All Forum Posts by: Jeremy Fields

I have found lately that the number of applicants to my units has dropped significantly. For this reason, once I have someone approved, I want to send the lease for signature with a short time limit, so I can quickly move to the next applicant if needed. Basically, 24 hours to sign, and 48 hours to send deposit.

I most always collect a security deposit and get the lease signed electronically. It's quick and saves me time. And, really the only option with an out-of-state tenant moving to the area. Lately, with the Coronavirus, this has become even more common practice. However, I am always concerned I'll get the lease signed and then never receive the deposit. 

Does anyone know if I can void a lease if the deposit is not received within X days? I write this into my lease agreement, but never had to enforce, and thus test it's validity.

How are the rest of you collecting deposits? Are you setting time limits on the lease once you send it out for signature? 

I have been developing a variety of lodging accommodations in the central Virginia area and seen great success. Non traditional boutique hotel, vacation apartments, and B&B. The success has been mainly in the uniqueness of the product, branding, and tourism industrty. Using this as a springboard, I'm eager to build a one of a kind destination property with many of the amenities you'd find in a luxury resort. Moderate size with 10 - 15 individual units. Since this is such a different product, I dont feel comfortable using the income metrics from my other properties.

I'm looking for advice on how to go about conducting a market analysis to better understand the potential in this development. 

Sounds like I'll be going with a plywood RTA cabinet. I'm leaning towards a stain finish since it will probably be easier to both hide some dirt and nicks/gouges. 

@Johann Jells Good points. Thanks for the advice. 

I'm resurrecting this thread...

I am working on a full reno of a large 2 unit home that will only be rented to students. Since I live 1.5 hrs away, my most important goal is to put fixtures and finishes in place that will look nice over time and require the least amount of maintenance. I'm torn between a plywood RTA cabinet and the Diamond NOW line of stock cabinets at Lowes. 

I've seen stock cabinets degrade and look like hell, BUT, given this is a student rental, would the plywood cabinets do the same? I know they will be stronger, however the finish may not be. Also, white looks clean and crisp, but would a darker cabinet hide abuse?

You just never know what a student with no world experience, and parents paying the rent, will do. Now, these 2 units will be the nicest you can find in the small town, so I expect to have more responsible tenants....in theory. 

Thanks for all the input.

@Will Gaston you hit on some things I've heard from tenants in their response to a couple of my units, so good to hear you've experienced that:

• large bedrooms

• kitchen size isnt very important

Luckily I'm walking distance to the campus and since the home is old it has 10' ceilings

@Jenifer Kynor some nice points on the all-inclusive route. My competitors do this and it makes sense to keep move-in simple and only worry about rent collection. I'm still pondering offering a furnished space. Might at least experiment.

I've got several rentals in an area that is predominantly occupied by students and would like to offer the most desirable products in the area. One of our units is a 5 bed home that will be renovated next summer and split into 3 apartments. The plan is to have (2) 3 bed/2bath and (1) 1bed/1bath. 

Looking for advice:

What amenities do students desire most? Which are a waste of money?

Thanks for all the great advice. @Krystallin Baker I like your suggestion of having the new tenant agree to some repairs once they move in. 

I've been fortunate enough to have the same renters since I started investing in long-term rentals several years ago. I've come to the point where one of my tenants is ready to leave. I have new tenants ready to sign a lease. I'd like to get some feedback on the timeline between move-out and move-in.

The place has been kept in basically the same condition and I've been working on some updates and minor repairs once the 60 day notification came in. At this point it looks like everything must be handled on the 31st (move-out day), before the 1st (move-in day of new tenant) unless my upcoming tenants agree to allow me in for certain repairs/upgrades. 

How do others handle this transition? Leave a few days between move-out and move-in? Suppose the former tenant does not completely vacate? Then what?

@Account Closed Thanks for the in depth advice. I have decided to file my 2016 returns for the LLC as our 2nd year in business. If the IRS discovers an error we will ask for a waiver. Will the IRS clearly see that we should have filed in 2015, but did not? Not sure if this makes a difference, but our LLC only owns 1 rental home and will likely not expand beyond that.