All Forum Posts by: Calvin Kwan

My tenant's lease expires on 1/1/18. I was planning on serving them a 60 day notice on Nov 1. Unfortunately, they are asking about a lease renewal now, so should I just serve them early, with a 1/1/18 move-out to avoid any confusion? Is that OK?

Also, since their lease expires on 1/1/18, it's right after NYE and XMAS. What should I do if they need a few extra days to move out? They usually pay rent on the 1st of each month, so should I pro-rate rent for any additional days needed?

Thanks,

Calvin

I have money in Wealthfront.  Over 7% returns in the last year without any management on my side.  Last week wrecked me a bit though...

@Taylor Ferris - Correct me if I'm wrong, but you don't have to change your lease just because a new tenant moves in.  You just need to add an addendum.  Your point about raising the rent when original tenants move out is still valid as it apply to the original folks on the lease (not addendum).

Having everyone on the lease is more of an accountability issues for me.  If the 1 person on the lease doesn't pay rent, i can go after the other people on the lease.  Either way, I will get rent from someone.

Also, if you OMI, you decontrol the building immediately.  You don't have to wait 2 years for rent control.

@Brent Tarnow

You can only raise rent once a year, so find out when the last time rent was raised.  If rent hasn't been raised in a while, you can bank past year's rent up to 5 years, I believe.  Find out as that can help you get above 2.3%.  

I don't think you can change anything on the lease as it may be seen as a reduction of service.  If that's the case, they may have a case of rent reduction.  That may be different on month to month, but I don't think so.  Tread carefully here and check with EBHRA.

If your intention is to sign a new lease with the tenants, I would make sure everyone that is staying in unit is on the lease for accountability.  Even if they're not on the lease, if they've lived there for over 30 days, they're considered tenants and have full rights.  Might as well get everyone the lease, get everyone on the same page and go from there.  Unless you have other plans for the units?

I'm curious about the 20K as well.  Was this something the lawyer suggested you offer?  Did you offer the amount first, or did the tenant?  A lawyer I spoke with usually offers about 5K to start in Oakland, then up from there if needed.  

@J. Martin - Hey J, thanks for the reply.  Quick question - The 1 day is $215 and the 2 day is $285 on the registration site.  What does the $245 refer to on this form post?

Hey @J. Martin!

Is there a schedule up for the event?  I may only be able to attend one of the days so I want to make sure the topics of the day I select are aligned with my goals.  I'm assuming Saturday and Sunday have different speakers each day?

Thanks!

Hey Brent.  Sent you a note.  

I think we scared her away :(