All Forum Posts by: Anna Watkins

The tenant in one of my houses (so far very responsible, pays on time) wants her boyfriend to be able to live with her for a while.  She volunteered the information, and he filled out a rental application, and I've run the background check -- he's approved to stay there.

Here's the question -- though the lease states that an additional adult should be added to the lease if approved, the tenant doesn't want her boyfriend on the lease.  I can understand -- it may be a temporary arrangement until he finds another place, or she may not want to be tied into living together by lease if things fall through.  The boyfriend has a fine background but awful credit anyway.  

I plan to write up an addendum to the tenant's lease confirming that the boyfriend has been approved by landlord as a long-term guest of the tenant, with legal responsibility to follow all the rules as outlined in the lease, but with no right to occupancy without consent of tenant or beyond the terms of the lease (runs through December).  Are there any other clauses/stipulations I should include?

I read through previous forum posts about similar situations. What is Tenancy at Will? Does anybody have a relevant addendum or other document to share?  Thanks!

Ditto @Michaela G.'s comment -- in Georgia, an attorney handles the closing details (I think by law), though it doesn't hurt to do your own "due diligence."

In Tennesse (as I'm learning with a new personal property purchase) closing and documentation can be done by a title company w/o an attorney.

 I'm quoting myself!  Just wanted to report back on my 4th installation of the Allure grip-strip vinyl planking -- so far so good.  My own kitchen is going strong after a year (Blue Slate, ordered online.) There was never any of the feared vinyl fume smell.  I've heard it might have been a bad batch.  As far as I know,  rental kitchen #1 is doing fine in Autumn Oak, and I personally laid it in my own bathroom in February.  So easy (relatively speaking).  So far, no problem with moisture or other (although scuffs do show more on the whitish Coventry Oak, also ordered online. Duh)  Just last week, the same handyguy laid it in a 200 sq. ft. converted-carport-now-family-room in new Rental #3 (Autumn Oak again -- it's stock at HD).  This time, in hopes of providing a little bit of insulation against the concrete slab, the Allure went right over the tight-woven carpet I wanted to replace.  It definitely feels different underfoot that when laid on subfloor, but looks fine.  Again, so far so good.  Ask me for an update next year :-)

@Chris Harkins -- Thanks for the recommendation.  Is this agency near Memphis (the house is between Nashville & Chattanooga)?  I don't know how insurance works except within states -- but I bet I'll find out when I call.

I currently live in Georgia, I am buying a fixer-upper in rural Middle Tennessee and need to shop for insurance coverage.  Because of the current nature of the house (needs to have water diverted from crawlspace, old roof, no HVAC), I'm having a bit of trouble finding a good insurance policy from the standard insurers around town.  Though I plan to rent it for a while to cover expenses, it's not an investment "deal" by any means -- it's a shack with a million-dollar view, for my "retirement" home.

The question is -- can anyone recommend an insurance broker with experience in policies for fixer-uppers that aren't going to be flipped?  The roof will be replaced within 6 months or less, the water issues are going to be attacked the day after closing, etc.  I'm guessing that Chattanooga or Nashville may have bigger, investor-experienced brokers with a range of policies that might fit my needs for this property better.  

Or, in your experience, am I stuck with having to cover it "as is" and then re-shop the policy after repairs?

 This is definitely the most challenging thing for me.  If there are more than a few "fix and patch' problems in a system (ie, plumbing is functional but sloppy, and needs 4 or 5 biggish repairs) I would rather just re-do the whole thing right so I can sleep at night. Same with electrical -- no fires, please!  My houses are small (1,000-ish  sq. ft), but still . . .  I do end up spending more than many would, and it's on nothing the tenant sees or cares about.

Edgewood/Kirkwood/Reynoldstown seem pretty hot -- at least there are LOT of construction dumpsters on the streets. In terms of right now, my guess these would be better for investing, but more expensive.  My daughter's Ultimate team practices at Walker Park.  Maybe the West End/Adair Park will keep heating up, especially with the beltline developments.

I've sort of gotten a 'stay out of Atlanta or City of Decatur" attitude just because the taxes are SO high.  Not an issue if you're planning to flip, but big if you plan to hold.  You have to have a lot of rent to pay for $5k/year in city taxes (plus a little bit of county on top).

Looks great!  I like the gray cabinets in the kitchen a lot.  Good luck in the tenant-finding phase!

I think Damir says it right -- people who want to live in the city can handle stuff -- cars get rifled through, there's petty crime and sometimes worse. It's not super, but it goes with the urban environment and there's a market of people who will choose that over the suburbs.  I did -- proximity won out over square footage by a mile.