All Forum Posts by: Tzvi Ausubel

Michael Seeker Marcia Maynard Ashley Schroeder As an update, after telling the tenant that with proper notice to vacate by the end of the month I'll allow her to terminate the lease, her response was "could I have a day to think about it." I was not surprised , since my initial instinct was that she just wanted to break the lease. Lesson learned - next time strictly follow the lease. Thanks again for you advice!

@Michael Seeker I was fine with the early move in, but she was asking to move in for free. I like your idea of pro-rated rent, and will stick to that going forward.

@Marcia Maynard Thank you very much for your advice, which I think makes a lot of sense in this instance. However, she only wanted to give 4 days notice, so it would very difficult to get the room re-rented in such a short period of time to give her back any rent. In terms of the "move-in special," the way I saw it here was that she knew she had to get into the house because she had travel plans, but instead of being upfront about it, starting the lease date a day or two earlier, she wanted it for free. The room was vacant anyways, but had she said I need to move in earlier, I would have charged her. I guess my point is her deliberate attempts to get free rent / terminate for free without penalty.

@Ashley Schroeder After reading Michael's post, that's exactly what I was thinking: I'm running a business and that's what we agreed. Before she moved in, I ran her credit report, and there were some warning signs this could be an issue, but I felt that I minimized the risk in the lease. So, I agree, I must be fair to myself, and this business, for having taken the necessary precautions to minimize my risk and come out ahead where tenants try to fool you. On the other hand, true or false, it's still difficult give her father's medical condition.

Last night, I was set on holding her responsible to the terms in the lease. However, this morning listening to BP Podcast Show #125 with guest Michael Gerber (EMyth), he was talking about having a drive, vision, purpose, and mission. While a goal is certainly to make money, my purpose and mission is to help students live comfortably in student housing, while there away from home. I know that by helping the tenant break the lease early (only refunding 2 weeks of rent she prepaid and no termination penalty), she'll be much more comfortable being with her family during this time. So yeah, I'll lose a few weeks to rent, but hopefully, being reasonable in this situation will lead to much more success and a good reputation down the line.

Glad to read your thoughts!

Michael Seeker thanks for the welcome and great advice! I completely agree...I didn't even want to let her move in a day early (I know it's only a day), but that's exactly how it starts! Give a day, now she wants a month off the lease, what's next?! I think I just need to toughen up. If I let this go without following my own lease terms to protect me, what good is the lease to begin with? It's meant for exactly these situations. If this were my client, it's almost a no brainier. I think I have my answer...

Question: a student moved in to my student rental on June 30th. I let her move in a day early because she was traveling on July 1, free from rent for the 1 extra day. Yesterday, she tells me her father was diagnosed with cancer and is requesting to terminate the lease early and receive the remaining 4 weeks back of rent (she prepaid Two weeks of August). Under the terms of the lease, she isn't entitled to a refund of any of the remaining rent for her room (the requirement is 30 days notice and $450 penalty for early termination would offset any rental refund). Legally, I'm not required to refund any rent. However, I'm new to being a landlord, want to keep a good name with students, and the dollars in question (which I'm using to fund my renovation) is only about $400. I'm torn between being nice and giving a refund, on the other hand, she signed the lease and I almost feel that she's taking advantage of me a little/not being entirely truthful (she may have already known her father had medical issues but wants to get out of the lease). I'm leaning towards pro-rating the refund. What should I do?

Da'Vione Johnson Here's my list of 10 action items to help get you started: 1. Read as much as possible in one month on flipping houses. 2. Go to Zillow or similar site and research area you are looking to invest in. 3. Analyze the deal using BP calculators. 4. Submit offers on deals that make sense, even if your offer is lower than the asking price. 5. Make enough offers, and your offers will be accepted. 6. Keep on reading and listening to BP podcasts. 7. Investigate financing options. House flipping requires creative financing. 8. Find a partner/mentor. 9. Get out and visit properties. You'll get excited just by looking at houses. 10. Network with the local people in the area you're looking to invest. Glad to discuss more.

Question: I'm purchasing a house as a student rental close to a college campus. The closing is on Friday. I've been marketing the property and have some applicants plus one rollover tenant from the old landlord. Should I focus on renting the house for the summer to occupy immediately and then worry about getting students for the school year? Or, should I focus on getting students in for the school year and renovate over the summer without tenants living in the property? I would still renovate even if house occupied. The renovation will probably last 4 weeks. My feeling is focus on the students for the semester. I suppose I'm tempted to get the place occupied, so I'm willing to do summer rentals. Thoughts and suggestions welcome.

Thank you! I'll take a look at them.

All,

I'm looking for a State of PA residential lease template and guarantor agreement.

I would be exceptionally thankful for any assistance you could provide.

Thanks!

I've been finding Zillow really helpful in evaluating properties by using the properties that are listed for rent nearby. I don't even bother with Craigslist because it's so antiquated, doesn't have any data analytics, or sales/rental history. Completely agree Zillow the way to go!

Gina C. Do you lend in PA?