All Forum Posts by: Brendon Woirhaye

In retrospect, its clear to see why an estoppel is important and I'm sure you'll insist on one with your next acquisition.

I would recommend building a relationship with the tenant.  Explain firmly that as the new owner, you have a different set of policies that you enforce, and get them into a new month to month rental agreement.  If there is a true misunderstanding in the rent rate, think about being flexible and giving them a (proper) rent increase notice to what the other side is paying.  It is much better to have a positive relationship with a tenant vs a destructive one.

In the long run, it is likely worth it to get rid of them if they continue to be combative, pay rent late, not sign a new agreement with you, or what not.  It may cost you a bit more in the short run, as you'll need to refresh their unit, but it'll be better in the long run for your personal satisfaction with your business.

Interesting tip.  We'll look into it.  Thank you.

Yes, generally.  Now if you tailor your place to someone who can become a long term tenant, you can end up with lower vacancy as a lower income tenant won't have the same flexibility in moving, but in general turnover will be higher.

This can be very city and county specific, but many cities do require a business license.  They'll probably want to collect an annual fee and taxes from you.  Call the city if you cannot find information on their websites.

Its good to have interest.  Price is not the only driver, however.  If you are at the low end, you will attract low end tenants who may just be looking for any place that will take them at the lower cost.  If you price a bit higher, you will get applicants who are more interested in the neighborhood, the house, the environment.  

If you use rentometer, look at the actual details for nearby rentals, then dig into them.  Are all the above average rents for standalone houses?  Are all the duplexes below the average, or above?  Do a little research into some of the closest comps and see what they rented for.  Also look at other rental sites like Zillow, Padmapper, Zumper, apartments.com.

Personally, I think it is bad faith with the prospective tenants to advertise one price and then change it or try to get them to bid against each other.

A duplex is a great way to start, congratulations!  

Start executing your plan to get it fixed up and rented / flipped / whatever your strategy is.  Make a plan.  Keep the pressure on yourself to keep moving.

Welcome to the site!  Looks like you've got a nice start in making your home cash flowing and finding potential.

I put them in my rental agreement, but I've never been able to collect.  Generally, getting a bad tenant out is its own reward.

Proposition 10 will have winners and losers, that's for sure.  What isn't so obvious is it is not the huge corporate landlords who will be losers.  Experienced and scalable property owners have the resources and knowledge to adapt to changing environments, and will do just fine.  The small scale property owners will be challenged, and may ultimately sell out.  

Some renters will be winners - like the fixed income, never-going-to-move-again renter, but there will be many losers too - the new tenant moving into town, the renter who would like to move closer to work but can't because they're "locked" in with an artificially low rent, the tenant who is moved out and can't find another affordable place because the economics no longer support a home being a rental and it gets sold to an owner occupant.

Consider donating to your local apartment association or other org who is working on "no on 10" campaigning.

Only the interest can be written off (and other operating expenses and depreciation) - paid down principal cannot.  It is subject to limitations as @Caleb Heimsoth mentions, but if it does get limited, the loss can be carried forward.