All Forum Posts by: Chris Stromdahl

**update**

I just found out that neither wants to stay.

I dont think i will have a problem finding new tenants, and actually it will give me an opportunity to raise rents.

I do think there should be some level of admin cost to this, what are your thoughts on a reasonable charge for this inconvenience?

Hello,

I got an email this evening from my tenants about them deciding to get a divorce. They have lived in the house since December 2014 and are great tenants overall. Of course though, I want to protect everyone's interest in the matter.

What are your suggestions for working through the lease, etc.

I have not talked with them yet, but it sounds like the husband wants to stay and bring in roommates. This is fine with me as I would have them go through the normal screening process.

Any guidance/experience would be appreciated. This is my first time going through this.

Thanks, Chris

Thanks everyone. 

@Jameson Sullivan, I spoke with my neighbor today and went over everything I learned on this post and the research I have done as a result of the is post.  I told him that I can help with managing his property, but said he would need to be listed as the "Property Manager". He would have to participate in the screening and selection of a tenant and I would essentially be a local contact in case of emergencies and maintain the lawn. 

What are your thoughts on that?

Hello,

I own rental properties in Tacoma, WA and have a system in place for objectively screening/signing qualified tenants. 

My neighbor is moving to NY for a couple years and would like for me to manage the rental of his house.

Are there are factors I should consider for screening/placing a tenant in Seattle versus Tacoma?

Are there any suggestions for accessing a Property Management contract to use between my neighbor and myself?

Thanks, Chris

@Joe Bertolino

Thanks for the input. What is the BRRR method?

A friend of mine has used hard money for flip purposes and I am considering using it for buy/hold.

My wife and I own two rental properties in the Tacoma, WA area. Both of which have been purchased through conventional loans with 15% down. They are performing well.

Is using hard money for buy/hold purposes something I should consider?

What are the pros/cons that I should consider?

The way we look at it, if hard money can enable us to purchase additional properties more easily or with less of our own cash, then it can make sense.

At this time we are actively looking for our third buy/hold. We have more than enough for the 15% down payment using another conventional loan, but if hard money can help these dollars go further then we are interested in pursuing it.

Thanks, Chris

Thanks Jerry. We thought about this, and even with a three month extension, we would still be in good shape. I made it clear that the lease will not extended beyond that.

I saw that Justin, thanks.

One of my tenants is requesting a three month extension to the lease so that he and his family have some time to buy a house.

I would prefer not to do this, but as a landlord, I do want to consider the needs of my tenants/customers.

Would you apply a premium to the  monthly rent for this period?

What is a reasonable amount? $75, $100, 10% of the monthly rent?

Or, would you not apply a premium beyond normal market rent increases?

Thanks, Chris

Thank you all.

I verified that in WA state where my properties are located, I am required to give tenants a 30 notice.