All Forum Posts by: BG Malamut

Thanks guys. 

Tenant replied to my email that he is or soon will address all of the issues. So that's a relief - for now. 

Going forward I'll include a 10% over cost for any work not done, after 1 warning. The $2950 shouldn't be an issue. It's close to 3% annually AND slightly below market rate. So, he can't really complain. 

Thanks again.

Hi Colleen,

Thanks for your input. The lease isn't up until October, so I can't do anything about current rent. I will touch base with them sooner than later about my raising the rent, so that if they want to move out, I can get it turned around during the summer/ high volume months and not (again) get stuck carrying it vacant through the holidays. 

Thanks, again, for your time and input. Truly.

Hey Bob,

Thanks for this. I actually just sent a "2nd Notice" to them about the exterior, pool, etc & it has some pretty strong language (lemme know what you're planning on doing by June 3, if you don't do anything by end of the month then I'll assume you're refusing to address these, you can choose to move out - but you'll still have to pay for these, etc.). I do plan on raising to FMR. I think with some tenants you can get away with not doing so, but not all. Thx, again, for your input. Truly value your time!

Hmm. Thanks, Marcus. That's good food for thought! Truly

Thanks. Yep. I've made some of those upgrades. Thx again! 

Thanks, Peter.

Yeah, I did an inspection in January - which they've mostly ignored, like all other emails/ stuff I've sent.

This upcoming email has a bit of teeth/ bite to it in that it I'm clearly stating, fix the areas or you can move out. Either way, you're still responsible for the costs incurred.

I was trying to avoid having them leave, due to headache of not being local anymore, etc. NOW, it's not worth the hassle of having to be the heavy just to have them take care of the exterior that they're likely not used to having. It is a lot to deal with - but that's what they signed up for. So... that's the deal!

Thanks Bill

HOA docs preclude it not being rented as a whole unit (I was renting to travel nurses, etc.). I've already sold the furniture, etc, it's done.

Okay, that's interesting about 1031. Yeah, that's why I gotta get more info on what they mean, if I sell. I just don't know of any areas that have better cashflow, after ALL expenses. Advantage of keeping this one is I know the property, I know the area, and I've had it for 3 years (at 5% MTG rate). So...  we'll see.

Thx, again. Truly.

Hi

Thanks for this - but I'm a bit confused. It's a small townhouse (condo) community of 20 units. They are VERY strict about any biz activity (per HOA docs). What are you thinking I could do?

Cool. Thx. That's kind of what I was thinking. I'm sending a "2nd Notice" about the exterior work, saying either: 1. clean it up/ get it done, 2. agree you'll pay me to clean it up with expenses + 10% fee OR 3. move out now - but allowing it to continue will not be accepted/ they certainly can move out. However, if they move out, they'll still be responsible for costs incurred.

There was a water heater leak, so the basement flooring is ripped up and will soon be replaced. So that's been a hassle. But... he's gotta step up.

New lease will have a: 1 notice, no fee; 2 notice, 10% fee plus costs incurred, upon receipt. Failure to pay before next rent payment is due will then be considered default of lease contract.

We'll see!

Thanks, again.

Hi,

Thanks for the input, feedback. Yeah, seems like $1800 is the best route to take.

Britton, I make take you up on that. I've had 2 pm's in the past, with mixed results. I might ping you about a few other scenarios/ possibilities. I'm also trying to decide where to buy next, again in the Traid area or closer to me, in the ATL area, or somewhere else where you can get closer to the 1% goal.