All Forum Posts by: Amanda Thompson

What risks should I be considering, from a legal standpoint, about changing my mind about offering a lease? I doubt any discrimination laws apply... and how would you let them know you no longer want to offer them a lease?

I have 5 adults (and 2 dogs) wanting to rent one of our brand new houses. We own the houses... my husband builds them and I manage them through my LLC. We had agreed on a move in date, I wrote the lease, and my husband & I busted our butts to make sure the house was ready on time. The afternoon before the move-in they emailed to let me know they wouldn't be signing the lease until after they got a walk through of the finished house. I canceled the online lease signing and arranged a time tomorrow to walk them through. They said once they see it, they will decide when they will sign the lease (they've already had 2 tours of the house next door with the same floorplan). On top of that, they're now bringing one of their dads (who "knows construction and real estate") to inspect the house and ask me legal questions about the lease.

I now am getting SUPER HIGH MAINTENANCE TENANT vibes! I'm going to see how the walk through goes, but if they start nit picking things, or requesting more things be done, I do not want to deal with them for an entire lease term. The house is absolutely gorgeous and a high quality, custom build.

People are on their best behavior before they get the keys. They sound like huge a PITA. If they are like this right now, when they are (or at least should) be on their best behavior, imagine when they move in? Do you want a phone call every time a light bulb burns out or is flickering (real story), or if the breaker trip because they were running too many appliances on a circuit? On the plus side, they will probably let you know about issues before they become expensive problems, in addition to the non-issues that they let you know about...

I would see if you can get out of it legally, which you likely can (of course you will have to return any deposit in full), but which will depend on local laws.

Right! No deposit, nothing signed. I can partially understand their point of view, but we will see how today goes. Thanks for your insight!

0 Votes

Boise, Idaho

1 Vote

Boise, Idaho

Quote from @Richard F.:

Rental agreements and addenda you should transfer, but keep copies of; Rental applications would fall under privacy laws and FCRA, so they would not be transferred.

The new PM is asking for names, emails, and SSN of all tenants... would that be considered a privacy violation to share that info?

0 Votes

I really appreciate this feedback!

In my mind, I'm thinking: I did ALL the work for these leases. The new management wants the rent roll, deposits, etc of course! But they are also asking for all the marketing material (including photos I paid for, 3D tours I paid for, etc). To me the two things are separate: the sale of the property does not have anything to do with my management company. BUT if it's "the cost of business" like you said, then I guess that's what I'll go with!

0 Votes

Hi! I will try to provide some details in a succinct way:

- My husband's LLC owns a property with 15 rentals on it.

- My LLC manages them.

- My husband is selling the property.

- The buyer hired a different management company to take over.

Can I (my LLC) charge the buyer to transfer the leases and management? The new property manager just emailed me a huge list of reports and info that I need to provide to them. Can I charge the buyer for the time I put into preparing these documents? Or should I charge the other management company? I'm not sure how this usually works. It's kind of like they're buying me out. The end of the leases are anywhere from June 2023 to February 2024.

0 Votes

Quote from @Harrison George:

Quote from @Amanda Thompson:

Quote from @Harrison George:

Im out here in the Boise Market, with several properties, and I feel like i got bombarded when i put my home on the market.

We are now offering shorter terms! Typically we like 12 months, but I don't want to do 12 months and have everyone's lease end in November. haha I'll do a 6 month intro, and then a 12 month renewal I think.

Bombarded, really? Wow, that's not what I'm hearing from realtor friends about our market right now! It was up until last spring, but has been dying down over the summer/fall. You got lucky! Congrats!

I think its because property is near the Village in Meridian! I think since rates are going up, you will see more people pushed out of the "buying" pool and pushed into the "renter" pool! Have you looked into the medium term rentals?

0 Votes

Boise, Idaho

Quote from @Harrison George:

Im out here in the Boise Market, with several properties, and I feel like i got bombarded when i put my home on the market.

0 Votes

Boise, Idaho

I've always used apts.com and never had a problem, which is why I branched out. Craigslist was a last-ditch effort, haha! I have never used Zillow though! I will put a listing on there tonight! I have had way fewer inquiries than normal, as well! And very few people following up after the initial inquiry. I responded to someone else with the details, but the rents are on the low end for our area... and I'm really frustrated about the whole ad situation, but that's another story. lol

Quote from @Chris Davidson:

@Amanda Thompson one application in a month?!? sounds like your advertisement is off. I didn't see Zillow and I think craigslist died. I've never had good luck from apartments.com but occasionally get a hit, but what is your inquiry rate? Applications are one thing but if you aren't getting anyone reaching out you either have priced too high or the wrong people / no body seeing your ad.

The winter is always slower as people don't like to move in the winter/ holiday season.

0 Votes

Boise, Idaho

Right, and we do have quite the seasonal swing (100 degrees in the summer, 20 degrees in the winter). I know that this is the time of year renting slows down, but I'm surprised we've had almost NOBODY follow up with these! Florida sounds nice right about now. :)

Quote from @Jeff Copeland:

How long have you been managing in your market?

I'm in Florida, so it's certainly not weather-driven, but we always see a noticeable seasonal slowdown in the Fall. Less people are moving during back-to-school season, and then all of a sudden the holidays are looming.

I'm not saying the other factors mentioned in this thread aren't a factor, just that some seasonal variation is normal.

0 Votes

Boise, Idaho

They are priced at $2195 for a 3 bedroom/3 bath with 2-car garage, and $1795 for a 2 bedroom/2 bath. This price is very comparable and even on the low end, for the quality of the rentals. Our other newer rentals, for example, are all renting for $2400/mo (3 bedroom w garage) and $2200/mo (3 bedroom, no garage)... and there are 12 of those in the same neighborhood!

I've never used Zillow, but I will throw up a listing there tonight! Thanks for the suggestion!

Quote from @Tim G.:

How do they compare in price to other rentals in the area? As they say, price fixes everything, if they are comparable priced to lower quality rentals I'm sure folks will start to apply.

Not only has the selling side of the market slowed down, but renters are also over massive rate increases and unless forced are no longer willing to participate in this bubble.

Side note: Are they listed for rent on Zillow?

0 Votes

Boise, Idaho

All Forum Posts by: Amanda Thompson

Amanda Thompson has started 28 posts and replied 118 times.

Post: Changed my mind about applicants... legally ok?

Post: Changed my mind about applicants... legally ok?

Post: Transfer of Management fees?

Post: Transfer of Management fees?

Post: Transfer of Management fees?

Post: I'm seeing a huge drop in rental inquiries... are you?

Post: I'm seeing a huge drop in rental inquiries... are you?

Post: I'm seeing a huge drop in rental inquiries... are you?

Post: I'm seeing a huge drop in rental inquiries... are you?

Post: I'm seeing a huge drop in rental inquiries... are you?