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All Forum Posts by: Jennifer T.

Jennifer T. has started 10 posts and replied 1084 times.

Post: 30 Day Notice/Moving Out

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

My leases include a clause that I can show the house, with at least 24 hours notice, for the final 30 days of the tenancy.  Though I'm also respectful of my tenant's time and try not to abuse that.  I usually hold a one-hour "open house" 2-3 days/week if a tenant is still living there and work with them if a particular day of the week is worse/better for them.  Though I realize your tenant is not living there anymore.

Check your state/local laws, but you can probably do something similar, even if it isn't spelled out in your all's lease.

Or to make it even easier, like @Adam Martin suggested, talk to the tenant.  Offer to return their pro-rated if you are able to lease it sooner, if they allow you to show it without notice or show it with just a text message to them. 

Post: Replacing "Landlord" with "Housing Provider"

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

I don't like the term "landlord" because it isn't gender neutral.  Sure, there is also the word landlady.  But, if you are referring to a group of lessors, the default word to use is always the masculine version.  Just like in a gazillion other examples within the English language.

I avoid the terms "landlord"/"landlady" as much as possible, for those reasons.  But, at the end of the day, that's the most commonly used term for lessors, so I sometimes default to it even if I don't like it.

So, while I'm all for making an effort to slowly try and change the more common term of "landlord" to something else, "housing provider" is an abysmal choice.  It's too general and ambiguous.  There are all kinds of businesses and "roles" that could be described as "housing provider", other than being a property owner.  

Lessor/lessee is what I use in my leases.  But they also don't feel like natural sounding words that the average person would use.  Though it will be an uphill, almost impossible battle, no matter what word we try get into more common usage. 

Post: My Take on Every Thread in the Wholesaling Forum

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943
Originally posted by @Nick C.:

Duane I think you're taking this thread a little too personally. 

Also the bit about realtors doing more cold calling/texting isn't remotely true, although it may help other wholesalers sleep at night. I get dozens of mailers/cold calls/texts from wholesalers every month, 0 from realtors. I don't think it's a NAR agenda, anyone is welcome to start a thread about realtors here on BP, maybe they're just not as annoying. I'm not hating on the marketing wholesalers are doing, I know it works for the ones doing a ton of it, but let's be honest about it.

I actually do get postcards from random realtors at least once a week.  They go in the trash along with the pointless mailers I get from wholesalers.  But I don't have an issue with that.  People/companies are allowed to send junk mail.

However, I have NEVER received an unsolicited phone call or text from a realtor.  But I get those from wholesalers all the time.  That's one of the reasons I "hate" on wholesalers.  I am on the Do Not Call List.  Ergo, it's illegal to call or text me.  Wholesalers who do that...certainly not saying they all do...are just as low-down scum as any other telemarketer who annoys people that do not want to be contacted and wastes their time.

Like anything else, I'm sure there are great wholesalers out there.  And in fact, I bought my first non-owner occupied property from one.  But the majority of my experiences with wholesalers is pretty negative.

Post: Multifamily Payment Schedule and Tenant Information

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

1. I wouldn't call it an application because that could give them the impression they need to be approved.  But, yes, have a form for them to fill out with the pertinent information you need from them.  Like their phone numbers, full names, e-mail addresses, emergency contacts etc.

2.  I personally would leave it as is.  But if you prefer rents be due on the 1st, here's is how I would do that.  For the person who pays on the 31st, that sounds like getting the rent a day early anyway, so just leave it.  For the other tenants, give them a lease addendum with a 30-Day Notice (or whatever is required in your area), that their rent will now be due on the 1st.  HOWEVER, keep in mind that their rent is probably due on the 7th because they moved in on the 7th.  As such, you'll need to pro-rate one month's rent by 7 days.

For example, if their rent is $1,000/month, then the pro-rated daily amount is is $32.88.  So their rent on August 7th would be $770 (subtracting $230 for $32.88 x 7 days).  With their next rental due date being Sept. 1st for $1,000.

Post: How can I pay my parents?

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

Keep in mind also, if they want the better rates that come with owner-occupancy, then they will need to live there for typically at least one more year after the refinance.

In addition, no bank is going to refinance and give them $200K, if $200K is 100% of the equity. If they have exceptionally good credit, the best they could hope for is 90% LTV (with owner occupancy).

Another option is just selling the house to a typical buyer instead of an owner finance arrangement. That way, they do get 100% of the equity. Owner finance also sounds like it could potentially be extra risky for them. If the RTO tenant defaults and doesn't pay for one or more months, your parents will still be on the hook to pay that mortgage. A mortgage payment that is now much higher because they refinanced.

Post: College kids living at home with Parents

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

For a multi-family property, I at least run a criminal background check for any adult who has moved in.  Even if it is an 18-year-old student and child of the main tenant.  Because 18-year-olds (and younger) can certainly commit violent felonies, yet still get off on probation or a short jail term.  Unlikely, yes.  But possible, also yes.

In my eyes, criminal background checks...because I run them...are an implied promise I make to my multi-family tenants that the tenants around them do not have a violent criminal record.

There needs to be a line somewhere and since 18 is a legal adult, then 18 is my line also.

However, for someone who has already been a good tenant, overall I'd be pretty lenient with the other aspects of the background check for their adult children who are still fairly young and home from college.

Post: House cleaners for tenants?

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

It would definitely turn away some tenants.  If I were a potential tenant, I would be VERY put off by that.  Unless it's a smoking hot deal or a good rental is hard to find, I'd never want to rent from someone who meddles in my personal affairs that much.  There are reasons, other than money, someone wouldn't want a cleaning service forced on them.  Privacy is one that has been mentioned.  Or maybe the tenant feels they do a better job cleaning then most services do.  I know I do.  I hate deep cleaning and have never even remotely done it as a profession, but I do a substantially better job than any company I've ever hired.  Or it could be principle.  It's their home while they rent it and don't want someone, even the owner, telling them how to live.

With all that said, if you get dozens/hundreds of applications when you have a vacancy, then it probably doesn't matter if some people are put off by it.

Or, a compromise that is more common and not nearly as intrusive, is to have a set cleaning fee that is automatically taken out of the security deposit.  Set it high enough to where you can just hire a company to do a deep clean and call it a day.  The majority of the time, even filthy tenants are not going to cause damage from their lack of house cleaning that can't be scrubbed away with a good, deep clean.

I had a tenant leave me with a bath tub that looked like she'd been using it to dye things black.  The inside of the bathtub was a light black that wouldn't scrub off at all.  I was freaking out that she had permanently ruined the tub.  And "bonus" points because she had only lived there for 8 months and I needed to evict her, to get her out.  I looked up cleaning solutions.  Discovered the magic elixir of Dawn dishwashing soap, vinegar, and water.  We had to coat the tub three times with that solution and did some scrubbing in between, but the tub came out looking better than when I had originally bought the property.  I use that for everything now, even in my own home.  For normal cleaning, it's effortless.

Post: Negative Cash Flow with Cash Out

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

Right now, it's a seller's market in most places.  Hopefully you've done well on the appreciation and that will have made the original purchase, worthwhile.

Post: Need Advice - Unable to get hold of tenant at my unit for 6 month

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

Yep.  Have a tenant doing the same to me in the New Orleans area.  I also can't file for the state rental help without her filing also.  

Unfortunately, it depends substantially on your jurisdiction.

Orleans parish (county) allows eviction filings for non-payment of rent, but aren't scheduling those cases yet.  However, you can also file an eviction for other reasons and those cases are being scheduled.

We've been doing a property inspection about every two months.  There was a good bit of damage recently.  Bingo!  I was surprised to find out that we don't even have to give her the option to pay for the damage.  I doubt she would anyway.  But it doesn't matter. We can go straight to evicting her for property damage.

Post: No rental agreement

Jennifer T.
Posted
  • Investor
  • New Orleans, LA
  • Posts 1,096
  • Votes 943

If there isn't a written lease, in most states then that will revert to a month-to-month tenancy.  But check your local landlord/tenant laws.  Unfortunately, you can be right in the law, but still have your landlord refuse to return your security deposit if you don't give the 60 day notice he wants.  Then your recourse would be to take him to small claims court.

I assume he can choose the specific guy he wants to clean the carpets, as long as those costs are reasonable for the service being provided.