All Forum Posts by: Nikki Stoddart

You can reach me 650-207-1873

What is the best way to contact you?  Venmo is great

Hi there!  Depending on your market, an interesting play could be to furnish the house and rent the rooms on Airbnb long term (30 day plus). Metro areas are great for this.  If you are near a college, tech corridor, or major hospital system, even better.  I started a 6 bedroom coliving house in the SF Bay area in 2018 and am getting ready to acquire a new 5-6 bedroom home out of state for the same business model.  Cash flow is amazing.

I'll take it if no one else has!

Hey @Michael Tyler,

Thanks for your post!  I found the same issue.  They are not really cheaper, however I am using them because they are the only lender I found that will work with my particular property.  I am doing a cash out refi on a, out of state 4plex I own outright- all Airbnb units, with no long term tenants.  Most lenders won't touch that- at least I searched high and low for months and could not find anyone willing to lend on such a property.

My plan is to pull money out, and eat the higher than normal rates for now.  After a few months, I will refinance with a traditional lender.  I'm treating kind of like a bridge loan :-)

 Hey @Dana Dunford,

I am actually in the process of doing a cashout refi with them on a 4 unit Airbnb property.  Most lenders won't touch that but so far so good with Better.com.  Its a little pricy, but they seem to be one of the only lenders that will lend to an out-of-state 4 unit short term rental building with no long term tenants.

My plan is the pull cash out with Better.com and then refinance with a traditional mortgage down the line.

Nikki

Hey guys! 

Interesting discussion!  I would love to chat more with you @Lucas Carl.  

I self manage 18 airbnbs in my area, and have 6 more than I use a manager for in Dallas.  I am in the process of exploring other options for Dallas, including self managing those.  I do need a really good cleaning and Ops person on the ground.

Hello all,

Looking for practical advice from you wonderful landlords!

I just bought a 5 plex with a shared laundry and storage room.  The property was fully leased when I purchased it, and the previous owner had allowed the tenants to store personal belongings in the storage area.

There are two issues that have cropped up, and I need some advice.

• One of the tenants has abused her storage privileges from day 1 by keeping piles and stacks of belongings strewn all over the floor.  The space is about 500 square feet, and at least 300 of that is her stuff, just strewn about.   It looks like something out of "Hoarders", and it's a nuisance and a trip hazard.  I have already asked the tenants to sort or donate the extra stuff that they no longer need, but that request was flatly ignored by all.  My question is: As the new owner, can I set up a new policy around how much space each tenant can use?  Can I mark off sections of the floor with tape and ask each unit to keep their stuff within that space?  If the tenants do not comply, what measures can I take?  Can I say, "move your belongings into your assigned space by X date.  Items left outside your assigned space will be considered abandoned property and will be donate to charity?  It should be noted that there is nothing in the lease that states tenants are allowed to store any belongings in the shared space at all.
• Tenants are leaving their clothes in the shared washer/drier for days until they get moldy. What are some good policies around shared laundry room use, to ensure that tenants don't abuse their privileges?

Hello all,

I recently purchase a Texas MF with tenants in place.  The lease that the tenants signed with the Seller states that rent is due on the 1st of the month.  On the 2nd, a $50 late fee is charged, plus a $20 per day late penalty.  

 The previous owner never enforced the late fees, although one of the tenants was chronically late (undisclosed at time of sale),

I sent all the tenants a change of ownership letter restating the terms of their lease, including the late rent penalties.  This tenant chose to ignore the letter, and assumed I would not be enforcing the late fees.  The first month after purchase, she was 29 days late with rent.  She gave me various excuses such as "I am not paying you until you come change my lightbulbs", and a lot of other BS.  I told her if she wanted to avoid an eviction, she had to pay me rent plus the late fees specified in her lease. This meant that she owed almost $600 in late fees by the time she sent me any money.  (She said she had the money, but was withholding it because her lightbulbs burnt out and she wasn't sure if she wanted to stay in the apartment).

My question is: Is this even enforceable?  This is my first long term rental property, and I am unfamiliar with normal late fees.  $600 in late fees seems excessive.

(Least you think I am completely heartless and cruel, you should also know that this tenant snuck in a cat.  Her lease states that pets are not allowed, and there is a $500 fine for having a pet, plus a $20/day pet rent.  I am turning a blind eye to the cat for now. )

She is moving out in January anyway, and I have no interest in keeping her as a tenant any longer than I have to.  She has been a complete and utter pain from day 1.

I just want to know if I can legally enforce the late fees specified in her lease.

Hello BP,

I have a non paying, lease breaking tenant that needs to go.  Is there a good template for creating "Pay Rent or Quit" notices?  

I'd rather not start from scratch.  Happy to pay a few $$ if there is a website that will auto populate a legal template like this.  Has anyone used RocketLawyer?

Thanks!

Nikki