All Forum Posts by: Steve K.

@Greg Weik Some great tips there. Thanks.

Refrigerator are must is the area we are in, whether it's a Class A or F rental. I made one tenant (they are sloppy) buy their own when they moved in for reduced rent, I took risk of damaging new hardwood floors.

When I was a tenant one of my leases said that tenants pay first $50 as deductible. I didn't like that. It was a class C building, my rent was lower than my 0% APR monthly car payments. (That place helped me save money.)

My refrigerator was very old and I wanted to get it changed. I think it didn't work well either.

Now, my tenants want to get things changed for no reason. Those refrigerators are old and work well. Some tenants have downsized and hard to please and never like the refrigerator. I'm reluctant to change what works well. Setting the expectation in the lease is the best thing. I have inherited tenants in one of the properties and i need tips to get my new lease signed.

@Nicole (Dunlap) Pendergrass Wow!, Congratulations! You turned adversity into a great new opportunity.

I am about 45 minutes from Allentown but couldn't get over fear to invest out of town. I checked that area 2-3 years ago.This year, I could overcome that.

I see that you're from the Bronx. I used to live in greater NY area. Kudos for investing long distance. One of my business partner says there are some great opportunities in the NYC and I say but...many buts...

What were your loan terms on Commercial, if you don't mind sharing? You can PM me, Thank you!

All the best!

p.s:- Nice socks!

If they make enough, most likely they will pay rent. Sure, put them thru the application process. Look at their debt and non paid debt and background, if any. You can tweak your credit qualification criteria based on how you feel, as long as your process is fair to other applicants as well. You can ask 2x or 3x upfront as security deposit, whatever is legal in your jurisdiction. 

@Stephanie D. I feel you. I call it a business curve. Highs and Lows of the business. Dealing with contractors is a job on it's own because most folks (not just contactors) don't  communicate as we like them to. We are facing same issues (poor workmanship) as you. Everyone does.

Using a licensed and insured contractor is nice to have but doesn't guarantee quality workmanship. Many of these folks are looking for their next projects while your project is being delayed. These folks are not your/mine workmen until you can guarantee them constant  flow of work. It's best to hire someone in house and we have be trying for last few months. No luck there either because many are not serious or we don't pay them enough (looking from their perspective).

I have had bad lawyers in the past, spend time and managed to handle my cases on my own with great results. Again, having a license is not a guarantee.  

I know one thing for sure that I cannot scale up if I do everything on my own. Thank you for posting this. It's a reminder for me as well to build great professional relationship for 2021.  

All the best!

Your Insurance seems reasonable for first property.

So you need to have separate bank account for each tenant's security deposit in MA? That seems to be an insane state law requirement. Why don't you reach out to someone in your local REI group to ask those question about security deposits in MA. Also ask that Q about security deposit on BP thread where you're looking for an attorney.

I would just open a separate saving bank account in my own name and document in writing that tenant didn't provide a W9. Send them a certified mail requesting that info. As long as you do not comingle the funds you should be ok.

Your eviction matter is a separate matter where you probably need an attorney. 

It's a preference and the process we adapted. We don't want to chase after people to pay their bills on time. We certainly can give them a courtesy reminder if they are late. There is no guarantee that they will pay when we collect in person. They need to open that door to do that.

In person collection may seem tempting but I'm disagreeing on this with you and think it's safety issue when collecting in person. However, I appreciate some points you made in your prior reply.

@Paul S. I see your point. This is a B+/-neighborhood but those hood habits die hard. I don't think they would pull that trick on us. Mail got lost, etc. I wonder how many times a mail get lost. Can it be lost every month with this tenant? Sure. Who want to see notice to quit or pay posted on their door every month?

How many times has tenant told you during 12 months lease term, the mail might have been lost?

@Filipe Pereira There are other things that I can't discuss here. I like solar panel as well but these lights are inside. Update: Tenant agreed to sign the amendment.

Is this W9 from tenants a MA, CT or NY thing? Is this for interest payments? We ask tenant for SSN and Photo ID during renting in PA. We never get a W9 filled.

@Konstantin S. You need strike that balance where you're getting enough coverage. We have NW Commercial for our business need. You get what your pay for and you can get anything. I cannot comment much on how much limits you need. It should be atleast the money you have spent + closing cost, if you just starting out. You can also do total replacement cost.

Let me give you an example from our past experience, we chose an insurance product that was 25% more premium than competitors. We had A class coverage. Our Furnace broke within few months and we had a claim in first few months. Insurance paid the claim. They raised the premium next year but not a lot. We insured more properties with them.

You need a knowledgeable insurance agent that is associated with several insurance companies.