property based on comparable sales (defined as similar properties, within a 1-mile radius, within the last 30 to 180 days, that are within 10% of total square footage)? 

What you paid for it and invested in its upkeep are not factors for pricing/selling a property. When considering 'break-even,' cash flow is included...it's the overall ROI that the property generated for you during your ownership.

As important a consideration is how will you reinvest/spend the proceeds from the sale to build wealth.

Hope this helps.

You have to know your state landlord-tenant laws; they are on the internet:

"In New Jersey, a landlord may need to give a 30-day notice to pay rent before eviction if the tenant has a history of late payments and the landlord accepts them. However, the landlord may not need to give notice if they don't have a history of accepting late rent."  (End)

So if the tenant is delinquent, you can begin the eviction process via the normal notice process to the tenant.  If this is simply you not wanting to accept partial payments and the rent is current, stop accepting it - and send a Lease Violation/Notice of Quit for Non-Payment of Rent - and force the full rent to be paid per the lease or start eviction.  

Bottom line: the tenant doesn't get to decide how to pay you. They agreed to pay in accordance to the lease and failure to manage to the lease is the #1 reason why landlords fail (Source: American Apartment Owners Assn).

Cowboy up and stop having the tenant control your ROI.

Best.

The tenant cannot withhold rent or demand free rent.  They can terminate the lease in most states if the infestation is not handled by the landlord according to state laws and/or the lease.  Recommendation:

1. Check your lease.  What does it say about pest and rodent extermination?  My leases state that the property was 'received by tenant free of pest and rodents' and that the tenant will be responsible during the term of the lease. If you lease doesn't state that, you are obligated to cure the issue (recommending they set traps is not a cure...).  If your property is in California, here's the landlord responsibility for rodents:

"In California, landlords have 30 days to respond to a rodent complaint and make repairs. However, landlords must address urgent repairs immediately. Explanation

• Landlords are responsible for keeping rental properties safe and free of pests.
• Tenants should immediately notify their landlord of any rodent issues.
• Tenants can request faster repairs if the issue is urgent and poses a health or safety risk.
• Tenants can collect evidence of the problem, such as pictures or videos.
• If the landlord doesn't respond or the response is inadequate, tenants may have grounds for a lawsuit.

Landlord's responsibilities

• Landlords must respond to rodent complaints in a timely manner.
• Landlords must hire professional pest control services to eliminate the infestation.
• Landlords should take preventive measures to ensure rats do not return.
• Landlords should seal entry points and maintain cleanliness.\ (End)

Bottom line here:  you have to know your state landlord tenant laws.  It's on the internet.

2.  Send the tenant a notice of declination in writing; send by email and then in writing through the postal system with proof of delivery required.  State that California law provides landlords with 30 days to respond and that the withholding or refunding/rebating of rent is not a legal remedy.  Their rent will the required per the contract.  

3.  List the steps you've taken to cure the problem - be factual only/no commentary.

4.  Schedule a property walkthrough with the tenant, giving the proper state notice, to determine if the problem is due to cleanliness issues, leaks, unsealed perimeter entry points.  Fix what is yours; let them know what, if any, are issues they must correct.

Again, know your state laws so you don't get jerked around by tenants.  

Best.

Send a Lease Violation Notice immediately - by mail with proof of delivery required (cheap date through post office) and or affix the notice in a envelope with his name on it on the door of the unit.  The violation - depending on your state - will provide a 'cure period' before eviction proceedings would begin.  The violations would include 'the personal occupation of a garage as residence' while asserting to police that he didn't live in it, along with the power overloads due to use not in keeping with a garage rental.  

Your state law and notice can be found online.  Until you give him notice, you're just nagging.  Forget the lease type that the last owner used...just give the notice.  The guy has already stated that he doesn't live there so that alone proves that he knows that was never the intended use (is their a police report or statement for your file?).

Hope this helps.  Fun business, huh? 

As stated above, $100k is the norm. What is as important is that you require the insurance to be issued with you as the landlord as "additionally insured."  This ensures that any settlement check will be issued to you AND the tenant - and that you can interact with the insurance provider.  

Renter's Insurance is a cheap date for the tenant; it protects their security deposit and assets.  I - nor my clients - will rent to anyone without having of proof of engagement prior to moving in.

Hope this helps.

Huh?  Cash flow matters.  DOM can be minimized by a number of different factors including the quality of marketing, rent price, availability to show.  Talking DOM is a 'blah, blah, blah' experience with landlords.  They're paying for results.  

PMs can minimize their suffering from unrealistic expectations by showing comparable properties that are on the market for rent and having a discussion with the landlord as to how their property compares and how his property can be more attractive to renters.

Landlords are running a business.  They're hiring PMs for a reason and they fire them for not maximizing cash flow.  

From internet search/Turbo Tenant:  'In certain instances, breaking a lease in California due to a medical condition might be possible. If your medical condition qualifies as a disability and your current living situation isn't suitable, you might have grounds to break your lease without penalty.' (End)  The physician note must be on letterhead and signed.

If it were me, I would let all lease holders know that:

1.  You appreciate them letting you know of the situation and hope for his speedy recovery.

2.  Unless the medical condition meets the state criteria for early termination and that the medical notice does not appear to suggest that, you cannot terminate the lease outright/immediately but that you will begin to market the property for rental and upon securing an acceptable tenant, the lease can be terminated pending a satisfactory property walkthrough indicating no damages.  I would restate that the lease will remain in place until such time that a new tenant is selected and moves into the property.

This approach will ensure your cash flow while acknowledging that 'stuff happens.'  I would also do a property walkthrough asap and determine if the tenant will be occupying the property until termination is possible or leaving. He can leave - but he will still be on the hook for rent until someone else is found to assume it.

Hope this helps.  Fun, huh?

The #1 reason that landlords fail is due to failure to manage to the lease (Source: American Apartment Owners' Assn).  Start here...have a solid lease with an Addendum of dealbreakers/rules that are written in plain everyday language.  Next, plan on inspecting your properties every 90 days; you can communicate this to the tenant as you ensuring the property is in good order and to help you plan for repairs/future improvements.  Give the appropriate notice.

Want to avoid squatters?  We all do.  Those properties that are obviously vacant - as well as those you advertise for 'immediate occupancy' are well-known targets of squatters.  Install cameras and exterior lighting on timers, place no trespassing signs, and place items that indicate occupancy - like a BIG dog bowl near the front door, shoes, etc.  I also recommend not allowing unaccompanied showings if at all possible.  

Screening is important. Knowing your state laws - critical. Operating your rental like a business is mandatory to protect you, your ROI, and your property.

Hope this helps...