All Forum Posts by: Fareen E.

@Fareen E. Assuming you can book your contractor for whenever you want I see no reason to rush into moving her out just to renovate.

I’d recommend having this discussion with her now and just get a firm move out date whenever that is.

In my market the summer months are the hottest months for tenants to move so if I were you I’d just plan to have it ready to put on the market by the end of school season which likely means you’d need her out March or April which I don’t think is too big an ask on your part.

Let her rent it back at market value-why are you giving her a discount-did you get a better price when you bought it on the condition she could rent it below market value for a while?

Once she's out, do renos.  Trying to do renos with someone living there will only cause problems: long to get renos done, disruption for the tenant and more expensive in the long run.  You also have two major holidays coming in the US (Thanksgiving and Christmas and construction will slow down as people take time off).

@Fareen E. I do not have a problem with my pets in my units and have found accepting them to be a big selling point.

I’ve only had one prospect attempt the ESA dogs and then found out that they are a breeding pair and just had puppies. Which was a hard no. There were other issues with this prospect as well.

With the prices of my units which are upscale I’m looking to get all the applications I can.

You might want to reconsider the pet thing.

Three days?  Relax!  Hold firm.

If you get nervous, drop the rent $100 per month or confirm your marketing is good.

You do limit the prospective tenant base by restricting pets, but that is your prerogative. On the other hand, you may do better by allowing pets and requiring pet rents, pet deposits and pet fees.

OMG, 3 full days during a work week without it renting? Cut your losses and let it go to foreclosure!!

Looking at other listings, it appears that it is priced well, a little lower than other comparable homes. However, it is a little higher than 3/2 homes which might be more desirable for that area. I'd hold firm on the price.

Based on the other listings that show 20-30 days on the market, I suspect that this is an area that just takes a little time to rent. 

The listing itself is OK. I do feel like you're trying to sell me something with all the refreshes and updates and modern whatnot. I'd tone it down and just say it is updated. The pics will do a lot of the talking for you.

That shower is creepy. 

Over half of all households have a pet. Saying no to pets is saying no to over 50% of the potential renters. It's foolish. Even more so when that pet becomes an ESA. 

Your listing needs to talk up the excellent schools more. That is the selling point of this place. Unfortunately for you, school has already started, so you missed out on a lot of potential renters. 

Awesome, got it. Generally with a revocable trust it would not need to file a separate tax return while you are living. The trust would likely go into effect after your death and then would require filing of its own tax return and things of that nature. Most of this would depend upon the trust documents and how it is setup but generally you would not need to file a trust return right away. We work with a ton of investors who own trusts and have real estate and other assets inside those trusts. They can get complicated from a tax perspective after your death so I would be sure to make your tax professional aware of the situation and make sure they get copies of the trust documents for planning purposes.