All Forum Posts by: Sandra Kennedy

Your bank may offer a lock-box service.  The check is mailed to their Po Box.  The bank opens the mail, deposits the checks, records or tracks the account number, and mails or scans to you anything that was in the envelopes with the checks.

I have been looking into this kind of issue recently in anticipation of purchasing another rental.  Many years ago I inherited some rentals with their tenants.  The ones that had been there the longest were paying the least rent and had never really been screened.  Hind sight is 20/20.  We should have turned them as soon as we could.  Those properties were in the worst condition.

In Kansas, under the Landlord-tenant act, it appears that you do have to honor the remainder of the term of the lease.  However, you can put them on notice that their rent will go up when their lease is done.

Horror story:

We finally had our last inherited tenant move out in 2015, if you can call it moving.  His family put him in a nursing home, leaving all his crap behind.  They did not tell us, we had to go through the eviction process to legally take possession.  We wanted to cry or burn it down.  But we flipped it to ourselves.  Had to refinance another property to get funds going, because we had to pretty much rebuild it.  Before we finished we were able to refinance it so we had the funds, just barely.  We probably over improved this 920sqf house, but instead of getting $850.00/mo, (like the non-updated rentals in the neighborhood) we are getting $1335.00/mo.  It is beautiful.  We over improved, but we are very proud of it.   The extra upgrades totaled only about an extra $11,000.00, but are bringing in an extra $500/mo.  If we downsize we may move there.  We were only hoping for $1200.00/mo, but upped it.  You can always come down.  You won't get what you don't ask for.

After our experiences, I say go ahead and ask for what you want when the lease expires.  If you low ball now, you will never make up the loss with these tenants.  You will have to wait another 20 years while they suck away your dreams.

I grew up in the KC area.  The values are better on the Kansas side of the state line due the the many award winning school districts.  Not so much on the Missouri side.  I don't think their high schools have gotten their accreditation back yet.  Yes, you can call me one of those JOHNSON County snobs.

Johnson County, KS, is where you want to invest.  Parts of the North East section are on fire due to the proximity to the Plaza (a high-end shopping district) and entertainment venues.  The homes are smaller, but great for rentals.  Further South and West are the newer areas.

Wyandotte County is blossoming way out on the West side, from the Legends/Village West on.  But I am not that familiar with it.

The Missouri side is huge, so I stay focused on the KS side.  It is what I know. 

Good luck!  Let us know how it turns out.

Please add me, as well.

If it is a one bath home, do what you can to expand it enough to put in lots of cabinets, and double sinks are a must.  We have taken out adjacent coat closets and reconfigured the bathroom to make more room.  

We (we women) need room for our stuff!  We also need counter space in there to lay out our tools.  Think of the tool space you need in your garage, you get that to yourself.

You will get a lot of looky-Loos.  Rental owners/agents just seeing what the competition offers.  I would not lower the rent if you are already the lowest.   Then you are stuck long term.  Get great pics, focus on what women want.  Nice bathroom with a place for their stuff.  Comfortable kitchen.

From your phone email them to yourself.  Then open your email on your computer and save them to a folder or your desk top.

One of the biggest advantages of having your rental properties in a trust is that it protects them when you or your spouse (or partner) die.  It will guarantee that who you want the properties to go to will happen.  You could spend a life time building up your business, and when you pass it goes to your spouse.  Then they remarry and later pass, now it goes to their spouse and that spouse's children, and your children are left out.  Or your children do inherit it, then they divorce and they have to liquidate to pay off the spouse. 

I am very grateful that my mother put all her houses in a trust, especially after my sister went through 3 divorces and was married to number 4 when she passed.  Husband number 3 wanted my sister to put his name on all the properties, and my mother was still alive. 

It also is a shield when relatives or friends cross boundaries and ask you to rent to them when you know they can't afford it.  You can say that you have to get with the trustees to approve it.

However, I must be doing the trust accounting wrong, because they don't allow me to take the losses that the trust has.