All Forum Posts by: Brad M.

I'm not an attorney - you should seek the assistance of a local one. 

As the new owner, you will have to honor the existing leases. However, your contract should have stated that the current owner can not enter into any new agreements prior to close without your approval. If that clause is in there, you can void that "buddy lease". 

It doesn't matter whether it is commercial or not, legal agreements have to be honored upon transfer.

@Elizabeth O.

You might want to try this new startup in Richmond called lawn4.me. It is a matchmaking service for homeowners/landlords and lawn care companies. I've used it once for my personal residence and was pleased. Lawn care providers bid on your job once you submit your request of what is needed. 

I just got new info that it is temporary. The co-worker just got the job, and is in the process of looking to buy a house. The tenant has agreed to pay the $25 monthly pet fee. I agree @Randy E., I'm not too concerned given the overall strength of the tenant, at least on paper. Thanks for the feedback.

I just got an application that looks great. Solid income, over 800 credit, no criminal background (has law enforcement employment history). Applicant said that they do not have any pets, but they do have a co-worker that comes through town twice a week that will be staying overnight, and they have a dog.

My standard terms for a normal pet situation are $25/month per pet, $300 non-refundable pet fee. I've negotiated all of these before (no pet fee, or 2 pets for the price of one).

As my lease is written now, the guest would be considered another tenant since they would be there more than 30 days in a calendar year. Background check on guest?

Thoughts on how to address this? 

@Jeff Caravalho

If it were me, I would factor in the following: How long has he been a tenant? How is the market? Would he be easy to replace with a market rate tenant? Would you have significant turnover costs (repairs, painting, etc) if he moved?

If the market is great, and it would be a relatively cheap turn, I would raise it to market. Otherwise, just wait until he leaves.

That was great!

@Brie Schmidt

 Is there hardwood or anything good underneath? Since you have over 50+/- units (I just listened to your podcasts this weekend - very good!), and this is your only one with carpet...why not just go carpet free!

Another vote  for erentpayment.com. I offer it to all new tenants. If they agree to an auto-draft that they can not change, I pay the $3 a month. If they just want the ability to pay but they control initiating it, they pay $3.

The other thing I do is if someone does not use erentpayment and they are late for the first time, I offer to waive the late fee if they will sign up for the autodraft (and I'll pay the $3 a month). So far it has worked great - and as others have said it is a small business with very responsive customer service.

No problem @Jerry W.! Good stuff in those links also, thanks.

Here is the link. http://www.biggerpockets.com/forums/12/topics/1194...