All Forum Posts by: Brian Karlow

I agree with Jason and would look to add a second commercial policy while maintaining the 9 personal lines provided these are competitively priced and offer the proper coverage.

Good luck! 

Have you considered hiring a property manager?

Thanks Ross.... Solid advice! I really appreciate your perspective.

Brian

Hello BP

So we have successfully closed on the project and distributed our welcome/intro letter as the new Owner/Management.  We have two tenants who are up for renewal and would like your opinion on how to proceed with their renewals, as they are both around $200 under current rates (paying $750 vs $950 market)

Tenant #1 - Now under a M2M lease because she did not agree to sign a 1 year renewal with previous owner during the purchase period.  Also did not sign estoppel certificate during the acquisition ( although Owner did warranty deposit and rent rate) and has expressed desire to potentially vacate in 3 months. She lives by herself, is in her 50s and has been a very good tenant for 3 years. 

Tenant #2 - One year lease expiring April 30th 2017. I have not had any direct contact with this tenant.  She lives be herself, is in her 60s and has been a very good tenant for 4 years. I have not confirmed her intentions to renew but I am fairly certain that is her plan.  The building is almost an entirely older tenant base with an average stay of 8 years.

In order to provide proper rate increase notification for May 1st, I need to issue notices today. My approach is going to be to offer 3 options ( Thanks for the tip Brandon Turner!)

one year term = $836 (approx 10% increase)

6 month term = $876 (approx 15% increase)

M2M term = $912 ( approx 20% increase)

We really value and appreciate your feed back and suggestions!  Thank you in advance for sharing!

Brian

Johnny

Great post and solid job on narrowing down some of the key features.  I am in the same position right now evaluating PM software so any feed back form others on this is very appreciated!

What accounting functions do most landlords seek to have available in their software? (monthly/annual P&L statements, annual property operating data, rent roll, others?)

Have a great day!

IMO... Relist and move on.... And....I wouldn't waste time or energy chasing the appropriated rent either.

Btw... Congrats on the new property.... Keep focusing forward!!

https://www.biggerpockets.com/users/ChristineC25

Christine

Does this system offer accounting features, including p&l statements as well as annaul property operating data?

Mary

It depends on the relationship you are looking for.....partners/mentors/buyers/sellers......what are you seeking to find?

Brad

Congrats on the deal!  IMO, leave her M2M and keep your cash outlays to a minimum until the tenants leaves.  This is of course provided the rent in place is at market level.

Best of luck!