All Forum Posts by: Patrick M.

@Troy Fisher your points are well taken but as many learned the hard way in 2007, everything doesn't keep going up. 

We have just shook lose of rent control (phased out on vacancy). It was tied to 90% of CPI. This was a formula widely promulgated out east here and it was instituted in the 70's when CPI was 7-10%.

Legislation stays around long after markets decline, tying a landlord up for a possible week per tenant is horrible.

@Ted Klein They will need to provide proof that the animal is indeed qualified as a service animal. Unfortunately this documentation is getting easier and easier to come by.

Also, I was sure to let any prospective tenants know that the facility was not pet friendly, and though you may see a neighboring tenant with a dog it is because he was here when you took over the building. That way they don't get any ideas later.

I find that if a tenant sees you repairing/bettering the property they are going to see the rent increase as justified. They know what the going rents are, every time they talk with a friend your tenant probably hears, "you pay what! and you have a garage! You lucky stiff." And they also know landlords who engage in deferred maintenance... What we used to call slumlords. Good luck!

@Troy Fisher- As a smaller landlord who has to eat my costs, offering the apartment to the qualified tenant and being told I will get back to you in 2 days is not acceptable. On any given day I may not have a problem with it- but to mandate it risks me losing other potential tenants. Also your hypo assumes you have another in the hopper.

So lets look at this hypo. I have one tenant that qualifies, he needs to provide me with more documentation. After I inform him of this another prospect calls up- "Wow, I am really interested in the property- I submitted my (very qualified) application electronically... Is it still available?"

"Well yes, but I have a potential tenant... I'll let you know in 3 days."

"Click" or "3 DAYS! Oh- well I am going to look at other properties" or "uh, OK, I guess"

3rd day comes you get your documentation- you offer, he'll get back to you in 2 days.

Second guy calls back- "Hey, I waited- so what's the deal?"

"Umm, I"ll let you know in 2 days..."

"WHAT! You said 3- now it is 5?"

Then first guy calls you back in 2 days, "no thanks"

You call second guy, he says  "Wow- you sure sound desperate, howbout you knock $50 off the rent..." Or more likely, second guy got an apartment because he is such good quality... now I have to start digging deeper into the pile of applications...

What if you decided to be nice and give the guy 4 days accept and he was white and the guy waiting was black, are you protected?

I inherited pets and low rent. In NJ I have no choice with current tenants- they keep their pets. I was always a little mixed on the policy until I renovated pet apartments. Absolutely disgusting and filthy. But you definitely forego a large portion of the tenant pool. Of course I recognize that soon I will be forced to take in pets because people are simply having their cats, gerbils and dogs certified as service animals...

Hiking the rent by $400? Are you trying to assist the implementation/expansion of rent control and anti-landlord sentiment? This plays right into the hands of tenant groups.

I gotta say, I really only have one HUGE problem with this ordinance and it is not what others are complaining about. What I see in this ordinance is exactly what I have read and been taught: Have a written set of criteria that you require for a tenancy and document how each applicant makes or misses the mark and document, document, document.

The last thing I want as a landlord is to be sued for discrimination and walk into court and tell a jury "Y'all see, what we have he-ah is a failure to communicate... Eye's just goin' with ma gut, ya'll see." No thank you very much.

Some one meets the criteria and passes the background- Then yes, I will offer them the apartment. I am not going to bypass them because of my gut or other biases/prejudices.

Now the HUGE problem I have after reading the legislation is the time frames... In my opinion these are far more onerous to a landlord. 48 hours to accept the offer of a tenancy- Outrageous. 72 hours for supplemental information requested by the landlord! Yikes. There lies the hardship.

If I was a landlord in Seattle I would ensure that I had a documented screening criteria, and if I had any concerns or I wanted to incorporate as much of my own "personal" criteria I would spend a couple hundred buck and sit down with an attorney.

The only real winners I see here are property management companies. They have gotta be licking their chops- because I see a lot of smaller landlords throwing up their hands and hiring them.

If I hired an attorney and was forced to go online for guidance on what to expect before testifying you better believe I would put a stop on that check.

With that being said- Make sure you know the ins and outs of your lease terms, refresh yourself as to the facts of the breach(es) and how each was addressed when you became aware of them. And generally refresh memory by reviewing your file as to the facts specific to that tenant and his dwelling (when lease was signed, repair, etc.) Bring all your documents with you and if you are ever not sure of an answer tell the buffoon you hired that you will need to look at document x to help refresh your recollection.

@Scott F. yes I shared that to show different avenues that can be taken. Like all of us I have a very fact specific situation happening that does not permit me to go full increase- so I am using the Ordinance to demonstrate a break given. 

Also, following what others have mentioned- we are cleaning up the back and putting in picnic tables for the tenants. Capital improvements the tenant and landlord will benefit from.

"Ask yourself this: WHAT should I/me/you/us be doing to retain tenants so we have less turn over?" I am in a market that is booming. Were any of my tenants to leave they would have to leave the area to find a comparable in the same price range. They would also lose their rent control which is phased out on vacancy.

With that being said, I am the best landlord there is, period. I am at the property and always making it better. I address their problems immediately and treat them respectfully. If they want to leave- Thank you and God bless. Big difference between the multi and the SFH is that I can absorb the cost of a vacancy, so I don't feel indebted to a tenant... And the only vacancy will be that I am renovating the apartment because of demand.

One of the things that I do when I send out a renewal is break down the rent increase, I will say: Your rent has been increased by $20 a month which is below the Borough Ordinance on rent control blah blah blah and then I will show the formula and compute the increase allowed under the ordinance with property tax pass through which is (this year) $45.

I have a separate cell because my other is provided by work. There is no issue with personal calls, but I did not want to involve business.

I will be looking to move off of this now that you guys have turned me onto Google Voice. Thank you

I would rank this with the welcome gift. You are a great guy and very nice... But I say no thank you very much.

I have multi-year tenants who aren't going anywhere. But I can guarantee you something- the moment they find a better deal/place they will uproot in a heartbeat, regardless of what gifts you give them.

I think this may be more a part of the SFH rental market then the multi-families... Kind of a bed and breakfast mentality. I certainly do not begrudge you, but please recognize that you do it out of appreciation, I do not believe it pays dividends in the business model. I would caution anyone to not believe that you will retain tenants because you bought them a moving in gift card or give them a yearly gift. They will move the second they get a better deal.

I also believe that the landlords who give the gifts of appreciation/feel good are very conscientious and dedicated and as such have a higher retention/better tenant factor by virtue of just being good landlords. But this has nothing to do with the gift.

I believe too many people don't recognize that the only reason for gift giving is because it makes you feel good. Whether it is because you appreciate your tenant signing another lease or not giving you a head ache. 

By contrast- I could never imagine renting to someone who would otherwise move but for the $25 gift card I give them.

It is not a part of my business model.

I also can't imagine trying to explain to a buyer 20 years from now that my NOI is actually $1000-2000 off because of all of my long term tenants...