All Forum Posts by: Filipe Pereira

@Ian S. I'm not sure security cameras will do what you're looking for. I find that they're more to catch what happened on film rather than to prevent the issue from happening in the first place. If you don't care about catching it on tape, fake cameras may just do the trick in that case. 

I'm a bigger fan of the fence idea, if it blocks the view from one window or property to the next. Are the neighbors coming onto the property regularly and would the fence help deter that? I have a property in CT where neighborhood residents routinely use it as a walk through area. I was pretty done with that and putting up the fence did solve that issue. 

Hi @Taylor White, first off, welcome to the forums!

You're talking about a pretty substantial rent increase here, even if it is spread out over a year +. Before committing to something like this, I would want to get an idea of what their income is. They may not be able to afford $1,250, so you could potentially be setting both of you up for inevitable failure. 

Usually one of two things happens in these scenarios:
1. The tenant understands that they've gotten a great deal for the last X months and are willing to stay and pay the market rate. 

2. They up and move out, leaving you with turnover costs, vacancy and some work to do (which often cost more than what the rent increase would have yielded anyway). 

Hopefully for you it goes the path of #1. 
Best of luck! 

Pros:

You attain your goal of getting a rental property.

You provide housing for your son, and there is direct eyes/boots on the ground. 

You may be able to buy at a discount given the limited interest in student housing at the moment.
Usually parents will cosign for the kids.

Cons:
They're college aged kids. 

Do you have a plan for once your son graduates? Do you hold it? 

Unknowns regarding COVID - what's your timeline here?

Realistically how much of an "opportunity cost" are we talking about here @Nicholas Ludwiczak?

To be honest, it kind of sounds like we are making a mountain out of a mole hill. 

If the opportunity cost is high...demand it all back. But if it isn't being amicable is usually the better route for these type of scenarios.

Hey @Autumn Whittington, good on you for getting it out there. 

I think your question at the end of the post, when brought to scale, gives us the answer. 

"If a company hires convicted felons, are they required to disclose this to their customers before they enter their homes?"

I know of zero service based business that go through each employee of theirs' record before dispatching them to a property. It just doesn't sound like it could ever be done efficiently and make sense from a business standpoint. 

If a company chooses to hire a convicted felon, I feel that they assume the liability that person's actions, as is the case with ALL employees. 

I would have done the same thing you did. You are not placing your dad as a next door neighbor, and he was working primarily outside WITH YOU, correct? In addition, you mentioned it was drug related, not violence. Maybe I'm just looking for justifications to not sweat it, but I really don't see this as a big deal. 

Don't let it bother you too much. The tenant was probably just looking for an angle. 

I'm also a big fan of the to do list @Tim Richter. I have gone a step further since reading Jocko Willink's book, and now prioritize the list as well, especially on really stressful days. 

I've found that the most stressful items on the list are also usually the ones with the highest priority, so it's kind of like killing two birds with one stone - check off a thing that is causing the stress and checking off a item on my list just feels good.

If things are really crazy, I'll eventually just drop everything and go to the gym where they have a heavy bag set up. Pull out the boxing gloves, and go to town. It's amazing what a few minutes with the bag will do to clear the mind and take some of the edge off!

Hi @Mary Jay it sucks that this is a "situation" for you. You can certainly complain on facebook, google, yelp, the BBB website, etc.

However, while I do understand your frustration, I can also see where they are coming. Not that that makes it acceptable, but it sounds like they did what they were hired to do (replace the AC). That being said, if it were me running that AC Company, I would make it standard operating procedure to make sure the drain line is clear at the end of every AC install, and that's what they should do, too. 

As for your tenant's belongings, this sounds to me like a renter's insurance claim. If there really is that much damage, they should file the claim. If your lease doesn't have anything about renter's insurance, feel free to copy what I have in the future: 

10. CRIME INSURANCE AND RENTER’S INSURANCE.

Tenant is advised that crime insurance is available to the Tenant. Tenant may make application for such insurance from its own insurance agent. Crime insurance policy at an affordable cost will protect Tenant against loss resulting from robbery or burglary of Tenant's apartment. Although not required, renter’s insurance is strongly suggested to ensure that the Tenant’s belongings can be replaced if something happens to the home. The landlords insurance only covers the home, not the contents of the home.

Hi @Miguel Rosendo, I live in CT and am active in the real estate space by being a investor, agent and property manager. 

CT is finally starting to see some price appreciation after remaining largely stagnant over the last few years. That being said, when using the popular "1% rule" we still come in at around 1.2-1.3%, which of course exceeds the 1% rule. I'm a fan of the Hartford county area (some would call it north central CT), but to be fair, it's all I've ever known.

When compared to it's immediate neighbors (NY/NJ/MA) CT is the most landlord friendly of the four, which isn't saying much because each of those states is pretty left leaning, but I'd choose the less of all evils. Feel free to tag me in your next post if you have any questions.

300K will get you a 2-3 family in a B/C neighborhood if you're patient up here right now.

You need a better lease @Joshua Nackenson! :)

I would go with option A when presented with the two you did. Don't stir the pot if you don't have much of a leg to stand on. 

Here's our no smoking clause:
 

f. Non-Smoking Policy. The term “smoking” means inhaling, exhaling, breathing, or carrying any lighted cigar, cigarette, or other tobacco product or similar lighted product (Including but not limited to e-cigs and vaporizers) in any manner or in any form. Tenant agrees and acknowledges that the premises to be occupied by Tenant and members of Tenant’s household is a smoke-free living environment. All tenants and their guests must abstain from smoking while in the premise, porches, garages, basement and other covered areas. No incense burning is allowed. No warnings will be given. Your entire security deposit will be forfeited if smoking is evident. Violating this provision is considered a breach of this lease and subjects you to eviction. Tenant acknowledges that Landlord’s adoption of a smoke-free living environment, and the efforts to designate the rental complex as smoke-free, do not make the Landlord or any of its managing agents the guarantor of Tenant’s health or of the smoke-free condition of the Tenant’s unit and the common areas. However, Landlord shall take reasonable steps to enforce the smoke-free terms of its leases and to make the complex smoke-free.

@Luke H. I know you said they have good credit, but what is their debt load and how does that compare to their income? 

Run a budget as if you were them. Put all their expenses on one side and put their income on the other. Is there money left at the end of the month, or month left at the end of the money? 

If the numbers are right, I say yes, with a full security deposit and possibly a parent's co-sign.