All Forum Posts by: Robert Smith

@Kris H.

Thanks Kris, can you provide a link to where you found this information?

Our tenants (who have rented from us for about 1 year and 5 months) are having to terminate the lease early due to job loss. The husband was the primary bread winner and lost his COO job. He says he found a new one near Nashville and will be out of the house at the end of this month. Contract supposed to run until end of Sept. He's willing to try to help find new tenants but we are thinking we may just move back into that house and rent out the one we are in now. That being said...we'd like to ask for 2 months rent and keep the deposit. Is that a douche bag move considering the guy lost his job? Or...how would you typically handle this? Looking for advise from the experienced landlords.

Hey all,

One of my concerns as a landlord is water, fire, and other damage by a tenant or plumbing. I was wondering if adding a Simplisafe Alarm system which also has optional water/flood and fire detectors would be a good idea to add to my rentals for piece of mine and added value to the property (I'm just assuming this, but not sure if it really adds any value) and for the tenants (the security portion of the system)?

Basically, with their system, I would have a remote way of keeping tabs on the property without interrupting the tenants as often. 

What are your thoughts, and do you know of any better systems or methods to accomplish the same goal?

Thanks

I have a property I'm currently rehabbing that is near a few trees, and it is time to clean the gutters and I'm considering installing some gutter guards while up there. This would be my first time installing some, and after doing some research, the reviews/advice is somewhat split (some people recommend them, others rather clean them out each year due to the guards failing or causing other issues). Curious to hear if anyone else has used any and recommendations for certain products?

Thanks

After looking more into this, and talking with a friend of mine, it appears as long as the 5th day does not fall "on" a holiday or Sunday, a late fee can be charged in this case. So since the 5th fell on a Friday, and since Friday was not a legal holiday, it was okay to charge a late fee on Saturday. 

I'm currently using an automatic system for this, so it automatically applied the late charge, but I needed to verify the laws on the matter since I do not think it accounts for Sundays or federal holidays.

Thanks for the help!

Hi all,

I live in TN, and I have a situation where I'm trying to determine if a late fee can be charged to my tenant or not today (July 6th) since the 5 day grace period is over. 

Rent was due July 1st (Monday) and the 4th of July is considered a legal holiday, so do my tenants have until July 6th (Saturday) to pay for rent without a late fee being applied, or, since the 5th day was July 5th (Friday), can I legally still charge them a late fee today (July 6th - Saturday)?

So basically, when do I apply the late fee if Tennessee law states I must give a 5 day grace period but must exclude Sundays and Legal Holidays? Note I was not able to easily find on the TV.gov website where they clearly state this, but 2 references mentioned similar laws (see below).

Reference 1

Reference 2

Thanks

Just curious for those who have done a little rehabbing to the landscaping to increase the appeal & value for a residential property to potential tenants, what type of plants did you end up going with and why?

I'm curious to know some of your thoughts regarding buying small pieces of land to place tiny homes on to rent out (long term or short-term)?

I would imagine the maintenance would be low, the principle cost of the home would be low, and maybe the insurance? 

I could be wrong, but curious if anyone has dove into this area or thought about it, and what might be some of the Pros and Cons to it?

Hey Pearce, no sorry, I do still have my primary residence to pay off. What does HELOC stand for, and how does it work?

If someone is just getting started with investing in single family & duplex rental properties, what do you all recommend when it comes to forming a LLC for the properties you are renting out? Meaning, is it better/safer to create a company name with a LLC and add your properties under that company name? Or is the risk of getting sued not that significant and just complicates the process for a newbie?