All Forum Posts by: Kar Sun
Kar Sun has started 20 posts and replied 364 times.
Post: How to request for extended stay after the house closing
- Posts 374
- Votes 273
verbal agreement does not cut it. your brother needs to have temporary occupancy addendum to the agreement. it spells out if there is rent, what is the max stay (no more than 60 days otherwise it is considered an investment property for a buyer), daily rate over agreed time to possession, needs to have signatures. Additionally closing date (title document signing) and possession date should be different. it needs to be in a contract. you can get a form online that is applicable to your state. I am surprised buyers agent did not mention it. Have this stuff on paper.
Post: Should I Increase the Rent with the Inflation?
- Posts 374
- Votes 273
Quote from @Cheza M.:
Quote from @Kar Sun:
Yes, as long as you have comparables in your market. The only time it can go higher is if you have a highly desirable feature on your property. I would not increase every month. Just assess what you need for the life of your upcoming contract. $50 dollars is practically nothing these days.
Thank you for the advice. Sorry, I actually meant increasing it starting next month and throughout the year, not every month. I checked on rentometer website the median rent price in the area is $1,200 and since I'm increasing the rent mainly because of the inflation maybe $50 would be reasonable?
ok, do not just use rentometer. look on zillow, apartments.com, zumper, realtor.com what similar units go for. I would not blindly trust some rentometer algorithm.
I would drop this property manager
Post: Should I Increase the Rent with the Inflation?
- Posts 374
- Votes 273
Yes, as long as you have comparables in your market. The only time it can go higher is if you have a highly desirable feature on your property. I would not increase every month. Just assess what you need for the life of your upcoming contract. $50 dollars is practically nothing these days.
Post: Transferring properties to an LLC
- Posts 374
- Votes 273
great subject and I have seen several threads on it. Following.
Post: What Questions Do You Have For Real Estate Experts?
- Posts 374
- Votes 273
none. there is a wealth of resources where I may not need any real estate agent. Going through a transaction not involving any agents and everything is great so far.
Quote from @Matthew Paul:
After another open house this evening , I am seeing a pattern , all prospects are in a hurry to get thru the application , they want to fill it out on the spot . When I ask for proof of employment , W2 etc , they have excuses or evasive , and sob stories . What I believe I am encountering are people who are in the process of being evicted since the covid restrictions have been lifted . Most want to move in within a day or 2 . ( cant verify info that fast ) . Lucky for me , I am in no hurry .
I am not letting anyone fill any application unless they go through pre-screening questions. How quickly they respond to these questions and in what format matters a lot. It tells me about their character. Only several people will be invited for each batch showing. And realistically only 1 or 2 out of 20-50 visitors will be qualified. It is just like a job interview. I do not have several hrs each time to spend on the applications. Apps are for those who are most qualified because apps are not free and there are fees. They only have one chance to make an impression. I have another full time job and do not have time for tire kickers. I do not need unqualified people pestering me about money back.
Post: Tenant wants me to replace the jetted tub with a plain tub
- Posts 374
- Votes 273
Quote from @Gary L Wallman:
Quote from @Sateesh B.:
One of my tenants is pestering me to replace a perfectly working jetted tub with a plain tub, she is quoting that it is tough to clean and due to that she is getting fungal infection and quoting medical reasons, Plumbers are quoting between 2 to 3K to replace the tub, I asked her to use professional cleaners to clean the tubm but she is pestering me, Am i required to replace the tub, since she is quoting medical reasons will I be liable for any medical bills. She is not willing to pay for the change, All the units on this building contains a jetted tub and none of my other tenants seems to have a problem. How do i handle this situation. Apreciate your reply. Thanks.
Under no circumstance would I ever consider such a ridiculous request. Sure, let me do a bathroom remodel because you don't like my upgraded tub. Some tenants really do have brass ones.
Pretty sure her fungal infection has spread to her brain.
Gary
This was funny but to the point.
For my A class units I would actually consider removing tub/doing light remodel altogether for a long term tenant who would be willing to foot half the bill. I would have them sign appropriate documentation releasing any interest in a property. This can actually be a win-win in some less common cases given the current prices.
Post: Keep or sell, what do you think?
- Posts 374
- Votes 273
sell. how are you going to manage an out of state rental? you will have to pay to a property manager to do so. if you had 3 or 4 of these it would make more sense. I do not see a need in property managers for most small portfolios. also, is NJ a landlord friendly state? yep, I do not think so. get rid of it.
Post: Is rental property investing forever doomed?
- Posts 374
- Votes 273
I would take cash negative flow at this point in a good location. I know it will eventually be cash flowing and it will appreciate even sooner. In part due to tremendous inflation.