All Forum Posts by: Rob B.

Hi Laura, I'm also just a pro-level member on a monthly plan, so I can't necessarily speak to the differences in BiggerPockets leases but I will say there are some options out there which allow for further customization and are up to date (ie. when a lease is created, the appropriate clauses are auto-imported based on the property address/location -- this way your lease has you covered and is in compliance with local regulations/state law). @Laura Mercer

Generally, if you have a smaller business portfolio in REI (ie. only own anywhere from 1 to just a few units), it doesn't make as much sense to go the property management route, rather, manage it yourself with a bit of guidance. Generally, you're going to be paying 6% or higher out to a property manager -- not to mention that many property management companies do ask for a portion of the first month's rent (or even a full month's rent as a standard policy). Since your circumstances have changed, it probably is worth giving DIY self-management services another shot. A lot of great options out there; aside from providing the basics (listing, tenant screening, digital lease creation - which Cozy doesn't offer, rent collection, and maintenance tracking) some services also offer your tenants additional capabilities which makes it an easier sell on your end when getting them to transition over (ie. their ability to report on-time rent payments to the credit bureaus). Mitch has a valid point though, in that the time you're putting into self-managing may mean less time towards investing, especially if you don't go with the right one. 

I'm not in CA so I'll defer to others, but I'd imagine that given the severity of it this would fall under the natural disaster umbrella. I'm inclined to agree with Brian on this (especially since he's based in San Jose); as long as the lease is airtight with a similar provision, you should be ok. 

Hi Juanita, great question -- to be honest, as your neighbor in the midwest (Chicago, IL) I imagine things are pretty cold up there in Detroit during the heart of the winter just like Chicago. Now, to Eric's point, it comes down to getting a good tenant in there, but also when thinking about the midwest and how cold it can get, this definitely plays into the ebbs and flows of our rental market. Here in Chicago, it isn't uncommon for people to get those listings up and posted around the early-to-mid spring, for early summer renters to come in; or, to get the rental up and listed around mid-summer for a lease term to start in late summer. If you're off-season (getting into the late fall months - late October to November and headed into the winter, offering a 6 to 18-month lease as Kurt mentioned is a great idea. If you go the 6-month lease route you can do so and then go on a month-to-month status with that tenant until they're ready to renew for a full year, or, until you get a new renter in there). In most cases, when it gets this late an 18-month lease isn't a bad idea. @Juanita Evans

Hi Brian! @Brian Kane - happy to connect with a fellow Chicagoan on here. There are a lot of helpful tools out there that can help you to bring a certain level of automation and transparency to this process, which is important especially when dealing with students, and parent co-signers. DocuSign is a great resource but as I'm sure you're experiencing now when you have everything in different places (ie. using one tool to collect rent, another tool to sign leases, another tool to track the process, etc.) it can start to become a hassle. Definitely consider an option that allows you to achieve all of these steps in one place (ie. keep track of things like rent payments + leases, but it also offers several other tools as well -- the ability for tenants to build a credit score up to 40+ points for on-time rent payments with our CreditBoost feature; which can be enticing for them as they are new student renters); and lastly offers maintenance ticket tracking with automated messaging). Again, sounds like you're about to make a big decision (shouldn't be taken lightly). Again, you may run into transfer limits with some of those other apps when it comes to paying rent. 

@Juan Arroyo - great question, and @Patricia Steiner has the right idea! 

In Tennessee, if a tenant wants to renew the lease, he or she must notify the landlord in writing at least 30 days before the expiration of this lease. A lease renewal provision in Tennessee contains the following language:

“LESSEE shall notify LESSOR in writing at least thirty (30) days prior to the expiration of this Lease of LESSEE’s intent to renew or not to renew this Lease. If LESSEE fails to give notice as provided in this paragraph, or if LESSEE continues occupancy of the premises after expiration of this Lease, but without executing a new lease, then a new tenancy from month-to-month shall be created and the rental rate shall be adjusted to the sum of ($) Dollars per month.”

Generally, if you have a smaller business portfolio in REI (ie. only own anywhere from 1 to few units), it doesn't make as much sense to go the property management route, rather, manage it yourself with a bit of guidance. Generally, you're going to be paying 6% or higher out to a property manager -- not to mention that many property management companies do ask for a portion of the first month's rent (or even a full month's rent as a standard policy). If you're just starting off, it makes sense to consider managing it yourself to better learn the process, cut back on costs and make sure that you have a sound understanding of what's required so when you do scale up and decide to go with a property manager, you'll know which things to look out for.

1000% with Patricia on this one. Send that Notice To Quit for Reasons Other than Non-Payment of Rent. Sorry to hear that you're dealing with this type of situation -- I'm usually one to give people the benefit but truth be told, she sounds like a terrible tenant and a not so great person. 

@Nathan Gesner - I'm with you on this one. There's usually a lot of items to consider when renting via Airbnb. I know at my condo, tenants will be evicted if they try to list their rental unit on Airbnb because the HOA specifically outlaws Airbnb listings. Usually, it's an issue of risk/damage to the property that many landlords or HOA's are looking to avoid by outlawing Airbnb listings. There are countless horror stories about Airbnb guests causing significant property damage to owners' properties. I would always recommend speaking with your landlord about your plans to list the unit on Airbnb before doing so.

Still, I think there's a larger, and broader, issue at play when tenants AirBnb’ing a place rather than actually living there… and that is it reduces the supply of housing for what would have otherwise been a true long-term tenant.

This has two major impacts:

1. Decreased supply leads to increased rental prices in that market. Essentially, housing for long-term people in that community becomes less affordable.
2. Speaking of community, Airbnb destroys local communities. It does this because rather than fostering long-term tenants who care about the community, contribute to taxes, charities, etc., you have short-term tenants who do none of those things.

The norm in my market is that w/d are provided. Sounds like you're in a bit of a different market though where the norm is just to provide the w/d hookups. That said, I'd probably go with an additional fee or higher all around rent price if you do decide to include it. Side note: tenants here in Chicago definitely appreciate having that W/D in-unit included, especially during the winter season (when walking to your nearest laundromat quite literally can be deadly). And as Patricia mentioned above, there’s a possibility that the place can incur damage as they’re installing these items/moving these key items in, and you definitely want to minimize the risk of damage to the property. You keep risks low if these things are already included and professionally installed prior to them moving in. @JD Martin