All Forum Posts by: Patricia Steiner

I would recommend rewriting the narrative. Selling the convenience of the location first and in such detail may lead some renters to assume that there is something not so great about the house itself since the sale in on the location. Sell the home to whoever your target tenant will be - modern, sleek, urban, renovated, bright/spacious; then sell the location - not whether they have a bank account or need a 7/11 - just that it is located to 'dining, entertainment, shopping, more.' You want prospective tenants to come see it, walk it, imagine living there so don't get in the weeds on the details or offer photos that aren't great. I manage my own properties as do my clients; with the electronic resources for screening, rent collection, more - the ROI is greatly improved and you retain control of the property.

Hope this helps. It's a great property. But there are also 411 townhouses listed for rent on renterfaster.com so you'll need to elevate your listing to generate more serious candidates.

Best.

I would send a lease violation notice that advises the tenant that they have violated the no smoking provision of the lease and that it needs to be cured immediately - to include complying (not smoking) and remove any odor/damage that may have resulted. I would not waste my time with what was being smoked or how I learned of the violation. It's simply factual:  you violated the lease by smoking, stop it, remove the resulting odor and that a repeat action could result in eviction and loss of security deposit.  

The #1 reason why landlords fail is this:  Failure to manage to the lease (Source: American Apartment Owners' Assn).  When you fail to enforce, you are accepting the violation.  

Again, this is a factual action that will ensure that you remain in control of your property and that the other tenant has the peaceful use of the property that is a legal right.

Fun, huh?  Hope this helps.

Everyone completes an application...don't you want to know who will be occupying your property?  And, they all sign the lease.  It's not just about the rent (which is huge!) but about assigning responsibility for the adherence to your lease terms and respect of the property.

Best...

Piling on...all occupants who are 18 or older (or legal emancipated minor) should absolutely be required to make application.  It's more than just about payment of rent:  it's about KNOWING who is inhabiting your property.  And, they all sign the lease to make them responsible for abiding by the terms of the lease, respecting your property, AND paying the rent.  

Best...

Geez...I would notify the (female) tenant that she is in breach of contract. The 'guy' can either move out immediately or the can both submit an application to rent the property together.  Do not ask for their copy of the lease; act from a position of strength and give her the two options. If he doesn't qualify, advise her that she has to 'cure' the illegal occupancy immediately or be subject to eviction.  Just be factual (no anger - just this is how it is).  

Know this: the #1 reason why landlords fail - failure to manage to the lease (source:  American Apartment Owners' Assn).  Take back your control of the property; the tenant doesn't get to dictate terms.

'The property has been rented. Thank you for your interest.'  Don't apologize, don't explain how the 'chosen' tenant was more qualified than they were, wish them well in their search.

You're running a business and you've made a business decision.  You're done.  Congrats.

Quit expecting the tenant to 'perform' for you.  They are paying their rent on time.  That's their required performance as well as maintaining the property/reporting issues.  They do  not need to confirm the rent increase.  Send a written notice (yes, paper) to the tenants with proof of delivery required (the postal carriers have this time to an art form; it's inexpensive and you get confirmation via email or receipt very quickly; it does not require the tenant to sign - it just confirms that the notice was delivered.

A paying, respectful tenant is golden. Again, they're not unresponsive - they're paying. Just send the notice by mail and be done with it. 

Best...

Great price in a great location - huh? A great location demands a higher price. While the price is important, a successful investment is driven by the ROI. My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. Sometimes the best investment is found in a 'transitioning' market that is just outside the 'great' market and is in play to be the next great one.  That's the opportunity.

I also recommend engaging an 'investment focused' realtor (not the general residential ones) to guide you through the process and provide you with market intelligence.  It's too large of an investment to get it wrong; you need bench strength.

Real estate investing is a risk business. There is no perfect property.  Buy an opportunity - NOT a property.  You've got this...

First, what does your lease say about pest/rodent control?  We deliver our properties free of both (noted as such in the lease) and then contractually make the tenant liable for prevention/termination.  The best defense against rats entering your property is to seal off all entry points (holes, cracks in walls), remove food sources (dirty dishes, food left in trash cans), and water sources (like leaks).  You can cover the wire mesh with drywall patches (they tape on wall and across the wire, white/paintable, different sizes) as the wire mesh is what will prevent the rats from eating their way into the property (the covering material is cosmetic only). Keep in mind that a rat can enter any entry that is the size of a quarter.  (Side note:  I'm not happy that I know any of this...hard earned lessons of real estate investing).  And, be sure to reinspect the property to ensure that the problem has been fixed.  

Fun, huh?

Here's the issue...in most states, if the tenants have a lease, the new owner will be obligated to honor the lease - as is - until end of lease.  If the property is not cash flowing and is due to your mortgage carry, it will most likely require a cash buyer to work (or close to it).  I would recommend having a conversation with your tenants and letting them know of your interest in selling the property to gauge their interest in terminating their lease early - or if you have a termination clause, invoke it.  Tenant occupied properties can be attractive to investors if cash flowing...no one wants to buy someone else's problem.  Do your homework. You don't want to sell at a loss either.  

Best.