All Forum Posts by: Andrew S.
Andrew S. has started 51 posts and replied 1006 times.
Post: Rent by the room much?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Make sure you don’t run afoul of city codes. Raleigh does not allow more than 4 unrelated individuals to occupy a house, unless it is approved as a boarding house. I understand that the variance needed to designate as boarding house can be difficult to get, depending on the part of town (I followed one application just down the road from you (Boylan Hights) where the neighbors mounted a ton of opposition. Eventually, it did get approved, but it took maybe a year or more.
Post: Fallout from tenant breakup. How would you handle this?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Obviously, this is always messy, and I agree with others that you should avoid getting into the middle of the dispute, but I do think she has a point! As long as she is on the lease, you can't just change the locks on her. You owe her a key to the new lock, IMHO, or she could rightfully come after you. It seems to me that from a lease standpoint she has been holding up her end of the deal, but you,, by locking her out, have not. Also, make sure you issue a notice of non-renewal to her, if the lease requires that (many leases have auto renewal clauses unless notice is given).
Post: Counter Top Dishwasher 16inch (or less) tall?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Just bumping to see if there is anyone out there - I know its a bit of an exotic question....
Post: Counter Top Dishwasher 16inch (or less) tall?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
I'm exploring the installation of a counter top dishwasher in a small 1Bdr rental. Most of the models that I have looked at are 17 inches tall. Unfortunately, I only have 16 inches of space between the counter top and the bottom of the upper cabinets. Does ANYONE happen to know a model that is slightly shorter?
Any feedback greatly appreciated!
PS: Cutting an inch off the bottom of the cabinet is tempting, but not really a viable solution in this case.
Post: Third party service that collects rent in cash
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
PayNearMe lets your tenant use 7-11 stores to pay rent
Actually, apparently even more: from their site:
"PayNearMe lets property managers and owners collect cash rent payments 24/7 at local stores that include 7-Eleven, ACE Cash Express, CVS Pharmacy and more. PayNearMe cash payments are 100% guaranteed good funds and are directly deposited into your bank account, which means no hassle or fraud for you to deal with."
Post: Up Votes - Etiquette and do They Really Matter?
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Steve Vaughan:
When pros take the time to come on here and offer real value, I vote for them in the hopes theyll keep coming back whether it's a niche I use or not. I've seen a lot of solid attorneys, tax, title and others just go bye bye. Probably because they felt ignored.
This!
Post: Tenant threatening to drag out eviction process
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Thomas S.:
You never offer cash for keys otherwise you have zero assurances they will leave. Trust is not part of this business. Personally I believe cash for keys is demeaning for a investor/landlord. It is bad enough to reward criminal tenants but not having a eviction on their record impedes the rest of us from properly screening them in the future. Bribing tenants to leave hurts our business and all other landlords. It is the act of a hobby landlord in considering only themselves and no one else. Bad landlord.
The eviction process should have been started the day after rent was due and not paid. It can always be canceled but lost time can never be recovered.
Oh I almost forgot...fire your PM. Any PM that suggests that a wait and see strategy is a good idea is lazy and only avoiding doing their job.
Agree on all accounts!
Post: Most efficient way to dispose of mountain land
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Just to close the loop: Craigslist worked well - a lot of interest. Property sold above expectations.
Post: Diversifying Without Major Capital
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Jay Hinrichs:
Originally posted by @Jay Hinrichs:
Originally posted by @Zach Bollman:
@Jay Hinrichs Interesting issue. Obviously state-specific, so I'd be interested to see what the legislation states. Generally speaking, creating a legal work-around shouldn't be too terribly hard. Of course, this is without seeing the actual legislation at issue.
and or talking unsophisticated note holders into it.. that's the biggest challenge knowledge folks can do this no sweat.. its the investing public that can be hard to convince.. either its too complicated and they shut down.. or their friend says it sounds strange and then tell them to run from the deal.. I love that RUN its so cliche'
and I have not seen Dion post in the last year.. however he was about as knowledgeable as anyone on this forum about Notes and especially regulated notes.. He did not learn his craft from a guru let me put it that way :)
Thanks for this @Jay Hinrichs: Paging: @Dion DePaoli
Post: Insurance for an empty (sort of) property
- Investor
- Raleigh, NC
- Posts 1,048
- Votes 708
Originally posted by @Michael Norris:
There is always the 2 policy method. One landlord policy on the occupied cottage + one vacant policy on the SFR with matching liability on both policies. A company like Foremost/Farmers should be able to handle that for you.
Above you mentioned that coverage on the dwellings wasn't that important so if you wanted to keep cost down you could use the more basic DF1 policy (ask the agent down there) and market value for the dwelling coverage amount with a higher deductible and then max liability limits (probably $1 million).
If that sounds like insurance gibberish it is... you could copy and paste all that into an email to the Foremost agent and they should be able to figure it out pretty quickly. If they stumble hunt around until you find one who is familiar with landlord policies.
I'm not licensed for TX otherwise I'd be offering to set it up for you.
Many thanks! I will explore this as recommended. I have some time as the current insurance won't pull the plug until end of July. Anyway, I'll post back when it's resolved. Much appreciated!