All Forum Posts by: Dena Puliatti

Make sure your advertisement is syndicated.  Also, you may consider a move-in special.  Something flashy like half off of first month's rent usually does the trick.  Also, as a lot of the BP people here will testify, the rental market is weird.  Sometimes, we will sign 5 leases in a week, and then none for another week and a half.  I've talked to lots of investors who are worried about seasons affecting rentability, but that is not usually the case.

The HOA may also specify types of rentals. I haven't found a condo complex that will allow short term rentals, even if they are in the city zone that can accept short terms (AKA AirBnB).

 If you did a contract that way, I would run it by a lawyer.  Too often, contracts made by people without a legal background don't hold any water.

In order to pay one of your tenants, they will need a business license and proof of insurance.  Otherwise, I wouldn't touch it.  Too much liability for him to "slip in your parking lot."

You may have to obey the Peppercorn law.  This means that in order to get the tenants on your lease while they are under a current lease, you will have to give them an extra day on the lease.  The Peppercorn law means that to modify a contract that is already in place, you have to give something in return, even something as small as a peppercorn. :)

First, check the rent in the zip code that your investment home is in.  Make sure the numbers work.  It's not much trouble to be a Section 8 landlord in Alabama.  About an hour of paperwork, then inspection, then second inspection after the repairs are done.  Your mom is going to have to do most of the legwork to get her voucher transferred to another state.

Do your research on the company. All turnkey companies are not the same. I see a lot of lipstick on a pig. Sure, they put in LVP and painted it all Agreeable Grey, but....then there may be foundation issues. Also, form a business relationship with a quality property manager to give you realistic rents. Oftentimes, wholesalers and turnkeys inflate rents and ARV. Then the buyer is disappointed when they can't achieve that rent.

I'm in Huntsville, AL, so they may do things differently in your state.  To initiate a move themselves, the tenant must give 60 days notice to Section 8.  You can issue a 30 day notice and override that 60 days since you are the landlord.  Alternatively, you could ask to see the payment schedule for your zip code, and apply for the current market rent.  Make sure you check with zoning on your AirBnB.  Huntsville is cracking down hard on people that are doing short term rentals in areas that are not approved. The last thing you want to do is spend a bunch of money getting your unit ready for a short term, furnished lease, and then get a fine and shut down.

Absolutely ask for the full amount off the sales price.  This market is becoming a buyers' market.  The sellers don't hold all the cards anymore.  I got a seller down 30K from asking 2 weeks ago.  That would never have happened 6 months ago.

 Thanks, Caleb! I'm happy to talk to you @Mark Sandoval