All Forum Posts by: Michael Jones

No. Remove it and replace with an electric furnace in the basement.

More important question:

Who do they sue if they slip and fall? If the answer is your and your insurance company then you keep the responsibility and continue to hire a company to do it. 

It will be low hanging fruit in the hands of an ambulance chaser to prove there was owner neglect if you decide one day to "tell the tenants they need to go to the shed and fire up the snow blower"

What do you do when the snow blower is out of gas? Which tenant goes to the store? 

Sure. as long as you are making the conscious choice that the day they sign the lease they become a tenant and your friendship ends.  

Otherwise...run like a scalded dog.

Read up on the laws or contact a lawyer.

Are you an independent investor with less than three units/homes? If so, you may be exempt.

Will your current insurance policy cover you for damage to property or if the neighbor trips over said chicken and breaks their neck? And will the coverage be for an amount of 2 million or greater? If not, how much will it cost to buy coverage for said chicken attacking the neighbor and pecking out their eyeballs? It may end up being more than the monthly rent and there in lies an unreasonable financial hardship to the landlord.

Read everything you can from HUD and your state/local laws.

Fifth third and huntington have given me 30 year fixed conventional loans on several properties.

It must however fit the criteria:

25% down

Four units or less

Credit and income worthy

Property must appraise

I did it once and wont do it again. Its just two more appliances that can create service calls and it did not make the unit rent any faster.

We handle it very easily. If we have to interrupt our lives with two tenants that are feuding and the other tenants are also having their peaceful community disturbed then this is a violation of your lease and we will evict both parties. And trust me, we are not going to be concerned at all or even listen  to who is at fault or who did what.

Fix it our we kick both units out and put in great tenants that respect others peace and quiet.

We include the following:

Lead paint disclosure

fire alarm inspection and signature sheet

copy of a new lease that will have our rules and regs. We understand that by law the old lease is still binding but all tenants have been more than willing to sign the new lease because when they read it they see quickly that it protects them. We keep the same terms as far as length or month to month and if they are under a one year lease we keep the rent the same.

If on a month to month we notify in writing of a rent increase.

If we know there are issues with this tenant such as criminal activity, non payment, lease violations we will address it in this packet in writing and may even give a lease termination letter with the packet.

12 self addressed envelopes with our new po box to make mailing the rent a smooth transition.

information on moving to online payment (cozy)

our contact information and how to contact. (we prefer and encourage texting)

Yesterday.

Yes. Insure yourself to the max!!!!

Get title insurance now.

Get liability insurance to protect you in case there was a meth lab.