All Forum Posts by: Bill B.

@Nathan Hall

I think you meant to direct this to someone else? I was first to respond to OP and said kwikset is all I use...

Ps. In regards to your theory on break ins. Knock on wood, 20 years with 13 properties I've had zero break ins. Everyone of my properties has large sliding glass doors leading out to a backyard full of rocks. Why would anyone break in the front door.

Just be thankful that you can define that as “angry tenant”. May the world always treat you so kindly that a tenant giving notice before moving out is considered bad. 

I’ll give you paying water is a rare “breaking point” but for all you know they just needed a reason and in truth lost their job, ar breaking up, or wanted to move anyway. 

I’ve experienced Seller’s that have to pay off any solar panels that were leased or on contract before the sale as they are no longer liable for payments. So it takes a lot of cash away from seller. 

As for buyer, why would they pay a much for a used existing system as a new system they could finance, at least in Las Vegas at zero percent interest With a longer warranty and that they can get a 30% tax rebate on? Sure you probably get some of the solar money back, maybe 30-50%? (Assuming it’s less than 5 - 7 years old, after that maybe 10-20%?)

Existing solar probably isn’t a big negative, but I certainly wouldn’t pay extra for an existing system. 

I’m pretty much done expanding so I only keep 2 months of mortgage payments in the bank, and I hate “wasting” that much. 

If you want to expand I assume you have to keep your 20-25% downpayment for your next property in cash. Or at least close enough you can get there in 2 months to close. 

I think there’s only one. Smartkey from kwikset. Takes less than a minute. 

@Russell Brazil

I may have misunderstood from the beginning. I understood the wording to be basically “in case the seller doesn’t pay what the listing says he’ll pay” (he welches/defaults on money owed). You’re talking about a listing that says the seller will pay nothing, or less than a standard amount? That makes more sense. 

If the OP made this same mistake they can alleviate any worry’s by simply looking at the detailed listing and making sure the seller is offering a buyers commission?

@Russell Brazil

Thanks for the info. Could it be a recent change or an east coast thing? Do you get paid directly by title company or is there a way the seller could escape paying you? (If you were the buyers agent.)

@Russell Brazil

Are you sure “that’s simply how the real estate market works in the US” Russel? I’ve never seen a line in any sales contract from any realtor that says I’ll have to pay the 3% commission if the seller doesn’t. 

1st. How can the seller not pay it? Isn’t it take out by the title company?

2nd. You get to the closing table with every last dollar you need to close and then the title company says “ you need an extra $6 or $12 or $15k to pay the 3% sales commission because for some reason we didn’t force the seller to pay. Oh, you don’t have it? Guess the deals off, we can’t close. “

I don’t know how they would try to force you to respect a contract saying you would pay it AFTER the seller didn’t respect the contract and pay it. In the closing statements I’ve seen the seller never even handles the money that’s going to the realtors, the title company subtracts it from the net sale and makes checks out to their brokerages. 

If you simply meant they’ll have to go with a different realtor if this realtor has forced something in that no one else does, forget everything I said, and do that instead. Maybe go with the listing broker and offer them both halves. Do you have it in your contracts?

I’d probably make sure they got their entire 90 day notice heartless of them agreeing to less. 

So....as I think of how to work it...

Give them a 90 day notice of rent increase and start the higher rent September 1st. 

Then your options are, keep them on mtm, some people like that (I prefer leases, but it’s an option.)

Offer them a lease that starts August 1st, the day after their current lease ends with the same rent due for August, increasing to your desired rent September 1st, and ending in 10 or 22 months, so you get back to a lease ending in June, a better end date for me at least. 

I charge an extra $50/mo for mtm over leases. If you aren’t willing to let someone move in with a mtm, why let them stay at mtm? It goes both ways. Do you have a bad time fo the year when it will suck if they move out? In Vegas we want vacancies far and away to fall during the first month of school vacation. failing that, anything but dec 1st to Jan 31st is better than those 2 months. 

At least with mtm you can bump it an extra $25/mo anytime you want, who’s moving over $25?