All Forum Posts by: Kyle Meyers

1. I don't think they can just make a master key to existing locks, but you could change all the locks and get a master key that way.

2. I like to get the pet deposit since it is some extra incentive for tenants to keep their pets from damaging the unit, but a one-time fee is nice to get some extra money.

3. It may be difficult to enforce that tenants get the hinges, but you can give them notice that it is required and that will give you more leverage to charge them for any repairs if they don't follow your rules.

4. Give the tenant a week or two to get the car fixed or have it removed. You don't want a broken down car in your lot, but you also don't want to have a bad relationship with the tenants, if you explain that it can't be there and you are giving them some extra time to get it taken care of, that should be a good compromise.

5. I think the lights are a great idea. I had motion activated floodlights and a dusk to dawn light installed at my duplex to try to deter crime and also so my tenants can see where they are going at night.

Do you have certain exceptions you will make to your tenant screening if the tenant agrees to a higher deposit or a higher rent? For example if you require a 600 credit score and someone has a 580, would you deny them or tell them you will rent to them as long as they agree to a higher security deposit because of your increased risk?

I would say no to outside only. The biggest reason I have not to allow a dog is the liability, and to help protect myself I require tenants to keep dogs on a leash and under the control of the owner at all times when they are outside. Dogs cannot be left unattended in the yard or staked outside. Of course, the tenants could be breaking my rules behind my back or a dog could escape, but I feel a little better about allowing the dogs when they are at least supposed to be with the owner or locked inside.

I have two policies for rental properties, one has a liability limit of $500,000, the other $1M. They are both covered for loss of rents and full replacement cost. The premiums are $350 and $580 per year. The lower is because it is on a condo and most of the building is covered under an association policy, I only have to insure drywall and in for my unit. The added expense to increase the liability coverage was well worth it IMO, I certainly can't afford a million dollar lawsuit.

Just found this show online and started watching the 1st episode, it already seems extremely staged and I don't think he seems like a well-experienced flipper. He bought the house without seeing it, and then made a guess at the rehab budget, still without seeing it. When they open the doors they notice the walls are missing. Just doesn't seem like something a real flipper would do.

Update: The tenants paid off their past due balances and the water was not shut off. When I confirmed they had paid with the water company I learned the tenant who told me they had paid days before I received the letter had done exactly what they said, I couldn't get an explanation from the water company as to why it took them so long to be able to confirm that payment. Hopefully I don't get these letters again for a long time.

I use an online service that does these transfers. PM me and I can tell you the web site. They charge $3 for each payment they handle, which is kind of high, but it is the only service I found that will do low numbers of transfers like this without monthly or sign-up fees.

I do not have a relationship with this company other than using their services myself.

Check the laws in the area to see if a license is required, if it is make her get one. Check the CC&Rs too, they may exclude home businesses. Make sure she gets liability insurance for her daycare business. You will still need insurance yourself, get a policy with a high liability coverage for the property and ideally you should have an umbrella policy too.

You are open to more liability since you know about the daycare than if you did not. In my leases I clearly state that tenants may not run a home business, I would recommend you do the same unless you have worked out an agreement with the tenant that allows them to run a business and in that case, spell out exactly what business is allowed and that no other business is permitted.

Additionally, I would encourage you to have a home inspection done and fix any safety hazards or code violations prior to allowing a daycare be run, try to make sure the place is as child-proofed as possible.

Of course, if you can get her to agree not to run the daycare, or if you can find a different tenant, that is the best way to limit your liability.

I would not specify that your insurance does not cover the shed, instead put in language that you are not liable for any damage to the shed and require the tenant to get insurance for the shed themselves.

What statements they will want will depend on what you are going to be including in your management. The more you do, the more information they will need. An income statement, balance sheet, and statement of cash flows are all pretty common. I would show them at least these 3, then see if that meets their needs.

What statements do you provide for the other property owners you work with?