All Forum Posts by: Tracy Scanlon

It depends on the laws in your state, but I would definitely have the tenant sign a new lease with the correct date.

A couple things to add to the great advice here:

1. Factor the cost of Quicken or QuickBooks into your budget - the costs can add up. 

2. A website gives your business gravitas: It lets people know you are a serious professional.  I've had renters reassured after looking at my website, able to tell I had been in business a while and I wasn't going anywhere.  

3. If you are going to do E-Leasing without a property management software, DocuSign will let you do up to 5 without a paid subscription.

All the best!

If it is an illegal unit make sure the cost is not included in the purchase price.  Your comps will be the other 2 flats in the neighborhood.  

If you go ahead and purchase the property, there could be an unexpected win for you. The city is discussing allowing additional dwelling units (ADU) proposals now as a way to help with affordability and density. This would mean allowing basement units in a 2 flat even though it was zoned R3. Your apartment could conceivably be transformed from illegal to legal if the ordinance is enacted. Alderman Osterman, the chair of the housing committee, is in favor of the ordinance.

Good luck!

As far as having one LLC cover more than one property, that is up to you. The LLC limits your liability, and while spreading it over more properties may save you some in the short run, it could be a riskier option. You should consult your insurance agent to see how it would effect your premiums as well.

For utilities, I sometimes bundle it in with the rent.  As long as your municipal, county and state ordinances allow, it's fine.  Just don't charge any more than the actual utility bill- I usually charge the exact amount or a little less to be safe.

Usually renting to dog owners is fine.  I require the renter have an insurance policy without a dog bite exclusion.  That means their insurance would be on the line if the dog bites someone.  I also have them sign a rider along with their lease that covers how they will take care of the dog, and my expectations.  I've been able to rent the apartments more easily, and the tenants have stayed for longer periods of time.  So far so good!

I did have a relative who let her friends with dogs stay in her apartment while she was abroad for 6 months and the small dogs chewed a hole in the bathroom door.  Turns out the friend was locking the dogs up in the bathroom when she left and perhaps wasn't walking them enough.