All Forum Posts by: John Clark

Quote from @Donald DiBuono:

@John Clark I have no idea what the source of the smell is from the pets. He said none of the pets go to the bathroom inside. Its just a very awkward thing to do is tell someone you smell so bad its offensive.

And it's REALLY awkward to tell a prospective tenant that he'll be renting a cesspool of an apartment. If you can't address the problem up front, then maybe you're not cut out to be a landlord. Investigate REITs or whatever.

Quote from @Bill B.:

As a wise man once said. You can live tax deferred, but you have to die to be truly tax free. 

 One of the funniest cartoons I ever saw was one at a wake -- old man in casket with a big grin on his face. One of the on-lookers had turned to another and said "I understand he owed a lot in back taxes."

Quote from @Donald DiBuono:

I believe its from animals...what can i do?

 Many things. First and foremost, if you want to be a good landlord -- and if you want to be a landlord at all -- you cannot be passive. You knew the problem (odor) and the source (creature) and yet you come to us with vague generalities and not specific details and requests for suggestions tailored to your situation? As my high school French teacher used to say: "Ne pas."

Second -- what does the lease say about pets?

Third -- what exactly is the "pet" problem? Failure to clean the litter box? Animal in heat?

If an animal, enforce your pet policy. Tell tenant frankly that pet smells and you are concerned about getting complaints from other tenants (as if you haven't yet) and clean up costs for pet odor permeating walls/surfaces/floors etc. -- which you want to avoid to avoid having to deduct security deposit charges (or increase security deposits next time around in order to pay for pet cleaning/deodorizing). You are also concerned about vermin, roaches, etc. Pet smells come from organic matter, and organic matter attracts all and sundry, including from mice to mold and beyond.

I am NOT giving you an exhaustive list, nor legal advice.

Your details are too vague. Is the smell from personal hygene? From cooking? From poor housekeeping? Pets?

Identify the source of the odor and the solution(s) will present itself. For example, if it is from cooking, install/upgrade stove fans and honestly tell them that the aroma is bothersome. If it is housekeeping, tell them that you are concerned about vermin and they have to clean up their act.

As I am sure others have said: Make sure you add the negative cash flow to your basis for the property and then use that resulting number to determine how much your appreciation was and the rate of your appreciation.

Quote from @Jennifer Sowers:

Hello,

I am looking at a commercial property that has septic issues. The septic is located on the neighboring property which is also for sale. The county is in the process of bringing a sewer line to both properties in the next two years. 

My question is, can the county keep a buyer for both properties from moving forward with a sale prior to the new sewer lines being installed?

Thanks!

You tell us. What do the county (unknown) laws and regulations say?

Also, keep in mind that sometimes local governments charge the affected properties connection and construction fees. You might be on the hook for scumpty-ump thousands of dollars in fees if you buy and the local government(s) imposes some sort of improvement tax/charge on you.

Quote from @Michael K.:

Southwest corner of West Elsdon is right in the flight path from midway.

 Part of the southwest corner certainly is, but you can get fairly close to Midway without being under the flight path. Remember, the runways are at diagonals: one from 63rd and Cicero to 55th and Central and the other diagonal is 55th and Cicero to 63rd and Central. You can be due East of Midway from 55th to 63rd (West Elsdon ends at 59th, South of that is Westlawn) and until you get pretty close to Midway (a block or so West of Kostner) the airplane noise is tolerable -- meaning it is rarely loud enough to stop a conversation at normal volume.

The $300,000 price resistance level is holding. There were a few outliers that beat it this past year, but most everything fell well short of $300k.Given that interest rates are up, I doubt that the basic bungalow will go above $300,000 until 2024.

What will happen is that people will buy comfortably under $300k, and then put $50k into the houses. The resistance level crumbles, and people will start selling for $350k - $400k in a few years. Improvement, but not gentrification.

Quote from @Thomas Harris:

Sorry, how does it not add up where? We have other rental properties besides our fourplex. But the fourplex is the only one with rents very below market. 

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Ah. Your post did not mention owning/discussing other properties, so I reckoned you were talking about the one property in question (I gave up mind reading years ago). You change the facts, I change the answer.

Are your other property(ies) below market, too?

Quote from @Thomas Harris:

My wife and I own a fourplex. It is fully rented and 3 of the 4 tenants have been there for several years. The other tenant has been there for 3.5 years. 

. . .

We’ve had 3 vacancies in the last 3 months and we do all the cleaning, painting, and minor repairs ourselves. She says she is exhausted and doesn’t want to deal with another vacancy.
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Your story doesn't add up. Beyond that, landlords should raise rents by some amount (inflation, anyway) every year to get tenants used to increases.

Why are you letting him set the pace? Give him written notice that his lease is not being renewed due to his failure to respond in a timely manner and that if he is not out, you will evict.

You need to let your tenants know that if they don't respond in X days (30?) to the lease extension you will assume it terminates on the date stated and that they will leave.

Then evict.