All Forum Posts by: Susan Pompea

Hi Ed. I use  Jerry Green from Green Peak Plumbing. .   His name was given to me a few years ago and he hasn't let me down. I trust him.  You can tell him that I gave you his name.  I've used him for my rental as well as my personal home. ( I tried to post his phone number, but the rules of the forum prevent me from listing a phone number)

Susan Pompea

Do you really think you can get $1,000 for a one bedroom house/duplex? What  area is it in? Older area? You're going to be somewhat limited with only one bedroom.  Increase rent 10% ($60--at the most). 

Every time I have a turn-over in my rental, I lose about the cost of a months rent--between fixing it up and finding another renter. 

Who is in the market for a one bedroom duplex? You can rule out families. Maybe college students-- but if they are going to be paying $1,000, they may want a newer place with pool, exercise equipment. 

---There is a lot to be said for a 17 year tenant that keeps the place up. It only takes one renter from hell to really take a hit.  But most renters cause some damage, even if it's wear and tear, and it needs to be fixed before you can rent it again.

Where is the tenant getting the money to pay the rent if she's not working? Even if she's not disabled, it's difficult to get a job when she's been out of the labor market for a period of time. PhD engineers are begging for jobs. I don't think you're giving it away at $600-- maybe slightly low but it not a bad deal on both sides. By the way, if you raise the rent too much, she may contact you every time something goes wrong in the house--things that she currently takes care of herself.

• One thing you might want to check is how many unrelated people that can be living in your house.  Neighbors aren't too crazy about having a number of people (and cars)  living in a single family home. Also, check with your homeowner's insurance policy--you may need a rider on your policy.

My 2 cents. Buy a house in the city that you plan on living in. Be prepared to look at home after home. Be prepared to make bid after bid, taking into account how expensive the repairs are going to cost. What area of town is it in? (Do you feel safe? Are the yards kept up?)  Live in the house and repair the minor things yourself.  In a year or two, look for another house and rent this one or sell for a profit. Good luck. 

It sounds like you have done everything you can and should do. I'd like to know how it turns out. 

I totally agree with you. I only have one rental house and I've learned a lot! I can't   imagine  what it must be like owning an apartment building!  I've rented in the past and I always appreciated it when I was treated fair and with respect. It sounds like you are doing that.  Sometimes I don't like the "Us vs Them" tone in this forum. Being a landlord is a people business as well as a balancing act.  You have to balance your renters wants and rights with your own financial, personal and legal interests--as well as the other tenants right to live in a safe, clean and quiet environment. 

Have you talked to her and told her that you had the cameras installed in order to  help her? I'm sure she doesn't want anyone breaking into her apartment and she wants to feel safe in her home. If she see's it from that point of view, she may become one of your biggest supporters because you're doing it to help her and keep her safe.

Personally, I don't think I'd like someone recording my movements as well as  everyone that comes in or out of my home.  I understand why you're doing it. Has she been a good tenant before this?  If so, is there a way to work with her so you can have the security that is necessary and she can have the privacy that she desires.  

Send a letter to all the tenants informing them that they will be responsible for any fees that occur if you need to reposition or repair the cameras. But first, try to talk to her and see  if you can work it out; why does she object to the cameras. Maybe she scratches her butt  as she walks down the path to her apartment and doesn't want anyone to see it. 

If you live in California,  how did you hear about and check out the property in TN? It's exciting and scary to make your first offer and I commend you for taking that first step. 

Do you know if there is a mortgage on the property? If it's paid for,  I would imagine the heirs would sit on the property hoping to get a higher offer. Also, since it listed by a Realtor, you would hope that the Realtor has done their homework and has researched the comparable property in the area.  So using the expertise from their Realtor, they would expect to receive an offer close to what the listing is.  From their view point,  "your are joking, aren't you?" is pretty mild reply. 

Hi Matt,

You should be giving me advice! I'm putting my house up for sale in the next couple of weeks. I'm selling it FSBO using a title company for closing. I get daily updates online about houses that are for sale or sold in my area. My yard looks great and we've just finished updating the kitchen, painted the whole house, pulled up the carpet to expose the hardwood floors and fixed anything else that needed to be done. The house is extremely clean and some rooms will be staged (no one will be living in it).

I'm planning on having an open house for my neighborhood. Everyone is curious and wants to see what's been done as well as the price. I moved back to my home  to 7 years ago so I know most of the neighbors.  The next day I'm planning on a regular open house. I'm going to advertising on a number of online sites as well as a yard sign and flyers.

I've heard of sellers receiving above the asking price offers in my market (Colorado Springs). I've researched my price but would love to receive a higher price. Any ideas on how to make that happen? Any suggestions about selling my house quickly and for a great price will be appreciate. 

Hi Matt,

I don't know if you have decided what you want to do with your lawn, but I just saw something that might help you. The Denver Water site has help and instructions on how to design a yard taking into account watering restrictions, using native plants, and soil type. (http://www.denverwater.org/Conservation/Xeriscape/...  )

They also have a demonstration garden where you can see what the plants look like and learn more about them  (shade or full sun, what type of soil, if they bloom and when, etc). They also have suggestions on how to help your soil as well as many other resources. I'd love to see what you  decide to do with your lawn. 

I show, screen and manage my own property so it may be different if you have many properties or use a property manager. I treat my tenants like people.  I always write them a note welcoming them into their new home. If, while I'm showing the property, a tenant mentions that they love gardening, I may leave some seeds and gardening gloves--especially if it's in the spring. I've also given a nice set of towels. I want them to feel welcome in their new house. Light bulbs and toilet paper are a common courtesy and should always be there when they move in. 

While I like the idea of welcoming them,  it's really not that much of a treat to get $1 store items unless they are given with the intention as a temporary item to be used while  getting settled (use the $1 store shower curtain until you can get your nice one up). Cleaning supplies?  Well...how would you feel if you opened up a gift and found cleaning supplies? I have left some items that I use on the hardwood floors because not everyone knows what to use on them.

I haven't been in this business a long time and I don't have a lot of properties. I have made mistakes along the way but I always try to treat my renters with courtesy and respect. I'm not giving them a welcome gift to get anything in return. I am welcoming them into their new home. I want them to enjoy living there. I don't feel obligated to give them a gift--but I always write them a note welcoming them.