All Forum Posts by: Randy E.

Shiloh, this is a two-pronged question.

For people like you and me, it doesn't matter as much.  I bought a personal house in a school district where I knew my three young children would never attend one day of classes.  The neighborhood was perfect for us, but the school district was lacking.  Today, I have a son in high school (which I drive 20 minutes each way because the city will not send the buses this far from the school); a daughter  in elementary school (which is 15 minutes each way, but is on the way to my son's school); and another daughter in middle school whom I home school.  For me, it doesn't matter where we live.

For most families, home schooling is not an option.  For many families driving 40-50 minutes round trip twice a day is not possible because of inflexible work schedules.  Therefore, if the parents are concerned about school districts, then it most definitely in most home-buying/renting decisions.  

 Good choice.  

Good luck.

Attorney

@Adam Schneider, paging Dr Schneider.  

 Mariusz,

Why do you trust your manager?

If he is part of the same organization that sold you these "turnkey" occupied houses that immediately became vacant, immediately incurred turnover costs ($4000!!!!!) and immediately require repairs and CAPExpenditures (HVAC repair,) you should not trust your manager.

In fact, I would be very hesitant to do more business with this organization.  At the very least, wait a few months.  See if the current investments stabilize in regards to vacancy and extra costs.

Section 8 can be a good source of income, provided it is overseen correctly by the owner/landlord.  On the other hand, Section 8 can be a nightmare if the owner/landlord/PM views it as an easy way to overcome a vacancy but doesn't perform any oversight.  So far, I have seen no indication that the company you are working with is diligent enough or cares enough about YOUR BEST INTERESTS to do what it takes to utilize Section 8 properly.

Not to try to frighten you Mariusz, but if I was in your situation, I would be very afraid.  Start saving for a rainy day -- I think a storm is coming.  Instead of a "streak of bad luck," I think you have encountered an unscrupulous turnkey/PM operator.  If that is the case, your streak of bad luck will never end until you stop doing business with them.

Question: Are these two rentals close to you or are they far away?

Good luck.

 "Those who aren't ready to take action, clip quotes.  Those who are ready for action, do."

I like it because it gets to the crux of the matter.  I like cool quotes, but I like doing more than reading quotes.

Like Yoda said, "Do, or do not.  There is no try."  

Just do it.  Even in failure, there is the success of lessons learned.

@Matt Michaels, I agree with @Mark Fries.  Get the cheapest unit rated for that amount of square feet.  My HVAC guy suggested Goodman, and says brand name doesn't matter.  These are commodities, and every widely-sold brand is sufficient.

It's just like cars.  A Kia lasts as long as a Lexus, but costs less than half as much.  Buyers pay more for the name, the perks and the luxury.  Don't pay name brand prices for your investment property, because renters aren't going to pay you more rent for it.  Look at car rental lots -- do you see more cars with the Lexus badge or the Ford badge?

@Karen F., it is time to agree to one of her demands.  If she sent the month-to-month request via email, reply to it so that her original request is copied in your response.  Tell her you will agree to her request to make the tenancy month-to-month.  Draft a new lease and have her sign it.

A week after she signs it, deliver a 30-day notice of intent to end the lease.  Even if they refuse to pay the final month, you said the deposit covers 2 month's rent, so you'll be covered.  Even if not, I'd rather be rid of her than have to deal with that sort of attitude on a constant basis.  

 That's might be to the Sheriff's dept.  In NC, we pay some eviction costs to the clerk of court, some to the Sheriff's office -- which is conveniently located down the hall in the courthouse here.  In NC we have to pay for the service of having a Deputy go to the property, knock on the door, and force the tenant to exit the building so you (or your handyman) can change the locks.  While there, the deputy will post notices on the windows and/or doors stating it is a crime for the ex-tenant to return to the property without your permission (or something to that effect.)

Often, at this point, most tenants will already be out and you simply change the locks.  Every once in a while, a tenant is holding to the very last moment before relinquishing your property.  

The only last potential delay is if the tenant is present and states they wish to leave some possessions in the property while they figure out what to do with it.  In NC, you have to wait a week or two (I can't remember exactly, but the deputy will tell you) before you can discard their belongings.  =

Congratulations.

 I totally missed the final post before I replied.

I'm glad it worked out.