All Forum Posts by: Theresa Harris

If she's renting the lot, shouldn't the owner of the lot be responsible for seer line repairs?

I'd start talking to her and looking for another place for her to live.  She can sell the home and not have to worry about upkeep.  Would her income cover rent for a new home?

You can ask for copies of that, but if she knew someone had done that, then she should have been up front and said something.

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof).  I'd sell because you are reaching the time when you lose the cap gains exemption and that $24K would take over 2 years of renting to get back.

I had a condo that I owned for a long time and I sold it despite it being paid off and having long term tenants.  One reason was the condo management company wasn't doing a great job and there were always extra levies.  They were thinking of planning another one that required massive loans (7 figures).  I took that money and bought two other places.  Yes one had a mortgage, but I was still happier and better off.

I agree with the others-you need to stop paying for the utilities (or including it with the rent).  Rent is $X a month plus utilities.  I'd also go through and look to see if there are major problems-eg is the water bill higher than expected because there is a leaky toilet or faucet, put some inexpensive low flow shower heads in.  Also check windows to see if they are being left open in the winter and when doing inspections glance at the thermostat to see what people have it set to.

If he's going by on Tuesday with a dumpster, I'd meet him at the house and as soon as he's done, change the locks.  also make sure the dumpster is picked up and he takes everything from the house-if not toss it in the dumpster when he leaves.  Get him to put it in writing that they have moved out.  Hopefully the deposit covers Jan rent, make sure you give them an itemized list of the money owed to you for any damages or unpaid rent.  Let him take the stuff because it is not worth your time to store it and then sell it.

If you are doing rentals, especially long term rentals, you are unlikely to be able to live off of those for a while if they have mortgages.  The number that pops up on BP is $100 a month cash flow.  That amount varies a lot.  I'd focus on deciding what you want to do (flip-high risk, but potentially high return...or large loss; short term rental-more work, but higher return than long term rental; long term rental-less work than the other two, but lower return).

Once you've decided which you want to do, then focus on getting the best house to meet your goal.  For rentals, do not buy the cheapest house. The numbers may look good on paper, but the reality is very different-lower quality tenants, higher turnover, more problems and less money than you'd expect as a result.

I agree with Nathan-you may have gotten rid of most of the mold (which will grow back quickly if any is left), but there is somehow moisture coming in that is allowing it to live.  Ask the second company to try and figure out what caused the mold problem.  They won't be able to fix that problem as there is probably a small leak in a pipe or a crack in the foundation or a bit of water coming in from somewhere or moisture building up in the home.

I also agree with Nathan about taking the first contractor to small claims court. Stick to the facts when you go to court.

Can you do the lease renewal, but have lower rent for the first month and then increase it the second month (if that fits with 60 days' notice)?  Next time give them a call or email/text to let them know the notice was mailed and what it contains.  I'd also send it registered mail or deliver it to the house yourself.  The latter means you can also do an inspection of the home and see how things are.

Does the lease also state that the tenant must follow the HOA rules? If so, then they need to follow whatever the changes are. I don't think the HOA can restrict what a tenant does within their own unit (the lease can), they can prevent activities in common areas.

If you want a 3% return, honestly put it in the bank in a good savings account.  With the current interest rates, you'll get a better return.  No you won't benefit from the tenant paying down your mortgage or the house appreciating, but you also won't have to deal with tenants, maintaining the home, etc.