All Forum Posts by: Dena Puliatti

Contact an attorney and form an LLC. You need to have a very specific contract in place for who pays and gets paid for what. If he is house hacking, then his time and materials have worth, so you want to make sure compensation is fair. Also, if you break up, you want to be protected.

Hey!  You are not a moron.  The county does an assessed value that they base taxes on. I have no clue what the formula is for assessed value.  For instance, my personal home appraised for 260K, but the assessed value is 115K.

Check with some furniture stores.  Some will let you borrow furniture if they can leave out an ad in a frame.

That's strange.  To be a PM here in Alabama, you have to be an agent.  I buy, sell, and manage for OOS investors.  I'm wondering why he is referring you to someone else.  

You can do either one.  If you are going to allow them to re-sign at a higher rental rate, make sure to give notice.  Here, it is 30 days.  Sounds like your tenants are struggling financially, so if you do want to raise the rent, you do have to consider that they may move out, and then you get to pay for a make ready. Maybe a small jump like $25?

An "at will" tenant is month to month, meaning you can give notice to move out - here it is 30 days.  For a Section 8 rent increase here in Alabama, you have to give a 60 day notice and the tenant has to agree.  If they don't agree, you have to decide if it is worth it to terminate the lease at the end of term.  By "worth it," I mean that you are financially prepared to do the make ready.

Contact your upstairs tenant's case worker to report these issue.  Secondly, trade the washer and dryer in for ones that you have to pay for each wash and dry.  I would separate the meters so you are not responsible for water next time.  Is there any wording in your lease about "over sharing?"  Meaning, that the lifestyle the upstairs tenants are living is impeding on the your other tenants' lifestyle.  Also, add some verbiage to your lease that anytime you have to handle any of the kind of stuff, that is an additional charge to the tenants.  I charge per stupid phone call that wastes my time.

Hey!  I'm a broker and a property manager.  What credit score are you looking for?  I do over 500, but I mainly care what's on the report more than the score.  Consumer accounts (not medical or student loan) in collections is what I look at.  No evictions, undischarged bankruptcies, or major felonies (anything violent, burglary, possession of a forged instrument, or identity theft).  For a C area, you're not going to get a 700 credit score. Landlord verification is also important, but lots of times those numbers are not the real landlords.  You may have better luck working with Section 8.  I know a lot of people have negative opinions about the program, but it is great here in Huntsville, AL. 

Hey!  I'm a broker and a property manager.  What credit score are you looking for?  I do over 500, but I mainly care what's on the report more than the score.  Consumer accounts (not medical or student loan) in collections is what I look at.  No evictions, undischarged bankruptcies, or major felonies (anything violent, burglary, possession of a forged instrument, or identity theft).  For a C area, you're not going to get a 700 credit score. Landlord verification is also important, but lots of times those numbers are not the real landlords.  You may have better luck working with Section 8.  I know a lot of people have negative opinions about the program, but it is great here in Huntsville, AL. 

Excellent!  Everything is going for over asking now.  Glad you got one under your belt!