All Forum Posts by: Richard F.

Aloha,

Once you obtain a license, in most states you are required to operate under the supervision of a Broker. That Broker ultimately has responsibility for everything you do or say, RE related. You area also, per all State laws, to disclose your status as a RE licensee in all transactions. Further, where licensing is required for specific RE related duties, only the Broker can be paid for what you do...they in turn pay you your salary, commission, or otherwise as agreed in writing. So yes, it is standard for any legit Broker.

Aloha,

Keep in mind, NO credit is usually far better than BAD credit...and credit is only one element of your screening criteria. Of course you need to see verifiable income that is adequate for the situation, but the old posts of 4 and 5X rent amount? Crazy.

For both the applicant(s) and a co-signer, you want to understand their habits...financial, employment, legal, character, etc., as Bad habits in one area typically carry over to other areas, and will land you a poor Tenant (or co-signer) choice. Of course the co-signer should be significantly stronger in ALL areas as compared to the applicant...usually this is a parent or relative, and they should be well established, with ownership of real estate for years; long and stable employment; no, or very distant, criminal and traffic court records; well funded SAVINGS/IRA's or stock market accounts. If the only difference between a co-signer and an applicant is a second job or some other insignificant factor, they are NOT co-signer material. You need someone with a lot of motivation to maintain their OWN good record. Income alone is not a determining factor, as any truly Good co-signer will have a lot of assets...perhaps paid off home, 100K or more in cash equivalents, they may even actually be retired. You have to look at the big picture.

Aloha,

As a "new agent", you need to be extremely careful. You can run into trouble "practicing law" without a law license. Agents primarily are perfectly fine, "filling in the blanks" of pre-existing documents; and drafting simple Rental Agreement amendments such as basic renewal letters. But creating an entirely new Rental or Purchase/Sales Agreement can get you in hot water, and cost you your newly acquired license.

You should have standard, RE Board approved documents available to you if you are a NAR or local RE Board member. Aside from that, you should advise your Clients to have a RE Attorney review anything they draft as a template for re-use or a single use agreement.

You can also suggest the DO source multiple documents from different sources; review and highlight portions they like/dislike, then meet and review with an Attorney to draft a final document for their template, that will meet all CURRENT local LL/Tenant laws. They will need to monitor changes in those laws as time passes, and make necessary adjustments.

Aloha,

Terrible idea to have Tenant handle ANY actual repairs. It sounds like you need to perform a more thorough rental prep. At move in, everything should be functioning as designed; secure; and clean. Make it clear during your application process, and within the Rental Agreement itself, that repairs are only for functional issues. Cosmetics or upgrades will not be addressed, what you viewed at the showing is what you get.

Define routine maintenance such as changing standard light bulbs, smoke detector batteries, window AC filter cleaning, range hood filter cleaning, basic pest control, that are Tenant responsibility.

Dripping faucets, leaking pipes, electrical repairs should never be a Tenant repair item, however clogged drains/toilets would be their responsibility to reimburse you if caused by them (based on plumbers report). You should also prohibit the use of chemical drain cleaners, and hold tenant responsible for damage caused by doing so.

You indicate that the Tenant has a deposit of 1.5 times the rent. NY law appears to limit Security deposits to "no more than one month rent"...and, "a landlord cannot ask for last month’s rent and a security deposit". You also cannot commingle Tenant deposits with your money.

Aloha,

It is highly likely this tub is from the 50's or 60's, which means the waste and overflow, and probably the supply lines as well, are also that old. If you do not replace these, they will be leaking very soon, and you will need to tear out everything, including your surround and tub to properly replace them later. Rip off the bandaid...change everything now, using a new cast iron/porcelain tub and ceramic tile surround for a job that will last the next 30 - 40 years.

Reglazing, IF done properly, can last 5 - 7 years if you are lucky and the Tenant never uses abrasive cleaners or is otherwise rough with the tub...washing car parts in it etc. Proper preparation is key to a good re-glaze. Fiberglass or plastic tubs, or kits of high quality can last a little longer, again, if Tenant treats them right AND they are properly and well supported.

Aloha,

Sounds fishy to me. They bought new shelving after the contractor talked with them, but while he was on site? Are we sure they did not buy an organizer and then bust the existing shelving so it needed to be fixed? I would not reimburse the Tenant for anything, it just sets a bad precedent. In fact, if the contractors invoice was for more than you expected for the authorized repair, I would require the Tenant pay for the additional work.

I would also inform the contractor that you sent him out, therefore ONLY you can authorize changes in scope or materials, and next time he won't get paid by you either, unless he gets verbal approval via phone before any change. He should send you before/after pics of any repairs.

You should have responded to the Tenant by email or letter, rather than a conversation.It is too easy to get conned into agreement or just making a statement you should not have when you are shooting from the hip.

Aloha,

Assuming the current wife is on the Rental Agreement along with hubby, whatever "could" happen is none of your concern. She needs to call PD if she has issues with him. Enforcing your Agreement IS. And don't waste time talking with any of them, just send a clear and concise notice stating the violations and deadline to cure before your next action. If you allow this one to have a cat, you will need to let all tenants have cats. Is that ideal?

Aloha,

How about- Sir Archibald Winchester III Investments, Ltd.

Or, go the other direction- "Pay or Move llc", that way they get a reminder of their options each month when writing your check...

Aloha,

Since they are on Section 8, they need authorization from Housing to bring another person in. Without that, YOU could be creating a new problem for yourself,violating the terms of the HAP contract. You cannot make "side deals" with subsidized Tenants.