All Forum Posts by: Colleen F.

@Jack Miller you aren't going to want to hear it but just wait. Frankly if you are looking at 300k+ to start you could live off 100k of that and pay off those loans when you get out then start buying real estate. What is the hurry? If you buy you won't have reserves of money or time if something goes wrong. It would be different if you were looking at this for housing too but it sounds like you aren't. You made a choice to go to grad school go with that choice now and leave real estate for later. 

@Alan F.   doesn't this effectively decrease building lot size.  That could pose a lot of issues with zoning and permitting making things more complicated. 

@Michael Aguirre  if they stay more than 30 days it is advisable to have a lease agreement even for airbnb/VRBO  guests. You should disclose that in the airbnb/VRBO  listing.  I don't know if you can use an escalating rent clause in your area but if you have a high season I have in the past used a clause that increases rent for overstays. I have never tested it in court but reviewing the lease it makes it clear that unless otherwise agree the rent is automatically increased at lease end to the weekly rate as its a beach property. I also let people know they can't extend beyond x date.

@J Corona they can write a check for the rent on his behalf. I don't care who writes the check for rent. I don't think they can do a transfer for him unless it is a joint account or the bank essentially lets them because they have shown a POA. I would not accept the tenants bank card.

Let the family know where they can send the payment and by when you expect it.  If there will be any delay I  would also send official notice of pay or quit or termination of lease in case they cannot proceed, explain to the family if you get payment and continue to get payment you will rescind notice. 

@Catherine Ding  The additional costs of a smoker are the purchase of the ozone generator, and the additional paint prep with wall washing, and a high quality primer coat. It would be a painter that could give you an estimate on the cost plus I assume a cleaner if you hire them to wash the walls. 

@Nathan Gesner If you have preferred vendors and inspect that process makes sense.  If you negotiate a payment plan how does the vendor get paid? I assume you would have to notify the owner because they are fronting that money?

@Mike M.  not sure I would agree with the option for the tenant to fix the door.  To what specification? with what vendors?  I think that is why I would be asking for the letter. What did they say about how well the door needs to be fixed? ask them.

What amount is your PM authorized to fix without your approval?   I think you need to talk to the PM about how repairs are going to work and specifically for the case of tenant damage.  To me a letter that the tenant fixes it would only be ok if they had xyz garage door repair specified because that vendor won't cut corners at tenant request. Also if a tenant doesn't pay what happens?  

How are you going to track for tenant repairs what was done if the tenant pays directly, is the PM sending the proof of repair to you including any warranty. 

@Jarrod Patterson  Depends on the reason for the temporary need from a local, also you have to screen financials some of these people may not be viable candidates even if they think they are.   State a max lease duration if your concern is that you will actually wind up with a long term rental with Susie and Susies boyfriend.  I usually use words that suggest a temporary occupancy sometimes a duration. In our area you also see a lot of rentals specify academic year, first semester, available until x date. 

@Dana Powell  I see they are already painted radiators of course you have to repaint. 

@David P.  you need to send an official notification to everyone. The official notification by email is strongly worded this is what is in your lease.  You can send them a cure or quit if you have to but normally I find a strongly worded email gets it. I mention it in the hallway to a good tenant when I haven't seen it before. 

For example I had a new vehicle with no plates on the property which is in the lease as not allowed.  I asked people I saw, is that your car but didn't find the owner, sent out an email if it is your car please contact me today as unregistered vehicles aren't allowed. Got an email back an hour later, it was registered and insured and she was going out to put the paper tag in the window. They have to know you aren't suggesting.