All Forum Posts by: Jerry W.

@Dan Schriver, how much are the HOA fees per month, and do you have to carry your own comprehensive insurance policy?

@James Hamling, and @Ken M., I actually read the statutes linked, Statute section 33-1324 (6) C, and D seem to control.  

33-1324. Landlord to maintain fit premises

A. The landlord shall:

1. Comply with the requirements of applicable building codes materially affecting health and safety as prescribed in section 9-1303.

2. Make all repairs and do whatever is necessary to put and keep the premises in a fit and habitable condition.

3. Keep all common areas of the premises in a clean and safe condition.

4. Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, air-conditioning and other facilities and appliances, including elevators, supplied or required to be supplied by him.

5. Provide and maintain appropriate receptacles and conveniences for the removal of ashes, garbage, rubbish and other waste incidental to the occupancy of the dwelling unit and arrange for their removal.

6. Supply running water and reasonable amounts of hot water at all times, reasonable heat and reasonable air-conditioning or cooling where such units are installed and offered, when required by seasonal weather conditions, except where the building that includes the dwelling unit is not required by law to be equipped for that purpose or the dwelling unit is so constructed that heat, air-conditioning, cooling or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection.

B. If the duty imposed by subsection A, paragraph 1 of this section is greater than any duty imposed by any other paragraph of this section, the landlord's duty shall be determined by reference to that paragraph.

C. The landlord and tenant of a single family residence may agree in writing, supported by adequate consideration, that the tenant perform the landlord's duties specified in subsection A, paragraphs 5 and 6 of this section, and also specified repairs, maintenance tasks, alterations and remodeling, but only if the transaction is entered into in good faith, not for the purpose of evading the obligations of the landlord and the work is not necessary to cure noncompliance with subsection A, paragraphs 1 and 2 of this section.

D. The landlord and tenant of any dwelling unit other than a single family residence may agree that the tenant is to perform specified repairs, maintenance tasks, alterations or remodeling only if:

1. The agreement of the parties is entered into in good faith and not for the purpose of evading the obligations of the landlord and is set forth in a separate writing signed by the parties and supported by adequate consideration.

2. The work is not necessary to cure noncompliance with subsection A, paragraphs 1 and 2 of this section.

3. The agreement does not diminish or affect the obligation of the landlord to other tenants in the premises.

So the answer to the question can you assign the obligation to maintain the property depends on factors of whether there is a legitimate reason to and consideration for giving that obligation to the tenant.  So is the reason adequate?  Would likely be determined by a jury if it went to court, since it is a factual issue.

For the record I have only done one lease with option, it was 2 separate documents, and the parties divorced the second year of the 3 year option, and both moved out.  The option fee was $3,000.  I doubt that this will settle the argument, but I felt it might make things slightly more factual and less personal.

As an aside, if you want to be taken seriously, please stick to factual arguments and not name calling.  Personal insults will not convince anyone.  Facts convince people.  Finally my father once told me never argue with a fool.  There is a second half of that saying, if you figure it out that might help resolve the argument because it seems to apply here.  

Thank you guys for the factual parts of your argments, many were enlightening.  I learned a lot.

@Shiloh Lundahl, nice to see you posting again.  Best wishes bud.

OK, you need a plan on who will run it.  How they are removed, what will happen if a decision is not unanimous.  How will profits be divided?  Losses? What happens to someone's share if they die?  Can their heirs vote and participate in the company?  What if they have 6 heirs who equally split all of the the 20% share?  Do they all get a vote?  If you get deadlocked or lose money will each of you have to contribute?  What if one refuses?  All of these questions and more have to answered by the partners.  The attorney is not supposed to decide that he is supposed to put into words what you ask him to.

@Magus Ahnend, ok so you bought the land under some sort of contract.  That contract will controll what you can legally do and not do.  READ YOUR DOCUMENTS.  The fact that you did not get a copy does not mean those documents are meaningless!  If you do not have copies of them, then get copies of them.  You signed a contract, you had better see what you signed.  Then if you have any questions take it to a WV attorney.  Do not look for a fight until you know what the rules for fighting are.  Having folks on the forum trying to guess what you should or should not do is absolutely useless.  Not even an attorney can help you without more information.

@Ariana Manigo, a couple of thoughts.  Some schools have work study programs where you work for a business for a grade.  It is only a few hours a week.  Maybe do it in a real estate office or property management company.

Another possibility is to get a job at a company like that and explain what you want to learn.

Another possibility is find investors in your area who might need some help.  It could be anything from running errands to answering phones, etc.  Being able to combine learning and work has its benefits.

If nothing else just start following the internet on on pleaces like Realtor,com, Zillow, even Facebook, etc. to start learning property and rental values.  Knowing the market is the start of being able to decide what is a good deal or a bad deal.

Whatever you decide good luck.

@Austin Fowler, actually I just opened one this week.  Hope to open another in the next 30 days, but that is still undecided.  The peak season is almost upon us and if I am not open for that, then I will mid term or long term rent it unil next spring.  Of course I am off the beaten path in Wyoming.

@Kwanza P. I hate to break from the wisdom of the others here, but here is my perspective. How involved are you in this house? Sometimes when I buy a house for a STR I see a vision partially formed in my mind of a theme. It might be cowboy, it might be grandma's house, it might be the rendezvous site. Then I buy furniture, art, and anything else that promotes the theme. The house usually has renovations going on for a few months, so I have time to shop facebook and even yardsales. Now if you just bought a house, had new flooring and paint done, maybe a small update on kitchen or bathroom, then hiring someone else to do it seems the best track. It is not unusual for me to spend 6 months or more renovating a house to become a STR. Part is time, part is money. I recently bought an extremely nice couch, loveseat, and 2 recliners, all nice leather, for under $1,000.00. They would go great in nearly any rental I have and it is normally a $4K set of furniture. However if you waste 2 months buying and doing it yourself, you will have lost money. So consider the amount of time you have compared to money, how soon your peak season is, and if you already have a theme or not. The rest of the furnishings, like the kitchen can be bought at Walmart, Bed Bath nd Beyond, or simply off of Amazon, depending on the quality desired. Best of luck bud!

@Pooja Jadhav, your state may have laws that differ from states of those offering advice.  Please check with a local attorney before going forward.  I have a clause in my lease that allows me to show the property to prospective tennants.  If a tenant refuses me entry or obstructs I warn them that obstructing my access will result in a 72 hour notice to Quit for violating the lease then I will file eviction against them, which will ruin their chance of renting again for a very long time play nice, or play hardball, I will play it the way they play with me.

@Valarie Anderson, rents can vary a lot from town to town.  The big dog of rentals in Worland is Mc Kinnon, he has several companies, like Northern Lights, etc.  There are several professional investors there.  The quality and location of the house matters a lot.  Feel free to send me a personal message.  I have 3 rentals left there I think.  I have one flip going there atm also.

@Valarie Anderson, there used to be an investment REI group in Cheyenne that met monthly. I would attend the meeting about twice a year when I was there on business. There was one in Riverton I went to a few times, but the founders moved away. They have since moved back, but I have not seen any meetings. Nathan started one in Cody I went to a few times, but it is also closed now I believe. There may be more that I don't know of. I have had a few meetings here in Thermopolis, but we are only once a year or so when it happens. We have a closed facebook place where we ask about potential renters or post warnmings for particularly bad ones. If you start one in Casper please let me know I will try to attend some. I know several investors there. I am also glad to chat. Let me know if you come through Thermopolis.