All Forum Posts by: Kathleen Sedita

I manage a property with 50 Low Income Housing Tax Credit (LIHTC) units. I'm wondering if anyone here has experience with this as well, or if anyone can recommend another forum or website where I can pick people's brains? I'm more experienced that many landlords & property managers within this arena, however I'm wanting to brainstorm with others about best practice for how to set up lease expirations in order to capture the income from the once-yearly rent increase from HUD without creating a mess when it comes to doing the annual recertifications. We expect to receive the new increased rental rates in May, with an effective date of June 1. I'm holding off on some renewals while we figure out the best course of action for NOI as well as keeping it minimally intrusive for both on-site staff and the tenants.

@Kimberly Costello Hi Kimberly, my father & I are 2nd & 3rd generation mobile home park owners in the Tampa area. We would be interested in possibly purchasing this from you in the near future (or whenever you decide you would like to sell). Feel free to shoot me a message so we can discuss further.

Thanks!

I'm the property manager for 196 units in Golden, Colorado (just outside of Denver). A prospective tenant has asked if we have ever done radon testing for their unit. I know we have not done radon testing since we took over management of the property 1.5 years ago. I haven't been able to get a solid answer from anyone with the ownership about previous years. No one seems to know if we have had it done or when. (It's a large company with thousands of doors across the country. They aren't going to dig up those records for one prospect.) The property was built in 1996 and 2000. They are all 2-story townhome style apartments. No basement units. Bedrooms are on the second floor of the units.

My question is, what do most people do about radon testing? And what is the best way to reply to this prospect's question? I know how I would handle this if it were one of my tenants in my personal rental properties, but things are different with these large companies and it is not in our budget to do testing even though it's pretty cheap. Plus, with Fair Housing, if we were to test one unit we would then have to test all 196 units and there is where the huge cost is. 

Thoughts? Insight? 

Is this a thing? Can it be a thing? We have several older single family homes (built 1900-1930). In the past we had a group of college girls living in one of these houses & they destroyed the plumbing flushing tampons. The plumber couldn’t warranty his work when we paid a plumber to come fix it because flushing tampons is “abuse of the plumbing line.” Had a similar thing happen with people flushing wet wipes during the covid toilet paper shortage.

This got me thinking that maybe having a Lease Addendum that covers these things might be helpful to keep tenants 1)informed of best practices and 2)liable should they violate them.

What does everything think? Would an addendum like this even be enforceable? Should I just include these items in the list of tenant policies I provide

@Dave Poeppelmeier AMAZING! Congratulations! This is exactly what I needed to read this morning. Inspirational. Hard work & determination pays off.

@Sam Leon Even though it’s a cheap fix, still make sure you take the cost out of their deposit and save all receipts/invoices in case the tenant tries to fight it.

@Sam Leon Definitely a curling iron or flat iron (hot hair tools).

Thanks, guys! @Marco G., what would be the reason a credit union would be able to give me a better loan? I have long-time relationships with credit unions & small banks in Florida, but none here in Colorado. Walking into a credit union where I have no prior relationships is scary to me... Is there a specific way I should be pitching myself/the deal to them? Would it just be on the basis that they see the property as a good investment as well and trust my management of the asset? Or is that just the standard with credit unions v. regular banks?  Thanks again!

For reference: I have a 720-750ish credit score, am looking at duplex/triplex/fourplex properties between $500k-$999k in the Denver area. I plan to put down 40K cash but could go up to 60k if I had to. From my research, an FHA loan would be my best bet.

I am looking at duplexes & triplexes to purchase where I would live in one and rent the other(s). I am a first time homebuyer and wanting to do an FHA loan. However, what if "life happens" and I end up needing/wanting to move out of the property before the 12-month residency requirement is up? What are the ramifications? I know there are exceptions for things like divorce, military orders, having kids/family expansion, etc. But I'm trying to figure out what the worst case scenario would be and work back from there.

I appreciate any insight!