All Forum Posts by: Colleen F.

@Dan Marl  If you don't mind the modification I would answer them that they can buy one and you will install or they can install one at their expense. I had a request and in the end they opted not to do it, too much trouble for them.  They are potential tenants so they may not move forward with this when they understand they bear the cost.

@Kira Voden  Why month to month?  If they think they will relocate or are looking for a house I would want to know.  Most tenants who plan to move are going to break the lease to do so anyway so good to know upfront. Anyone I signed during Covid has stayed on month to month without issue. It is a risk but at that time I didnt want to be locked in. If it is their request make it more expensive and make sure your 1 year lease has a specified lease break penalty if they sign that because they are obviously moving just a matter of when. 

@Ken M.   You also have to wonder if you are going to see a Canadian sell-off.   We have met a few Canadians who were selling and plan to stay in Canada.  However I also see homes listing in the suburbs of Phoenix for higher prices. It is a hard market to read. 

@Brian J Allen That is also unfortunate because Worcester seems like it would be a good site for local manufacturing and businesses.  I would think it has a sufficient labor pool.  I can't say it's easier to access than Framingham but it is a less car dependent area then some manufacturing locations I have seen in the suburbs between Worcester and Boston. Places where you have to drive a ways and they wonder why they can't get workers at starting wages. It is a bit short sited. 

@Dave Sims I have heard of services like rently where there is a lockbox tenants access and they self show. Not sure if you could use something like that depending on how you access the condo.  I have not used them.  A service like thumbtack or task based service, a trusted handman you pay. In most state these people can only provide access and cannot vet the tenant or represent the property. Unless it is a PM or real estate agent a friend, family member or hired person is a door opener only. You have to make sure prespective tenants know this when they come. 

@Aaron Rushton  I can't speak to your area but I would advise you to look at who is posting properties in your area, who is active and there are some set questions you should ask to compare them. You can find them by a search and reading the property management section of the forum.   I think you will find fees to be comparable as far as percentage and lease up fees. What may be differ alot is how they handle repairs (and how well). 

Can you manage a unit from afar, it depends. How far? how will you handle showings? how will you handle repairs? Can you get a good handle on the laws and requirements (e.g. is there a registry for rentals, lead inspections if applicable).  Do you have a good lease? What else do you have on your plate? I am not suggesting you can't do it but there are a lot of factors.  

 We were 1.5 hours away and did open house showings at first. We had a good lease and some time but there were a few crunch times with emergency calls. Now the tenants know us and we are farther away and we fly back for some things but have trusted repair people we know. We had a bad PM so maybe down the road if we don't want to do it anymore we will look for a good one. 

@Account Closed aside from talking to more than one PM run your numbers for your rental. You can look on zillow and other places to see what has been listed and how long it was up, assuming shorter time listed usually means rented. Set yourself up for alerts on properties coming up for rent.  Make sure you compare yourself to similar properties with the same amenities.  Does season matter?  Here rentals starting in the winter almost always get lower rate due to less demand.  Furnished units may rent for more so make sure your condo in your complex wasn't a furnished  month to month rental.  And of course your costs don't matter in the price of rent, it is whatever the market says.   

@Shawn Turner  You have to look at fair market rent for a mid term unit in your area to set your price, don't have a utility add on amount for MTR. However do set a cap on extremely variable utilities like electric.   Take all the costs including utilities and see if you can cover things with a rental inclusive of utilities and still make a profit. You can call your local utilities and get the average for your unit over the last year or the last couple months.  Keep in mind seasonal rates for electric/gas. Max the internet cost for the provider (e.g. don't use their introductory rate or lowest tier of service), figure in trash and water (they may also give you use over the last year). If the numbers don't pencil so that you are making more with a MTR then LTR I suggest you go LTR. Hope that helps. 

@Shane Moore It differs by area but I think many go into Section 8 because when renting to a low income tenant they feel safer with a S8 tenant than with a working tenant paying all their own rent. The perception and it may be true is that the tenant paying all their own rent is one crisis shy of failing to pay. I take who is qualified and I think you are still doing a service for people.  I have blue collar workers who I know were grateful for the chance to get a unit because they had less rental history and while they qualify aren't the highest earning or credit score.  They are not S8 but construction and local business employees. I have had some S8 applicants but they just take too long and that is one of the issues with S8, if you have lead time to fill a unit it is fine but if you don't it can take too long. Also they won't inspect until you have a tenant so for a fresh rehab ok but an older building they could have issues.  Make sure your local inspectors are reasonable.

@Natalia Perlova   does your lease say that $50 extra fee is " additional rent"  then you could start getting him out.  I do doubt that increase comes solely from charging the car.  Are there any other issues you could identify heat ?  ,   Hot water?    grow lighting?  Also not sure your electric company but look at the KwH and not the cost, some of them have big winter jumps in cost per KwH.