All Forum Posts by: Johanna Kok

Good morning, BP Community.  

I have been reading the forums about allowing tenants with pets.  It seems the community is about a 50/50 split between allowing pets in rentals or not.  I was originally leaning towards allowing dogs in our rental home, but not cats.  However, we have had several applicants reach out about allowing cats, so now I am reconsidering.  I know there are certainly good pet owners that take care of their animals.  I have bought properties that have been trashed from animals (specifically cats), and I have seen the damage they can cause.  I know many charge a pet fee + pet rent, but often that does not always cover the damages that could be caused by an animal. I have read that many landlords verify that cats are fixed, and also check previous landlord references, but I know there are some other ideas out there from this experienced community.

So, my question is, how do you vet an applicant(s) pets when considering them for your rental?  I feel confident in my ability to vet the actual tenant, but not so much the pets.  It's not like I can just walk in their current place and see how meticulous they are about their pet's health and hygiene. 

Hey All - trying to scale my real estate photo business and wanted to hear from you, property managers / owners and agents— how do you think about real estate photos? Do you plan on getting them set up as soon as you get the listing, or is it on the ‘back burner’? How do you find your photographer? Are there pains you feel during that process that a scaling business could capitalize on? Any and all information would be greatly appreciated! 

Hey all!

First post here but have been lurking for a while. I purchased a fully renovated, turnkey triplex at the beginning of June and it's my first and only property so far. I inherited a 1 BR with a great tenant who is always timely with payments, a vacant 2 bedroom which I converted to a furnished 1 BR with a lounge/TV room and rent to business travelers for MTR's, and a 3 BR with tenants in place which is the source of my problems lately.

Before I closed, Unit 3 had made all their payments - albeit occasionally slightly late. They are now behind 4 months on rent even with an eviction notice and my management company and I being on their case. They claim to be going through hardships and have told me that they're trying to take out a loan on their retirement account to repay all of the rent. This is backed by screenshots of email correspondence with her retirement company but it has been at least a month and a half of back and forth to hear back about this loan and still no payments.

Their lease is up end of November and I have a double security deposit for them so I assume the owner deemed them a risky tenant when letting them move in. My management company is suggesting I don't renew the lease (of course) and ALSO file for eviction. They're saying it might take a few months to fill this unit with a good tenant in the current marketplace in that area, which I'm not surprised about considering it'll be near the holidays and the area isn't the best for good tenants plus the building is very nice for the area.

My questions are:
1.) Is filing for eviction and also not renewing their lease a good move? I'm worried about the eviction expenses but I understand that if they've been this troublesome, the extra incentive to get them out seems like it makes sense
2.) When I get them out and assuming they still haven't caught up on rent, can I claim their whole security deposit to recoup these losses? Is there a risk there?
3.) My 2nd unit has done pretty well as a 1 BR furnished MTR (only 4 months of experience so far though) and I'm wondering if it makes sense to convert this 3 BR to an additional 2 or 3 bedroom furnished MTR rather than trying to do a long term rental? Obviously more expenses to furnish but seems like it might break even in the short term and benefit more in the long run anyway if it sits vacant for months waiting for a high quality, long term tenant. Plus the costs for my management company moving in a new tenant are fairly lofty, as well.

What do you think? Thank you so much for the help!

I recently leased my upper 2-bedroom duplex to a football college student for the upcoming school year who now needs to drop out due to an injury. Though our agreement initially prohibited subleasing, we allowed it given the circumstances. Dealing with subleasing is new to me, so I’m seeking advice on how to proceed. The student’s parent co-signed, paying a semester’s rent upfront, covering them until year-end. The tenant is actively seeking replacements and mentioned potential interest. We would require potential new tenants to complete our application for qualification. If they qualify, would it be simpler to void the current lease and create a new one? Considering the upfront payment, I assume we’d refund based on the new lease start date. This property is in WI. Any other necessary steps?

Hello,

My partners and I are having a disagreement about if we should hire a property management firm for our portfolio.  We have a goal in mind of a hundred units or so.  My thought process that while hiring a manager will have a cost of 10% or so, the time saved not dealing with tenant's (replacing tenants, setting up payments, phone calls, etc...) will allow us to scale to the desired number at a faster rate. 

My partners can only see the cost of 10% and what that equates to from dollars we "give up" by not managing ourselves.  I would rather have a professional do it than people with little to no experience - especially once we have dozens of properties.

Can anybody give some advice on why to or not to hire a manager?  Success stories?  Am I thinking logically? 

Best,