All Forum Posts by: Phil B.

 Thank you for responding. The water was caused by a rotten sill, which I will certainly replace.  I just don’t understand why they would allow water to sit in the obviously warping floor for months.  The painting of the floor and increasing the rent are both great ideas.  Thank you.

 Thank you for this input.  This sounds like a logical path forward.

The time has come for an annual lease renewal on one of our SFH rentals. We contact the tenants and they are interested in renewing with one request. They want the interior main floor repainted. They have been in the property for four years. We send our contractor over to quote the project and he reports issues of damage. Their dog ($400 pet deposit) has chewed and clawed through multiple portions of walls and door frames. And they have apparently allowed water intrusion to remain under portions of our LVT flooring for a period of months. The quote comes in at $4,850 to get the property back into acceptable condition without all of the trim and door repairs/replacement.

Do you pay the ~$5,000 and renew the lease for tenants that pay on time or start fresh (with repairs and finding a new tenant)?

Thanks.

We own 2 units in a 4 unit townhome.  Neighbor emails me today stating that water from one of my units gutter has caused damage in her unit.  A bit more info - Last month I replaced the roof on my two units (end unit and 3rd of 4 units).  The complaining neighbor decided at the last minute she could not afford a new roof so opted out.  These town-homes are 15 years old and are in need of new roofs throughout.   We experienced leaks so replaced the roofs promptly.

Neighbor contacts roofer last week and tells him he installed the flashing along our shared roof line improperly.  We hired a well known, quality company.  They showed up the next day, unbeknownst to me and conducted a full inspection and found nothing wrong with their install.  They did notice the gutter, in their opinion, could use an extended flashing from the gutter lip up the neighbors siding that is in direct contact with our shared wall.  So they made this modification.

She now wants me to pay to repair her siding and the water damage inside her garage and guest bedroom.  Having never experienced this type of issue, what should I do next?

Thank you all for your responses.  It is great to have knowledgeable folks to bounce questions off of.  I will attend the August 1 vote and it if passes, I will put the house on the market.

Morning, we have a successful investment property (single family home) in Georgia. When purchased two years ago, the home was in an HOA that had no limits on rental properties. The home owners are now voting to change the HOA to a POA (Property Owner's Association). This will effectively cap the rental properties at 5%. The neighborhood is currently around 17% (33 out of 200) are rentals and the POA will require leases to be reviewed and approved by the new Board, if a rental slot is even available.

There will be a grandfather provision in place, which exempts current leased properties from the new rules, until such time as the current lease expires.  Then you fall under the new rules.  My agent, who has been in real estate for 20+ years states she has never seen a neighborhood change the rental rules and make them effective on homes purchased prior to the change?

I have two thoughts, sell the house and find another elsewhere or I was wondering if anyone has ever created say a 20 year lease with annual renewals that are assignable to new tenants as turnover in the home occurs.   I guess I am looking for some kind of a loophole.  

Thanks for your time.

Phil

I approved the tenants request to terminate the lease early, and put a couple conditions on the approval.  1) they must vacate the property by Dec 1 and they must pay an early lease termination fee of 3x rent.  Which they agreed with.  So assuming the money shows up this all worked out as well as I could have hoped.  Thanks again! 

Thank you all very much.  I have been a lurker on this site for some time.  An amazing amount of knowledge so that one does not ever have to "reinvent the wheel" when it comes to landlording decisions.

I apologize if this question has been answered but I was unable to locate a response on point.

Issue:

Our tenant wishes to terminate our 12 month lease agreement at month five; although our lease clearly states that the tenant does not have the right to take such action.

Little more detail:

He wishes to give us 60 days notice (which would take his remaining lease requirement from 7 months to 5 months.)  He also states he will not be in the property for the remaining 60 days and that we are free to show the property to new prospective tenants at anytime.   As soon as we rent it, he will move out his belongings.

Can I / Do I somehow hold him to the remaining 5 months of the lease ($7,750) or do I just move on and find a new tenant?

I would like there to be some middle answer where he pays me for a portion of what he has remaining beyond his 60 day notice, say an additional two months and if I find a new tenant tomorrow he still owes me these funds to cover my costs to list the property and find a new tenant.

I would think there should be some penalty to breaking a lease.

Thanks.   Phil