All Forum Posts by: Emily Koelsch

Makes a lot of sense. Good advice. Thanks!

I wish I had some advice to share. That sounds like a beautiful area and a fun opportunity. Hope it works out for you!

I've been a long-term buy-and-hold investor who self-manages for about 11 years. We've scaled slowly - now up to 3 single-family homes and a duplex. We're getting a good cash flow and now have good property management systems in place. We're interested in trying to scale a bit more and considering multi-family properties or short-term rentals. Any suggestions when it comes to trying to scale in the current market (we're in the Memphis area) or branching out into new property types? 

Have you considered trying to manage most of it yourself - and just having someone on site to handle showings? I've had bad experiences with property management companies and find that it's not that hard to manage remotely (with the exception of the showings themselves). I also find that it's easier to place quality tenants when they're dealing with you and not a property management company - a lot of tenants have had bad property management experiences and avoid listings when they see a company with a bad reputation. I might explore your availability to create a listing, correspond with applicants, schedule showings, and do tenant screenings from afar. A little bit of extra work on your end can lead to drastically better outcomes for you and finding quality tenants who will take care of your property, pay rent on time, stay. etc. 

This sounds like a tricky situation - i.e., doesn't sound like egregious conduct by either party so it's hard to handle (no one wants to get into discussing tv volume). Have you talked with tenants about ways to reduce sound - rugs, drapes, seal doors and windows, sound machines. It's not perfect, but maybe that could help? 

 Great advice! I actually provide tenants with an Emergency Repairs Addendum at the start of the tenancy to list out examples of emergencies and what it looks like to address emergencies. The list also inlcudes items that should be addressed in a timely manner but are decidedly not emergencies. This helps to get ahead of this common landlord-tenant point of tension

Double check the terms of your current lease. My standard lease includes language that the lease automatically becomes a month-to-month lease at the end of the lease term unless the landlord and tenant take other actions. You might be able to just let it roll over to a month-to-month lease for those two months - you'd just want to make sure you have adequate notice in writing to end that - usually 30 days notice but you'd have to double check for NJ. 

Do you have a security deposit? With a security deposit and walkthrough documentation, I would think you could cover a lot of your expenses to fix the damage

I really like ezLandlordForms. The reason this option stands out is the lease. Their lease is much better than other options out there - it's really easy to add custom text as needed. It's really thorough, includes tips about state laws, and includes all required documents and state-specific language. Their rent payments and tenant screening are also great, but the lease and document builders are the game-changer for me. 

Yes to everything Jason said. I would start by reviewing the relevant terms of your Lease Agreement. This is definitely a gray area - but the language of your lease might provide some clarity.