All Forum Posts by: Adam Bartomeo

@Drew Sygit 10% rental rate is KILLER! We are at 0%...

With the collapse of STR's we have transitioned 30 properties from STR to annual in 2 years. We tried to rent EVERY one of those properties furnished, with the option of being unfurnished. NOT ONE has ever rented with the furniture, ZERO.

I am very clear with the owners that want this, we will attempt to rent it with the furniture, but annual tenants always have their own furniture AND we wind up unfurnishing the property.

You just need to be clear and upfront with the owners. 

Having a washer and dryer is a big amenity for tenants. At a minimum you should add the lines for the appliances. With the W&D you have options - add them, don't add them, or charge the tenant a monthly fee for you providing them. We charge $25/mon/appliance

Get rid of it! Not only are there liability concerns but the tenant will want it fixed if it breaks, or runs out of gas, or if they don't know how to use it... LOL...

It sounds like you are a very new landlord, and it sounds like you want to self-manage. In this case I would hire a property manager to find a suitable tenant. They will know the laws, marketing, and vetting processes. It should cost you around, one month's rent. They will have to deal with getting approval from the association which will be another challenge. Trying to do it on your own will be messy and not suggested.

Sounds like you should hire an experienced PM IMMEDIATELY! We would straighten this tenant out quick! LOL!

The lease should stay intact no matter who the owner is and therefore they would have to give 30 day notice if that is what the lease states. I am assuming that they are on a month to month but if they are not then they have to lease the property until the end of the lease AND give 30 day notice at the end.

It doesn't really matter if they are at the same bank or not, although, it may make it easy for you. But, you definitely need to have an operating account and escrow account.

We don't typically get involved with disputing tenants. If you do then they will call about anything and everything thing to try and get the other in trouble. We let them know that if they feel unsafe or if the tenant is being too loud that they need to contact the police. Once we have evidence that the police have been called we issue a 7 day curable notice.

My experience tells me that the far majority of cosigners don't really care what happens to the tenant or their own credit. I find that there are limited circumstance were we allow the cosigner to effect our decision. If using a weighted scale we would assign a weight of lease than 5% in effecting our decision. It is better to have a qualified tenant than a cosigner.