All Forum Posts by: Eugene Kemp

My leases automatically go to MtM at the end of the first year. Allows me more flexibility and control if things go south, and also gives tenant options. Rent typically does not go up unless it was going to go up anyway at the end of the lease. 30 days notice required on either party to end the MtM. I personally prefer these.

In that case, go forth and prosper! :-)

You need to develop your own style, but if you plan to offer wster, coffee, tea, etc,  there are costs there. Breakfast food? Appliances such as microwave,  toaster, fridge? All depends on what you want to offer.

Yes, does your municipality allow short term rentals?

I'm with Greg Hamer.... I have about 6 or 7 separate accounts with USAA.....get another bank.

Asking for a friend, eh? :-)

If you think the lawn may be the problem, lay some sod down....that may be cheaper than carrying it another month or two. Curb appeal is important.

You obviously must consider amount of rent you can demand, the cost of the loan, the amount of time you need before you can pay it back, the amount you need to borrow for rehab costs, etc. No easy answers here, but my gut us saying don't. You have to make the informed decision.

Haha....I feel your pain Matt. I have one property that seems to have about one issue a month....only on weekend evenings and/or when I am out of town....sometimes both! Ain't landlording fun? :-)

Don't be petty. If they left it right, give it all back. If you don't, be prepared to defend any amount with an actual cost to fix.

Why do I manage? ....because nobody else cares about my property like I do. Also, because there are tons of bad PM companys out there. In a previous life, my wife began a PM company, and we learned quickly that most of the competition was just taking advantage of their clients. She succeeded just because she worked hard and was honest....a trait that was hard to find in our market. That lesson has stuck with me, and I'm not willing to give up my hard earned money to someone that is just in it because they think it's easy money.

What are the biggest problems? ....hmmm, probably trusting my gut when it comes to selecting good tenants. That won't cause me to hire a PM, but we are getting ready to move a couple of hours away, so that might. I still won't let go easily, but if I can't respond to a tenant phone call right away, I won't feel right about taking their rent.  Also, they have allowed me a pretty good standard of living, such that I want to begin traveling a LOT, so I may be looking to find someone to look after my investments while I play.