All Forum Posts by: Bettina F.

Is Facebook Marketplace different from paying to boost a post on FB?  

As long as there is one bathtub for small children, a shower only in the smaller bathroom would be fine.   If you go with NO bathtub -- only showers in both bathrooms, you will limit your appeal to adults only renters.

You would probably get a better response on the "Short Term and Vacation Rental" forum.   This forum is found under "Real Estate Strategies". 

I have friends who used to rent their house in Coeur d'Alene out each summer, through an established  brick and mortar vacation rental agency.  That agency took 30% of the gross rents -- but the agency took care of everything, including cleaning, linens, bookings and collections.  

I have a 2 triplexes that each have a laundry room.  In each laundry room, is a "laundry alcove" where each unit has their own washer/drier hookup.  I do not provide individual unit washers and dryers.  

We put in used, refurbished coin operated machines when we bought the building.  (so we have 2 washers and 2 dryers for 6 units.)  Most of the inherited tenants had their own washers and dryers when we bought the building.  As we have had turnover, new tenants tend not to buy or bring their own machines.  They use the coin ops and use their "laundry alcove" for additional storage.

I don't look on the coin ops as a profit center.  When we bought the building, there were gaping holes where the coin-ops were designed to be.  Repainting the laundry rooms, installing commercial quality scissor gates to secure the alcoves (tenants were complaining that the other tenants were stealing their detergent, etc.), and installing the coin-ops was the first capital improvement that we made.   I think that having a clean, nice looking laundry room helps the units rent quickly.

Thanks for the link to the article.  I hope this post gets a bigger boost.

The level of economic ignorance displayed in this article is breathtaking.

I heartily recommend Thomas Sowell's book "The Housing Boom and Bust" if anyone is interested in learning how government intervention affects the housing market.  It is about more than just the '08 crash.

If you are truly at market, your tenant would have a number of options for comparable properties at the current rent.  If this is true, the only thing that would prevent your tenant from moving to the other properties would be the cost and effort of moving.   Also, because there are other comparable properties available, it would be harder for the LL to fill vacancies.

If all of these conditions were true, I would not raise rents at lease renewal.  However, most markets tolerate at least a small rent increase (2-3 percent) due to higher property taxes, increased insurance costs, etc.   

Do a micro market analysis of available properties in your area.  Usually there is something you can use to differentiate your property from another.  Are the schools better near your property?   Are you near a desirable park or other attraction?  Are you close to transit?  Could you offer an amenity or upgrade  to make your property more desirable? (Free Wifi?  Tiled kitchen backsplash?  New window coverings?

You also have to consider your local legal requirements. while it may not be the most effective, in my locale I have to legally post notices on front doors.  For example, a few years ago we had the well used back parking lot re-graveled.  I posted a legal notice on each apartment door notifying them of the day and time.  We then additionally placed a notice under the windshield wiper of each car parked in the back parking lot -- "Reminder: This lot is being re-graveled tomorrow.  Please move your car by 8 am tomorrow ______"  Clear communication and everyone complied. 

I think there is confusion on this board between a lease and a month to month rental agreement.  As a LL, you can have the same protections (or more) that you get from a lease in a month to month agreement, but NOT be legally bound by the long time-line of the lease.  You need a month to month AGREEMENT -- not a fixed term lease.  You do not want to end up house hacking with a person you cannot stand.  You want the flexibility of being able to issue a notice to vacate if the arrangement goes south.  

Yes, you need a legally binding, written and signed  month to month rental contract.    Put in all the rules you need (that are in accordance with local laws) to make your house hacking experience fair and pleasant for all.  Avoid any verbal agreements -- they will only go against you in court.

This is a case of know your lease and know your laws.  In my properties, the tenants would be violating two provisions -- an unauthorized resident and unauthorized animal.  I would serve a Cure or Quit notice per my local laws, and then, after the "cure" period, post a notice to enter.  24 hours later, i enter and inspect the apartment to make sure the situation is resolved.

If resolved (it usually is) everyone smiles and moves on, but in reality I keep a closer eye on the tenant.   Usually once caught, the tenants know I actively manage the apartments and follow rental agreement provisions.  

If not resolved, then I would give a 30 day notice to vacate, clean and re-rent.   This is why I do month to month rental agreements on my apartments.    I don't even get angry at the tenants -- if my apartments no longer meet their needs, they are free to go (with proper notice) and find some place that meets their needs.  I charge the security deposit for damages, and my apartments are easy to turn over, so I rarely even lose money.  I am in an area with rising rents, so the market is in my favor.  

I then add the scenario to my LL speech as a cautionary tale to the next tenant.  "You know, this apartment is only available because the last tenant moved in an unapproved roommate,  Please read the rental agreement rules.  We take them seriously so this stays a nice place for everyone."