All Forum Posts by: Adam Martin

I would second checking with your state.  I see no reason any state would say they have to be a separate institution but would definitely have it in a separate account.  From my understanding in Ky where I am we have to have a separate account and provide the account number.  If you commingle your personal and security deposit money you have forfeited your right to hold from the deposit.  We are however able to keep the interest but that is not the case everywhere, I have heard of crazy stories about Chicago on this.  

I'm invest in b+ areas so when I buy they are usually already there but I do have 1 house with a white stove and it bothers me however there wasn't enough cash left in the budget after closing to replace it.  I will need to do some work in the kitchen when the current tenant moves out since it is the weak point in the home and it will probably include replacing it.  It doesn't cost much to go stainless and I think it makes the house look much better.  There is a Sears outlet near my house that sells scratch and dent or overstock appliances pretty cheap and I buy most appliances there and always go stainless.  As for brands I just buy what is on sale, none of them match brands but I don't think that is anything anyone notices. If you aren't going to spring for stainless I would at least go black, the white just looks cheap.  This may not apply if it is low budget housing however even then it will help you stand out and rent faster.  

Outside of the basics that have been covered like floors and paint I think I get the most value from a fence. I target renters that have dogs, if you have a no pet policy I would skip a fence, but it really seems to attract tenants.  I have a dog and don't want to have to let him out in the cold and snow and neither do tenants.  I tried going cheap on one and didn't get a lot of interest however once I put in the add I was having a fence added I got a lot more messages.  I have found in my area allowing dogs helps rent the property faster, for more money base plus pet rent.  

I know you mentioned you were going to talk to an estate attorney but that would be my first step.  There are a lot of different options you will have and a lot of variables at play here.  In my mind you are going to need a team including a CFP, CPA, and estate attorney at minimum to start building a legacy plan.  There are many different strategies and they can work together to get you the most tax efficient way to pass onto your children through gifting and trusts but the absolute last thing you want is for you to pass and this go to your estate, that would be an expensive nightmare.  It may be nice for people to share stories but remember everyone's financial situation is different and laws vary state to state, try to get a team licensed in all the states you reside and do business if possible.  

There must be drastically different laws about fencing around the US.  Where I live if you want a fence you put in your yard and pay for it.  I guess if it was mutually beneficial the cost could be split but realistically the mutual benefit is limited since you are only covering one side.  It would be one thing if it was damaged but outside of that I really don't understand asking outside of the worst thing you can do is say no so they may as well try to get some money out of you.  I would just tell them that had they asked you first you would not have agreed due to there being nothing wrong with the fence but in the future if there are any issues to reach out for repair and maintenance and you will consider it.  Also curious with the new fence, did they upgrade to a nicer one or is it the same type you had.  I'm also failing to see the legal issue where you would need to reach out to an attorney, that just seems expensive.  Either they installed a new fence on their own on their property, this is their right but not your obligation, or they trespassed in your yard and destroyed your fence to upgrade.  Let that last part go if it is the case and do them a favor and don't ask for your old fence back and they are ahead again.  I always put up a fence in any rental since I think it gets me more rent and attracts tenants with dogs so I get more money and deposit.  I will tell the neighbor and feel out their position but would never ask for them to pay.  I did ask the last one I built if he wanted his yard fenced as well since mine was the last major side and he would only have to pay to get his gates and front yard.  He thanked me for it since most of the cost is getting them out but said he has no need for a fence.  

This looks like a pretty tight spot you have put yourself into.  I would be very firm with them on payments but you have to offer flexibility as well.  Right now you may be a big dog that can bark but with the moratorium on evictions what are you really able to do with that muzzle on your business.  To make matters worse you are in NY so you aren’t in a area that will feel your plight.  I would have an open conversation and be empathetic to his situation while also explaining yours and that rent has to be paid.  If he needs to work out payments or maybe pay biweekly for a while get an addendum to protect you both and try to keep things civil.  If that doesn’t work then when the moratorium is over you can serve notice and file for eviction smiling all the way to the courtroom knowing you have signed documents where you tried to be fair however he backed out.  I just worry if you dig your heels in he may as well but feel it is best to try to get anything now you can and harden your stance later when you can back it up.  Disclosure though I don’t know nyc laws so some of this may not work for your situation.  

I'm not sure about Washington state specifically however I would just reach out letting them know that the lease is expiring and asking them what their plans are and letting them know that you would like a M2M with the amount.  I am hesitant for right now extending any leases based on a term due to Covid and feel it will be easier to get someone out due to termination of lease than non payment.  

CRES is a management company in the NKY and Cincinnati, curious what they did though, wreckless and incompetent is a pretty strong statement without any background.  

The light is broken and I do not see how that would be normal wear and tear and would deduct for that.  As for the walls it is a grey area, how long were they there and when is the last time they were painted.  If it had been a while and you were going to have to paint anyway I'd just let it go.  If it painted within the last year or so you may have a claim however I paint myself so it isn't really costing me much and I can knock out a wall very quickly.  Also if you deduct for the light and not the wall if they try to claim you were unreasonable you can bring up that you let the walls go in an attempt to be fair.  

I think the bill is unlikely to pass as well based on how many legislators are also invested in housing and agree that it is just pandering to voters. I do however see some merit in avoiding evictions during a pandemic while people are out of jobs through no fault of their own, no one is winning here. I think what is important though is finding a solution that works for everyone. I would never take out a loan for a tenant or anyone else for that matter so there is no reason I should have to now. I think the idea of a government loan to subsidize rents is a great idea and the money should go directly to the landlord however it should be the tenant taking out the loan and responsible for repayment, possibly through HUD since they have a system in place. This is the best of both worlds since we get our rent, they remain housed, and the Gov. is out the same amount of money either way. The problem with that solution though is that we are seen as being more likely to collect from so there will be considerably less of a default rate. They know the tenants are not going to be able to pay back rent and thats why they want the loans to be on us. As far as the stipulations on the loans for us with no rent increases, evictions, and no cancelling the lease when it expires, all are pure garbage. I would just pull from reserves until the lease was over and then term before I agreed to that.