All Forum Posts by: JD Martin

I don't personally care for it because it is very specific, and that will call for a smaller segment of people that will like it.

Well, obviously more rent is a plus. Making your good tenants feel good that they pay less is a plus. Renting your place for more will make your new tenants bitter unless your side offers a lot more for the money. It is inevitable the tenants will talk and find out the difference in rent.

Fair marker rent from HUD point of view is just an encapsulated survey of realtors and other industry people of what an average place of x size will rent for. It cannot cover all micro areas anywhere. It also provides subsidized housing parameters so that they aren't paying inflated figures for section 8 renters. You can rent on the free market for a million dollars as long as it is not rent controlled or paid through a program like section 8.

Is it up 9/1 or 9/30? I would provide them the required notice to vacate and plan on showing after they have left. It sounds like a deal on paper so you shouldn't have any trouble selling, and she ( the elderly woman) will collect another month of rent besides.

I would put it in the tenant's court. I would tell them what I wanted to do, but that I would need additional rent funds, and would they rather stay as things are until end of lease at which time you will be installing the units, or would they rather sign a new lease and have the upgrade now? If you are going to do it regardless, might as well give them the opportunity to enjoy the upgrade early and get some funds ( and a new lease ) besides.

I agree with Nancy re: co-signers. Friends have a way of getting into fights after moving in together, one of them moves out, and with your luck the one that moves out will be the one making $4k because they will feel they are paying more than their fair share! 

Hmm...I don't think I'd provide either. I might allow them within the lease, with the tenant being responsible for procuring, maintaining and securing the units if they so chose to get them. 

I'll be interested to know if you make these improvements if it drives up your rent. Around here, spending money outside can make the place easier to rent but absolutely no one even pays attention to the outside when they're looking at the unit. Every time I mention something about the outside to prospective tenants, they say "oh, that's nice" and just continue to concentrate on the inside spaces. 

I don't think it matters whether the unit is occupied from a tax point of view so long as you are operating it as a business endeavor (i.e., you're not living in it also). I have itemizations from when units were vacant and when tenants were in them. 

DIY painting. Yes, it eats up time but private painting contracting is expensive. 

Thanks for the replies so far! That is a good strategy, Michael, waiting for a slower time of year. That might be a strategy that I'll look into. I'm curious to see what others say..