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All Forum Posts by: Colleen F.

Colleen F. has started 60 posts and replied 8307 times.

Post: Offering services to medium-term rental owners--general tips & local market questions

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Account Closed   you never know if it is for you unless you try. What you are thinking to do now is sign on for the setup etc that is work but not the back end where you reap the benefits.   Personally, I would also be more inclined to work on a market where you have fewer rentals available.  More power to you on the squirrels and fire alarms, critters especially squirrels) are not an enjoyable repair for me. I am no stranger to critter issues. 

Post: Electric Vehicle Charging - Draft Lease Statement

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Jim Windgassen   what i am saying is it is fine to do it but there is no reason to put this in the lease. don't add more, put less.    You can set your own personal policy for when you install charging but no need to put it in writing in the lease. All the rest about what is allowable for the tenant to do as far as EV charging is fine.   All the possible install language says is maybe I will do it, I decide, why bother writing it at all?  Things could change, you might change your mind on exactly what you will do when and for whom. It's a promise you don't need to make. Decide when there is a request. What you will and won't do can be discussed when they notify you of an EV.

Post: Lawn Maintenance Liability Situation

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Scott Mac  That would be pretty typical to mow 1/4 acre lot with a self propelled push mower in the northeast. That's not a big lot maybe 35 minutes mowing. If it was TX heat maybe too much and you need to get the ride on.  

That said in this setup unless someone wants to do I would have a service do it, not the tenants. Room renting tenants also aren't usually collaborating on lawn care.  

Post: Will you allow your tenant to paint the walls of your house?

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Justin Brin Unless you do a hard no only allow minimal changes. I had a tenant paint after 3 years and they did a good job and stayed 3 more years. It was a nursery, I approved the color and they were very good painters.  I had to paint when they moved anyway but did leave a mural up that the next kids loved.  Someone who wants to paint the whole house unless its professional I say no. Allowing a single room makes them more at home and they usually have a specific request. 

Post: Do I have to ask potential tenant recommendation letter from current landlord?

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Kevin Kim call the landlord.  You can verify they are the owner and possibly their number online. A letter is something I will give if a tenant asks when leaving but its not something I have every been asked to supply real time. Thats very formal.  Some landlords will not talk to you unless you have a signed form by the tenant authorizing communication or the tenant calls to authorize in advance. 

Post: Electric Vehicle Charging - Draft Lease Statement

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Jim Windgassen  Everything about making accommodations for a level two charger you state before "existing 240 V outlets" I would strike. It is basically a promise to maybe install a charger why put that in a lease? define reasonably accessible. No extension cords over x feet may be used might be better.

Post: Offering services to medium-term rental owners--general tips & local market questions

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Account Closed  there isn't much difference between this service for medium and short term rentals in my opinion. Yes you may purchase different furniture and market differently but the basics are the same.  

In an oversaturated market if you had marketing stats to show effectiveness you could win clients but the setup part of your business is likely to take off more quickly in a growing market than an oversaturated one.  There is a big location component in rentals, especially this segment and you can't fix that.   A service like this can't bring a unit that isn't in the inner circle for location a lot more business. 

Post: Renting to my child

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Bradley Elrod  if you  rent to a family member at below market rent it is considered personal use.  I believe that would translate into a loss of a portion of the deductible expenses on taxes. Talk to a CPA. 

Post: Decreasing tenants rent because of needed repairs

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Jeffery Cooper   how long is the kitchen out of commission?    Are you putting them up somewhere or are they staying? Did you have a discussion on this?   How much is the rent?    I would  give them a gift card or similar if they stay for the repair. You are basically compensating for the inconvenience separately from rent. How long is it going to take? What you do should line up with the value lost to them in terms of time and inconvenience. 

Post: Combo laundry repair/replacement. Suggestions

Colleen F.
Posted
  • Investor
  • Narragansett, RI
  • Posts 8,420
  • Votes 4,399

@Michael Chalke  if it is still working you want to rule out the simple first. Overloading /imbalance. You definitely don't want to pay a repair guy for these issues. if the machine is shaking it could be one of these.    Next issue is belts or rollers on the drier.