All Forum Posts by: Emily Koelsch

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. 

When I've done this, I've asked the tenant to move the appliance out/in. It's usually easier for them to do since they'll be moving the new appliance anyway. I'd just add an addendum to the lease agreement specifying that the tenant is responsible for all repairs to the stove and fridge, the tenant is responsible for moving current appliances out and back in at move out, and leave it at that. It's a good opportunity to give tenants a "yes" at the start of the tenancy, which always helps to build some good will. 

It's brutal, you are not alone. My suggestion would be to shop around as much as you can and ask about things you can do to lower premiums. Sometimes, there are upgrades or small adjustments that significantly reduce your premium (for example, we installed a railing and handrail at the front porch and it reduced the premium). Some providers also give a discount when you have multiple properties, so I'd ask about that. 

It is definitely getting harder. My suggestion is to make sure you use a reliable screening services that are good at detecting fraud - i.e., applicants might submit fraudulent documents, but it's hard to forge things when it comes to official credit reports, criminal history reports, end eviction history. It's well worth the time and effort to do a thorough and reliable screening.

I think one month's rent is the right rate for finding a tenant. That said, that's one task I'm really set on handling myself. You want to make sure you have a great tenant. I post listings on Zillow and then screen every applicant - https://www.ezlandlordforms.com/tenant-screening-services/. 

It's such an advantage to have great tenants in place!

I agree with @Joseph Bui's strategy all around. If you're covering expenses as things are, I wouldn't raise rent - focus on the long-term (and the potential cost to you of raising rent). I also think there's some value to building rapport with the tenants - if they're quality, long-term tenants who take care of the property and pay rent on time, that has some real value for you. I inherited some tenants in a duplex in Memphis - with similar numbers to what you're describing. After a year, I added a 3% rent increase (and continue to do each year). It is steadily getting us closer to market rate. However, I've yet to turn this property over (i.e., no turnover costs, no vacancy rates, no headaches for me). I anticipate the tenants will be there for a long time, and am very happy with the numbers all around. Good luck!

 Agree with all of this. Hopefully, your lease specifically says that she cannot use the security deposit towards last month's rent. That said, if there's not a lot of damage and you're relatively close to being even, I might be inclined to cut my losses and focus on getting a new, quality tenant in place. Your time and energy are worth a lot, so it might not make sense to pursue it. Good luck!

I like Brandon Turner's The Book on Rental Property Investing.