All Forum Posts by: Adam Martin

I’d also go for A.  As others have said lower debt to income ratio as well as they have guaranteed funds.  Person B looks good to and I would have accepted her most likely as well if it was the only option.  I’m not sure what others think but child support payments always worry me if they are relying on them.  If the father stops paying that will most likely put a large strain on the finances of a single earner.

That makes sense thank you for clarifying.  If the PM did nothing wrong there is no reason to sue.  I self manage so not familiar with how PM contracts usually work but as I scale will need to use one and always looking for information on what to expect and what clauses I need to look for, this will certainly be one of them.  I thought a large PM would have an attorney on retainer for these instances but that is not the case it seems.  

I’m curious how the pm could expect the client to cover their expenses in this situation.  Assuming the tenant had valid claims wouldn’t this fall upon the PM to ensure maintenance requests are handled timely and proper returns of the deposit.  This is what you are paying them for so I don’t see how the owner could be liable to the PM.  Now I understand the tenant suing both to see what sticks and see who has deeper pockets/better insurance just not sure if the claim for the pm.  In fact if there was merit to this case I would probably be suing my PM for not properly managing the property.

I hate that they have started charging however that is where my quality leads have came from. Sure I get a ton from Facebook but most don't respond back to me or qualify.  My rents are on average 50-60 dollars a day, I would hate to miss out on a potential candidate just because I didn't want to spend the $10/week.  Your market may be different however I feel for me it is best to just take this one and get it to the most serious renters possible.  I am also usually able to rent in a week or 2 so its not like it is on there that long.  

Everyone's situation is different however that is not a hit I would be willing to take in most situations.  500/month is a lot and not a loss I could afford and who is to say after the 6 months is over that she will be able to pay then.  I would just let them know that you are not able to accept that large of a reduction.  Everyone is facing hardships and at least they have been paying so far but I would tell them that that is a great program and they should look into moving into a property that could accept it.  Most markets are pretty hot for rentals so I would offer to even waive the termination fee as well to make things easier on them.  The big question will be though if you say no and they want to stay are these the people who are going to stop paying and drag out an eviction, and how are evictions going where you are.  

I split it on SFR. Tenant is responsible for grass and snow removal since these are recurring and is the norm for my area. If I were responsible for these it would either take a significant portion of my time or eat into my profits too much. I don't really want them hacking into my bushes or climbing ladders on my property so I take care of gutters and bushes once a year, more if needed.

Out of curiosity how much are they filing claim for, as others have said I can't see this much over the 5k range and I doubt they will get that.  If you aren't comfortable sharing that on a public forum I understand as well but I think it would be helpful.  Also you mentioned you kept the security deposit for damages, if it didn't cover all of it this is most likely the perfect time for you to file for your actual damages you can prove with a receipt.  As you mentioned yourself this is most likely just an angry tenant that didn't get their deposit back and is throwing a hail mary.  

In the Northern Ky area there were record lows on inventory with the areas I invest in at one point having only 4 SFH we have about 20 now but on average we are closer to 35-60. We have slowed down for now but prices have seen a huge jump both for rentals and home sales. Fairly priced houses will rent within a couple weeks, there are some who may have been a big aggressive in their pricing and they just sit on the market. We have a publicly traded REIT in our area and as usual their houses rent but sit on the market longer than usual due to high pricing. I really don't understand their strategy where they price very high and lower the price monthly. It usually takes 1-3 months or more to rent many of them and vacancy has to be killing them. At least it helps drive up rents though when people look at comps and I'm assuming their size and volume help them absorb it.

If a unit is that drastically underpriced depending on the rent I don’t think it would take long to recoup the vacancy aspect.  The issue I could see though is if these need work and how much would it cost you to get to market rent and to recoup those costs.  

If they are equally qualified go with b.  I’m in NKY but don’t think cincy has a rule where first person gets it.  I would offer to b and have them put the deposit to hold and first months rent.  If they don’t have it I’d move to a and let them know there were multiple interested parties interested in the first and see if they would go for it.