All Forum Posts by: Colleen F.

@Jeff Ryers  don't forget to modify what you download to fit your property.  You want to make sure it doesn't miss any rooms. Also that you compare condition of bedroom 1 on move in checklist to the same room on the move out checklist.

To me a reserve is separate from your personal finances. So, it is what do you reserve for this property or this group of properties. Yes, higher income makes it easier to handle unexpected repairs but the property or group of properties itself should have a reserve.   I look at figuring what is the next big ticket item going to cost. I try to keep that in reserve.  

@Terri P.  I agree to have it professionally installed, honestly a handyman could do this. How bad is your water because if your water tastes bad it might be a nice to have even for future tenants and it might not be that much of a negative if they leave it installed. 

@Hector Bermudez  The honesty on bedbugs and dog is commendable. I am not sure if I would rent to them.  Have you met them or is this an email exchange.  I would consider previous landlord references important too.

@Dana Powell   Benjamin Moore and Sherwin Williams are both good quality paint.    Is there something else the 40k guy was doing besides radiators?  Exterior? Plastering?  If the jobs are the same the cheaper guy is probably fine.  Why do you want to paint the radiators?  

@Melanie P.   A tenant who pays late every month eventually doesn't pay then lives in your rental for a few months free. All the while family isn't helping even when they can and the tenant isn't helping themselves because they still buy smokes/weed but hey the landlord should absorb that cost?  Getting that tenant out before the point when they stop paying is a wake up call to them to find a unit that they can afford.  It is not the landlord creating that instability for their kids, it is the tenant. 

And while housing stability is important I think that people need to understand that their behavior is important to and it has consequences.  They kick you out of school if you don't follow the rules.  Same thing here.  As a renter you get the instability that goes with that. The property is not yours and much of the newer legislation regarding tenants rights effectively strips many ownership rights. 

While you can say all the worst causes are covered by just cause laws it is adding to the courts and the courts well they can't handle well what they have.  And really how many tenants are being kicked out for personality conflicts?   Because all you get when you hear that as a new landlord is what the tenant says because even if you call the old landlord if they are smart they say nothing. 

@David P.  Start by sending a reminder that hallways must be cleared and no storage in hallways is allowed. Then issue lease violations to those who don't follow the rules. If no one fesses up to the ownership than toss the stuff. If it is an ongoing issue you should be able to figure out who it is and write fines into your lease.

@Crystal Sherman Where are you in the process now? 

I would add to what others have said screen well.  Call previous landlords, don't just go by a credit score, look at payment patterns. Are they overextended, do they pay late on other things? 

Follow what is going on in the local landscape as far as laws are concerned. 

Housing stock in RI is older, look at the lead laws and see what it would take for your property to comply.  Also look at the neighborhood when buying. 

@David Charles Edwards do you have a day job too? If that is the case I would wait until you retire to decide. I wouldn't want to take the capital gains tax hit so personally I would lean towards a 1031 with a lower maintenance property. If you can sell them as a package I believe you could go into a single property, maybe a STR in a location you like and turn that over to a PM and use it 2 weeks a year. Or I believe you can 1031 into syndication or a REIT although that's not my knowledge area. I think any of the ideas you see here are worth considering before taking a huge tax hit even if you spread it out.

 I assume you don't have a kid that wants/is capable to run things for you. When you retire is a good time to get a feel for this. 

Is there any possibility to make that the owner occupied unit. That is the only way I can see you pushing this tenant out and getting market rent. NJ is also a just cause state so to terminate the lease you need to have a reason, not sure if that applies to month to month tenants. Is it really $3700 a month in Irvington, how many bedrooms? I used to live there years ago.  1 bedroom/$430/mo thats how long ago...