All Forum Posts by: Adam Martin

On my final walkthrough the day of or before closing they are instructed to leave the receipts for work agreed to on the counter.  In repair requests I list that it needs to be done by a licensed contractor so there is no reason not to have one.  No receipt and I assume it was not done.  

I would probably say no but if I were interested would be interested in how they came up with this substantial savings.  Did they live below their means and save or maybe just moving out with parents or did grandma just die and they got their inheritance they are about to blow.  I don't believe pre paid rent is really a protection as some do, I just see it as kicking the can down the road.  What happens if this money was just a windfall and what are you going to do once the pre-paid runs out and they can no longer afford rent.  If I did accept this I would require a significantly higher deposit but double check with your local laws as this is not allowed everywhere.  

It sounds like a rough situation that they are using as an excuse.  That said though you are keeping their last month of rent and you were willing to deduct 1/2 of a month rent so really you are only asking about 2 weeks of rent here.  At least in my area you are at a better time to rent now than in 2 months where we are getting close to the holidays and possible bad weather.  I would probably just tell them as long as they are out on the specific date you all decide on and the house is in good shape they can get it back.  You are also going to need access to make repairs and ensure the house is ready to list on day one but you will try to be out of their way as much as possible.  If they are flexible I can be as well and you very well may find yourself in a better financial position.  

call yourself Jims good life llc and tell them it goes both ways.  

Quote from @Jerry V.:

 The solution is simple here...you return all their deposits, let them move...and then you get your place fixed before you rent it to someone else. The temperatures you have the house at are completely unacceptable.

Russell, Wow!  You sound like such a pleasant and sensible person ... NOT!  If you were local, we'd definitely NOT do business with you.  But of course, that's just my humble opinion... :P

Think this one through, are you saying as a tenant you would find this acceptable and would prefer a landlord that threw up their hands and said they tried vs. a landlord pointing out the obvious that this is not acceptable.

You have done a lot and tried and I agree that you have done more than many would do but sometimes your best efforts just aren't good enough.  If I was your tenant I would also expect to be released out of the lease and unwilling to blackout the windows creating a cave like atmosphere or turn off my electronics however them refusing the portable ac's is odd. You say your other properties are ok which tells me it isn't the heat itself but that this property is not equipped to handle it.  Have you looked into mini splits for supplemental ac, this would be my go to to at least explore.  I'd let these tenants out though penalty free and sign a lease with new tenants warning them of the issue.  I'm assuming this is a new unit for you or you just had really understanding previous tenants however based on my assumption it was sold because they had this problem, I would be very tempted to sell as well and buy a property that could keep up.  

I didn't know this limit early on and got too much assistance written in my offer and had to go back and just have them lower the price to make it a net even to them.  If you sold to them there is a contract and that is an agreement.  I wouldn't pay it unless you had a agreement in writing accompanied by the final sales agreement but of course there is not one because the agent knows that wouldn't fly.  At most you should give them .94% and the agent needs to come up with the 6% extra they got on their commission.  If they push too hard just let them know it has to go through their brokerage and ask them how they prefer to receive the check, the problem will go away.  I would also be happy to wager the contract you signed with the tile agent expressly forbid this.  Not to say these things don't happen but they shouldn't and if they do there should be no surprise.  

I think there is no defined right and wrong answer here however I look at is as where are you at in your real estate cycle. Currently I'm still in the growth phase so I save and invest every dollar from the rentals into buying more as well as took several cash out refinances to continue to grow.  There will be a point though where I feel like I have enough which will be around 10-12, I currently have 6.  At this point yes I may be able to grow more wealth by continuing to buy but my goal will be to slow down and make sure I have the cashflow to live comfortably and quit my 9-5.  Part of this goal is to pay down some of the higher interest debt to lower my risk and increase cashflow.  Sure I could have already had that cash but that extra cushion will help me sleep better and that is what I'm going for.  I have several mortgages in the 3's though and I just don't see myself paying those off until the tenant does for me, that money is too cheap to pay off early.  I plan to hold until I die so my final stage will be making sure everything is paid off and my kids inherit the houses mortgage free and at that point I'm dead so they can do what they want with them and it really makes no difference to me.  

I just recently had a successful 5k claim where the tenants movers didn’t properly disconnect the washer upstairs.  The water dripped through the ceiling and onto the hardwood ruining it.  Protecting their valuables is important but don’t forget it also protects them from liability and can save you from filing a claim.  This was not enough to be worth filing a claim for me and the tenant didn’t have 5k so this could have gone poorly without the insurance so I always require it.  

As long as it isn't said in a derogatory way I wouldn't make this a big deal, there is far worse they could be calling you.  I really doubt you are the only person this person calls hun or babe and it is just what they call everyone.  I get wanting to be professional but everyone's version of professional is different and they most likely don't see themselves as doing anything wrong.  I see you are posted out of NY but my guess is they moved up from the south and this is fairly normal down here depending on where you are at.  

I wasn't able to make it to one of my closings so I just signed paperwork with my title company to make my wife POA and she did it all. I'm not sure if it made a difference it was my wife but you could also ask the title company if that would work if you have someone you trust.