All Forum Posts by: Chad Duval

Meeting at the Grey Lodge Pub with a few investor at 3pm today. The more the merrier!

IMO this is way too broad of a question. These numbers are completely local. I know for some of our properties we can get away with 5% capex but others we budget 12% because they’re super old. Also the 50% is a little low for us... it’s usually 55%, but I guess for a quick analysis that works. 

Agree with Frank. You’re being paid and it’s unfortunate that you might piss off your long term tenant, but this is a matter between roommates. 

Through Cozy

Hey guys, is this event still going on tonight?

@Andy D., @Jimmy Murray, @Bryan O. What I did was, I sent out a letter to all residents stating that we've changed our pet policy. I'm going to do a lot of what you guys suggested and anyone who is on a month-to-month lease, they'll have to begin paying the pet fee and anyone who wants to get a pet while locked into a lease, they'll have to sign our pet addendum and begin paying the fee as well. I've limited the pets to only neutered cats (with proof from vet) and only one per unit. I think this is fair and helps cover some of the costs associated with the pets, while hopefully retaining tenants longer.

Thanks, guys!

@Andy D. - I agree with your comment about wavering from my lease, but this is a C class building and I know it's inevitable that tenants will "sneak in" cats. I'm thinking about at least making money with it now...

@Jimmy Murray - Here's the "kicker." When I bought the building I made the inherited tenant sign one of our month-to-month leases, which still states that pets are not allowed. I was the new owner, in the dead of winter and didn't want a vacancy so I made an exception. In retrospect, it was a bad idea. 

Do you think I enact a new pet policy for the building, charging all tenants $25 per month for their cats as long as they sign a pet addendum? The new tenant shouldn't be an issue if they sign the addendum, but I'm curious if I can make the month-to-month tenant pay the $25 per month and sign the addendum as well?

In my 9 unit complex, I recently rehabbed a unit with new carpets and then filled it with a new tenant. A month later, they're asking if they can get a cat. It strictly states in their lease that no pets are allowed however I allowed their neighbor (who I inherited at purchase) to have one without having to pay a monthly fee because the unit hasnt been updated yet and it doesnt have carpet. Should I stick to the lease and not allow it and deal with the "but my neighbor is allowed to" argument or allow it and just charge a monthly pet fee? I can use the new carpet as justification for the fee when they ask why the other tenant isnt paying a fee?