All Forum Posts by: Eddie Memphis

Peter,

Get a lawyer. Yes, it is more expensive but he can guide you even if you don't use him for the entire process.

He will have the correct paperwork for your state, city and county.

As a bonus, he will have an area specific lease you can use for the next renter.

Don't do it. It's not your money so you don't get the dividend or interest plus you have to issue a 1099 to the tenant at year's end. 

Open a free checking account exclusively for the deposit and don't touch it or co-mingle funds. 

Josh, 

Ask your lawyer. You do have one, right?

It is worth the money to have a lawyer on your team. Most have an area specific lease that they can modify to your situation.

Yeah, it will cost you money. However it is an added layer of liability that is worth the price. He can also advise you about LLC's and if they work well in your situation and location.

In the States, granite counters and hardwood floors add a lot to resale value. In the South Pacific... Not sure. I helped build a place in St. Thomas, U.S. Virgin Islands, so I know a tiny bit about it.

A nice tile over the concrete will likely help, just buy an extra box to replace damaged tiles and some extra grout if using an unusual color. 

What is your water source? We had a ten thousand gallon cistern that was filled by rain water so a whole house filtration system was a huge positive in valuing the finished property...

I use quality fixtures in all my projects including rentals. It's easier than replacing junk.

Look for an Independent Agent. There are two type of agents, independent and captive. A captive agent can only sell his brand like State Farm, Allstate and Farmers.

An independent agent contracts directly with carriers and will have fifteen or more companies to choose from. He will also be able to shop rate for you upon renewal so you will always get the best deal.

What do you mean by "nailed"?

Were you planning on doing it regardless? Will it cause problems with future renters or resale? 

I wouldn't modify a dwelling unless it made sense, not at the request of a renter.

I would not add it to the lease. Never add or change a lease without your lawyer's input. It will save you a lot of money.

No.

"The Federal Fair Housing Act and the Americans with Disabilities Act require landlords to provide reasonable accommodations for tenants with disabilities, and companion animals do qualify."

Read the FFHA. There are legal differences between Service, Support and Therapy animals.

Yes you can.

Your chances of getting a judgement in your favor based on your story are good. 

Will you see that money?

Doubtful.

Business lesson. 

Move on.

I think your effort is better spent on finding a new tenant, rather than chasing an old one.