All Forum Posts by: Ian I Leinwand

Absolutly verify income and previous landlord references. As a property manager in Fort Collins we are just starting to see impacts of COVID on rentals. 

Is you home geared towards students?

I'm also thinking about pulling money from my retirement account and purchasing another rental property. I do not see much downside especially if your investing in a primary that you will have a roommate. 

What house price range are you looking at buying in FC. I'm also a professional rental property manager and can help give you an idea of what home would rent for. In FC average is 500 to 800 a bedroom depending on what utilities and how much space you allow your roommate. Possibly higher if you find something that allows for 2 separate living spaces. 

You can always access the equity in your home using a home equity line of credit. 

Look into an all in one loan with CMG or contact 1st Bank. I've talked to 1st bank about HELOC on investment property and my lender said they could do it as part of their portfolio loans. Please PM me and I can send you recommendations to my lender up in Fort Collins.

Our legal team is reviewing our rent deferral agreement we drafted and I'm checking on if requesting proof of unemployment is okay or not. I would expect that if it was valid to ask you would treat it just like an employment reference and call, email or follow up if you want to verify. 

We are offering tenants impacted by the COVID-19 who have lost income or jobs the following rent deferral agreement. Tenants must provide proof from their employer of being laid off or hours cut. Pay 50% April, 50% may, no late fees, and spread the deferred payment of the remaining length of the lease. Option B pay 0% April, 100% May no late fees, and spread the deferred payment of the remaining length of the lease.

I do not recommend letting tenants use any of their deposit towards rent. 

My commercial landlord for my retail business, that is currently shut down, offered to defer rent payment for 50% of rent payments April to June but will be charging us 8% interest on the balance owed. 

Also, I've talked a few of my banks and mortgage holders are most are willing to work with landlords who's tenants are having trouble paying rent. 

I looked at a property for a flip about the same ARV. Wonder if it was the same one. It was an estate sale. House was trashed but good location and decent floor plan. Before all the COVID-19 stuff hit the fan I would have offered $335k for an ARV of $450. I'm assuming you were also offering cash and to pay all closing cost.

So if you would have gotten the property under contract what would have been your wholesale price. 

Any changes of opinion on using Rently or Showmojo to limit the potential for coronavirus exposure? As a PM I'm trying to get a system in place that allows us to keep showing vacant rentals but protect my self and my staff. I totally agree I normally would rather meet people in person and shake hands and answer questions. How to adjust our showing but maintain social distance... virtual showing? or use a service like Rently?

While I was not a landlord or property manager during the last recession. The advice I have been given is be human first and landlord / PM second. Vacancies will be harder to fill so if you have a good tenant work with them. While its the tenants responsibility to pay rent and they have entered into a legally binding agreement, property owners need to be prepared with 3  - 6 month cash reserves to weather the storm. 

I'm interested to hear from other PM and landlords if they will be considering waiving late fees and fees associated with breaking a lease. 

I recommend Loveland. Pm me. I will refer  you to a great commercial agent. 

For my personal properties and the properties my company manage our lease states the tenant must have renters insurance. However, it is very hard to follow through on compliance if tenants are left to purchase rental insurance themselves. My team and I are currently deciding on a renters insurance policy we would purchase for each unit through our property management software for $15 a month. My challenge is figuring out the best way to build that cost into the management of the property. Do we bill tenants separate from rent, add it into the rent payment and deduct from the property owner, have tenants pay for a year upfront as part of leasing fee? Can we make it mandatory to purchase the insurance through our company (ensuring compliance) or do we have to give the option for a tenant to find and provide proof of their own insurance? 

I think there is tremendous value in a policy for $15 a month. Currently, for most properties, we manage a deposit equal to one month's rent would not cover much if a tenant intentionally or unintentionally damaged the property. It also covers a tenant's personal property.