All Forum Posts by: Rik Shaw

Thanks for the reply Jack!

Thanks for the replies Theresa Harris and Bjorn Ahlblad! I didn't end up requiring renter's insurance for her. 

She knows her lease is up next month and we won't be renewing. I guess her moving out by the end of this month is best case scenario.

I have a tenant that's ready to move in but needs to be in no later than the end of August (next month). With this current tenant not answering calls or emails and being out of a job, I'm also wondering if she plans to stay in the property until she's evicted. She likely knows that evictions can be a lengthy process so she will just ride it out, which may get her an extra 1-3 months rent free. 

Is it best for me to send a letter asap terminating the agreement and giving her 30days to vacate? That way I still have a chance to get this potential new tenant in.

Hey Bigger Pockets, I made the mistake of renting to a co-worker. She was new in town and any place she tried to rent was molded and invested. She had heard that I had an available house for rent, I reluctantly agreed to show her the place. She couldn't afford the full rent and asked if I would make an exception for her to have a pet.  To help her out I dropped the rent and she agreed to pay a small pet fee ($50/month). 

Initially she invited me over a handful of times, I took the opportunity so I could see the condition of my property. Each time the place was clean and damage free. However, I haven't been there in 6 months and now co-workers and the handyman are telling me that she has 5 pets (agreement was for 2), there's significant damage (doors torn apart,etc) and a bad smell. 

She was fired about 2 weeks ago, mainly for behavioral issues. She's not taking my calls or answering emails. Neighbors tell me that she takes several boxes to her car every couple days.

Her lease ends at the end of next month, but I believe she's planning to pack up and skip town by the end of this month. Thereby avoiding the last month's rent and having to be held accountable for any excess damage.

What do I do?

Hello everybody,

I am considering buying an investment unit in a co-op.  Now, I know there are some concerns with renting the unit, however this co-op does not have any restrictions in renting.  I am looking into what the application fees are and what are the requirements for the renters, and thats pending.

What else should you look out for when looking at an investment in a co-op building? 

Would you ever consider buying in a co-op?

Thanks!

Thanks for the replies. I've got a 3 bedroom house that I want to rent to graduate students. I initially thought they could get the utilities in their names and sign a 1 year lease. However, they have asked if they can sign a shorter lease term as individuals. I'm not sure how I could hold them accountable to pay for the utilities since rent is due at the beginning of the month and the utility bills come out towards the end of the month. Unfortunately, I've have been burned by previous tenants for skipping out on the utility bills. 

Hi BP Community,

Does anyone have any advice on how to handle collecting on utilities from tenants when they are Not part of the monthly rent?

Any advice would be much appreciated.

Rik

Thanks Ned, I've put a request out to a local Erie Insurance agent!

Jason, great advice, unfortunately no landlord associations are in my area. Still great advice. 

Hey Jose, no particular question on rain coverage, just confusing since some policies covered it and other's did not. Also fund that some policies covered rain if I were living in the property vs if I was renting it out. 

Thanks for the replies; these are great suggestions!