All Forum Posts by: Wren Martin

 Assuming the Exterior is completely dried in, the next steps to finish the project would be:

• Drywall or Wall Finish - a Cabin in Montana might prefer a Wood Finish instead of the Drywall we typically use in Arizona - Possibly a combination of both; I suspect Drywall would be least expensive but maybe not as Aesthetically correct.
  • Assume an inspection is required to confirm proper Nailing of Wallboard prior to next steps - Make sure Wiring and Plumbing passed inspection prior to installing Wallboard.
• Tape, Texture, and Paint - If Drywall is used, not required for a Wood Wall Finish, but Wood might need to be Stained and Sealed.
• Flooring - Carpet, Tile, Wood
• Millwork - Cabinets and Countertops
• Electrical Trim - Includes installation of Electrical Outlets, Switches, and Light Fixtures.  Final connection to the power source either Power Grid or Alternative Energy option.
  • Final connection will probably need to be inspected before a Green Tag is granted and power turned on.
• Mechanical - Not sure that a Cabin in Montana needs an HVAC system, maybe just a Fireplace for Winter and open window's with Fans for Summer.
  • HVAC system may also need to be inspected, started, and possibly you may want to order a Test and Balance since you have multiple levels the system may be a little complicated.
• Plumbing Trim - Installation of Sinks, Faucets, Toilets, etc.

As mentioned above, you might be able identify a rough SF budget by searching online for each of the above items and any others that I've failed to include that other commenters may point out.  A source I use to budget my projects is RS Means but the annual subscription is fairly expensive if your only looking for rough numbers one time.

I recommend contacting 3-4 General Contractors in the area and asking them to give you a proposal to finish the work.  If your looking at a potential purchase the Seller should be willing to allow your contractor the opportunity to inspect and estimate the project... you might need to try and get all contractors to walk the project on the same day as the Seller may not want you on the property over multiple days.  I do this regularly on my projects by inviting multiple contractors to attend a Pre-Bid walk thru of a project and tell them to have all their subcontractors tour the project between a specific set of hours (Usually from 10:00 AM - 1:00 PM).  I will be there the entire time collecting contact information from all who walk the project, explaining the scope of work we want completed, answering any questions they may have and possibly asking many of my own.

No matter what the final outcome, the process will be educational, possibly profitable and IMHO worth the time and energy you will spend on it.

Good Luck!

Thank you @Matt Humps and @Kim Meredith Hampton I appreciate the recommendation and experience. 

I would appreciate any recommendations for a good property management company in San Antonio, Texas. We’re researching Acquisitioins for mid sized multi family properties and also multi tenant retail. We’re willing to work with two different firms depending on their specialty. Any assistance is appreciated.

Thank you. 

Sharon, I will be in San Antonio tomorrow and Thursday, please let me know if this property is still available. [email protected]  

Thank you 

Great meet up tonight!  @DeWitt Gibson thank you for organizing. I enjoyed meeting everyone and the discussion was very educational. I hope we can do it again soon, your welcome to use my board room again and a Tuesday night will be fine if that works best for your group. 

You won't get anywhere with a suit, even if you were successful, forcing them to pay will be almost impossible... yes you can place the judgement notice on their credit and keep renewing it every 5 years but that rarely breaks out the checkbook.

The short term rental is going to be hard to lease; and it's clear your vacating tenant understands that.  I think the best advise you've received above is to agree with your tenant that it's going to be a challenge to find a 9 month renter and ask them if they will pay 2 months for an early termination and call it a day.

Holding the house vacant or finding another long term tenant is something only you can decide to do; but if it were me I would lease the house to another long term tenant and buy a second home, which would become my primary home,  when I returned.

I believe you can train your tenants to pay on time by being very clear about when payments are due... which is the 1st of the month - and it comes around exactly the same time every month so they don't need to worry about checking email when they're on a trip to see if it's time to pay rent.  You can also train them that it doesn't matter by being too casual and not enforcing your lease with exactness.

If you have a grace period of (5) days, you should send a notice to pay or quit on day (6) and assess a Late Fee that is sufficient to motivate on time payment - something like $50 - $75 and then a daily late fee of $10 per day (subject to Landlord Tenant Laws in your State).  A fixed 5% penalty doesn't increase the pressure to make the payment before the end of the month, you want to increase the pain point each and every day your tenant is late.

I would be willing to renew this tenant with the understanding that I expect payment to be on time.  The suggestions of an incentive or small discount if paid early might be something worth trying but I wouldn't make it very big, maybe $25 - $50 if paid before the end of the month.  If payment was made on the 1st per the lease I wouldn't give a discount.

I would not do a (20) month term with any tenant, especially not one I was having trouble collecting on time rent from.  I personally prefer (12) month lease terms but in the case of this tenant a M2M lease might be the best option.  You could explain that if she continues her late payments you will not allow her continued tenancy, if she pays on time for 6 months you might be willing to reconsider a bit longer term... but not more than (12) months so you can raise the rent to market... and you want to do that every time you can.

Don't worry about timing your lease expirations, I believe LA will be very similar to my market (Phoenix) and it doesn't matter what month a property becomes available, we always have plenty of potential tenants to quickly fill our vacancies... usually in less than a week.

Good luck!

FANTASTIC JOB!!!!  What a great experience.  My Wife and I have done dozens of Fix & Flips and Fix & Rents over the years, each one gets a little easier (well... most of the time) and each one provides some new education.  I look forward to hearing about your next one... I hope it will be soon.

On the Multi-Tenant Commercial properties I manage we do a couple of things each year to show Tenant Appreciation that I feel helps with Tenant Relations and Retention.  

Once a year we schedule an Ice Cream Social at each property.  A local vendor will set up in a common area on the property, usually mid-afternoon a couple hours after lunch but before most employees leave for home.  The vendor will make Ice Cream Sundaes for all Tenant employees to come enjoy.  This usually last's about 2 hours and gives the Tenant's the opportunity to mingle with each other and with Property Management in a social, fun environment.  The Tenant's love this event and look forward to it each year.

We pass out a treat during the holiday season that can be shared with all the Employees in the Office, usually something simple like Gourmet Popcorn or Fairy Tale Brownies.  This gives us another opportunity to visit the Tenant, casually inspect the space, and have some positive interaction with the Tenant.

Also once a year we send out a survey to each Tenant, usually to the business owner or office manager asking for feedback on their experience as a Tenant.  We give a gift card, maybe $25 - $50 Visa/MC or Starbucks, to each Tenant that returns the survey.

I don't currently do anything for my single family properties but I'm thinking about starting something, maybe a small $5-$10 Starbucks card or Movie Tickets once or twice a year after an inspection subject to satisfactory property condition.

I would love to hear what other Investor / Property Managers do at their properties.

@DeWitt Gibson

If you're planning a future meet up, I might be willing to host your event at my office subject to 10-15 attendees are about all that will comfortably fit.  Conveniently located in the Chandler Airport Center not too far from the Forum... just down the road from the new SEVRAR office.