All Forum Posts by: Chris R.

Thanks all for the direction. 

Drew, that was going to be my next question, what type of language should I include in the lease to ensure the Co-Signer holds full responsibility as well as the tenants. Appreciate the help.  

Mohammed, thanks for the insight on what to look for and think about in this situation.

Chris

Hi BP - I have a prospective tenants, who will have co-signers (fathers). One is a nurse, the other is in nursing school. 

Curious what I should be concerned with when vetting a situation like this and if I move forward, anything I should be concerned with or should I be proactive about anything in this situation? 

Appreciate the insights. 

Chris

 A bit presumptive, John. Few incorrect details but appreciate the insights. 

Hi BP - I have tenants asking for a $500 rent reduction for one month due to maintenance issues since they moved in, in September. The most recent being a leak in the roof, which caused damage to the living room ceiling.  At times a decent amount of water coming through. They were home and were able to manage the situation, so the water didn't make it's way to the floor, which I'm grateful for. However, they weren't happy  about the leak and disruption. Other issues have include; rodent's, which led to two dishwasher hose replacement, washing machine hose replacement, two garbage disposal fixes (one being tenant's fault), and a frozen pipe. I addressed and mitigated these issues within days of notification.

What have others done in a situation like this? I'm happy to provide some reduction, mainly as appreciation for managing the leak and to help make the ceiling remediation/fix process go smoother. I was thinking around $300. That said, I also don't want to sent a precedent they feel entitled to compensation for every maintenance issues.

Note, I'll be selling this property in the near future, which they will have to move out prior to the lease ending. Will have to navigate this situation in the very near future as well. 

Appreciate the insights, 

Chris

Hi BP, I have a few windows that need replacing in a rental property (1-3) in Somerville. Any recommendations on who you've used that did a good job at a fairly affordable price point? 

Appreciate the help! 

Chris

@Ryan Thomson Good advice and outline. Appreciate the help. 

Hi BP, Two questions here: 1. Spend the money to add a bathroom now. 2. Renting by the room or as a 5bd. 

I'm currently in a house hacked duplex in Somerville, MA. Bottom unit is rented as a 2bd 1ba. I am renovating the my unit, (4bd, 1ba, but has two offices that can become bedrooms. 1 would need a closet or armoire, other needs hallway access, which would come with the new bathroom)  paint, floors kitchen, looking into adding a bathroom but i'm getting quotes in the $50-60K range which seems extremely high? If I added the bath this does open up a hallway to the additional bedroom making it a 6bd 2ba. My goal is to get minimum $5K /mo. for the top unit, which I think I can do without adding the bathroom but could get in the $6K+ range with additional bath. Longer term plan is to condo out the duplex. 

Do I invest in the bathroom now or use capital for another investment? And do folks have experience with renting by the room? If so, what are the pro's and cons? 

Thanks!

Thanks John and Bill. Very helpful as I'm navigating this issue. I have opened both and working with each to understand what is covered under each policy. I'll look into the condo bylaws as well. Thanks!

Hi BP, Had a water pipe burst in my rented condo last weekend. The condo is part of a 3 unit HOA, with a Master insurance policy. I also have my own landlord policy.

I have claims into both insurance companies now as I'm concerned the master won't cover damage in my unit and I'd like to get this resolved ASAP (tons of claims due to the cold weather last weekend). Should I have opened both? Any guidance on what the best course of action here is based on this situation? Additionally, this is proving time consuming to manage both as there's multiple assessors, contractors coming to look at damage.. 

Thanks for the help!