All Forum Posts by: Joseph Hammel

I have 141 units and don't keep any separate reserves. 

Everything comes out of the operating account. 

Budget 5% Vacancy (currently really 3.7%) 3 turns 2 ready and open.8% Maint 8% cap x Plus all the fixed expenses tax, ins, utilities are all figured in. 

After paying myself I still show 11.48% surplus.

Lines of credit are there if needed as well.

Look up the law they quoted. This is the only line mentioning mold:

"(13) Visible mold growth, as determined by a health officer or a code enforcement officer, as defined in Section 829.5 of the Penal Code, excluding the presence of mold that is minor and found on surfaces that can accumulate moisture as part of their properly functioning and intended use."

Put food coloring in the toilet tanks and see if its in the bowl in 10 min w/o flushing. 

I agree with most above. Sounds like a pretty minor thing. Nothing that you need such measures for. Adding as a note we have this in our lease:
"Tenants shall notify the landlords if the property will be unoccupied for more than seven days."

We also added a line about keeping humidity levels bellow 60%

With all the uncertainty about budget cuts, DOGE ect is anyone concerned that subsidized housing could be in danger? I have about 20% of our portfolio getting some kind of support. Most of them are 100% paid by some program. They were close to not knowing if they could pay some of the Feb checks but that was put on hold. I know that if everything was cut it would be catastrophic for the market and investors. At the same time I feel like some of the market rents they are willing to pay are over what is realistic and may be contributing to inflating the broader market. We shoot for the top rent because of all the extra paperwork and other headache the clients usually bring.

Hey, I've been using my google map data for a while but would like to know if there is a better solution you like. Google is not very accurate and now its all stored on the phone. 

I'm more concerned about the drip-edge/ flashing on top of the roof. Where do you suppose the water will go? Looks like a hack job. Don't hire that guy again. Fortunately its a pretty small roof. 

We have almost exclusively residential but have a few small retail rentals. Small shops with apartments above. When we post theses its hard to figure out where. On Facebook marketplace you have to call it an apartment since they don't have a commercial option. There's manually posting it in multiple groups. Even tried craigslist and local paper once. Our residential postings go to Buildium and Showmojo. From there they port out to all the normal other sites. Property is in Ladysmith WI. (3500k) Its about 500 sf. Great location on main hwy. What's your recommendation to market it?   

We are feeling it's slower. Have had some big remodeled units that unfortunately came up late in the year. Some unexpected vacancies. There's a lot to be said about this but having process in place to mitigate turns going bad helps. Example mentioned already of shifting the leases to term out in the summer. May- July is good. Side note I have one landlord friend who actually has his renew in the middle of winter so they can't find another place. Another pro tip. Start communication about 2 months prior to the lease ending sending out renewal emails and following up with a text or a phone call to confirm. In addition to doing regular inspections as soon as someone gives notice due and immediate inspection to determine if the unit is being kept up decent or if you need to plan on some repairs before it is turned. Perhaps they are things that could be done while the other tenant is still there? 

No reason they could claim discrimination for a rent increase. Just keep the amount within any local rules and give proper notice. The reason for the rent is none of their business. If they think it's too much then tell them they should shop around for somewhere else.