All Forum Posts by: Linda S.

@Lynette P.

1)  Anytime you make a lease change,you must give them proper notice-- say 30-days so they can adjust.     As long as you are direct and clear, and document everything--I don't think you have to re-do the entire lease.

2)  Yes, pick a date.   We always pick January--- even if someone just moved in-- all of our houses are inspected as of January.    You let them know  the date/time, and tell them you're coming, and you can bring a key if necessary.

3)  There are minimum state requirements, but if your lease says 48 hours-- that's what the tenant should expect.

The annual inspections are CRUCIAL, not just for the legality of checking to confirm smoke detectors, but it gives you a few minutes to touch base--- what's going on with the house?    Is anything wrong?  Make sure you have a fire extinguisher, I also give them a second one-- more resources the better!    People will forget to tell you stuff, but if you ask them in person-- magically they can think of 2-4 things they'd like fixed.     We also use this time to ask them-- what is an upgrade you'd like done, sometimes it's simple like a new exterior light, or  an old window replaced--- you want to continually upgrade the house, this makes turnover a breeze!    Communication with tenants is key, happy tenants don't leave!

@Kanchi Ji,

I don't know where your focus in the DC MSA, but let me say--  those houses are EXPENSIVE, and I think people can calculate how much commission you'll make off a $800,000 or $2M house, they want someone to really fight for them and get them the best deal.    You aren't selling a tiny farm, or a cute little 2bd house for $100k.   The image absolutely matters, especially with the type of people you are selling to!      These buyers make really good money, and likely wouldn't understand why you'd be driving a 1998 Toyota corolla (example), not to mention-- it would signal you're not very good at your job, people absolutely judge.   Take it or leave it, you're picking an industry that does judge on looks.

 I don't think you need anything brand new, but you could easily find a luxury vehicle that's 5-7 years old, that gives off the image you want, but doesn't come with the heavy price tag.   Good luck!

@Wendy Jiang,

It's common place and standard practice, when a tenant knows they are getting a really good deal on rent, if something breaks-- they  just replace it, and don't worry about telling the landlord.   It's not right/wrong, but if they are saying they paid for it, it's likely they did.   Used appliances aren't exactly super profitable.     If you don't have pics of what it looked like when they moved in,  unless the prior landlord gives you proof they paid for it-- personally, I'd just let it go.  You'll have to upgrade it anyhow, they just made

I'd be ecstatic they are moving out and you don't have to spend $$$ on a lawyer!  I'd use it as a reason to upgrade, and get that +$1000/month in rent!

@Christine Lee Middleton,

As someone who prides themselves in providing high quality, low income rentals, let me just say--it can be done, but the odds are not in your favor.  

  That being said, it's similar to the shark tank where it's a sink or swim mentality.   I'd guess 90% of the people sink, and end up losing money and get out quickly.     People get burned badly, so they are quick to warn other about their losses.     You'll hear a lot more of these stories, because it sucks when you lose $$$!   It sucks seeing a house trashed, and people are happy to tell horror stories-- because let me say, they are true!!  You do have to accept that a portion of rent will be late, people are paycheck to paycheck-- it's just what it is. 

That being said, I feel like most people who are really successful at low income investing don't brag about it.  I think it kind of makes you seem like a real jerk, to be bragging about profiting off the lowest sector.      In general, other investors can be real a-holes, if you tell them a great low income investment, they will often turn their nose up to you because they think low income is less than them, or maybe it burns because they lost money when they did a low income investment. 

PM me directly if you have any questions!

@Joshua Dombal,

I have been through some really bad infestations, never once did anyone tell me to get rid of appliances.  Bleach and heavy cleaning do amazing things, not to mention the right exterminator should know how to handle this ASAP.      I would hire a cleaner ASAP also.

If the prior tenant didn't complain about roaches, and you didn't see any roaches  (assuming you did a thorough clean out/inspection) --it is possible that the new tenants brought the roaches with them.  Personally, I wouldn't pay for lodging-- if you do that, you're opening up a slippery slope-- next you'll need to pay for meals too.   Do you know how expensive hotels are?   It will quickly go above rent-- you could also just allow them out to the lease and give them back their deposit so they can find a different place, and you can get the roach infestation under control.  

Personally, I would offer to take off a week of rent for the inconvenience-- any way you look at it, you need to hire a cleaner and exterminator ASAP.    I don't think you have a case to make it against the prior tenants to pay for the exterminator, all they have to say is "we never had a problem with roaches"  and especially if you already had new people move in, you have no way of proving when they came in-- before or after the new tenants.

@Jessica Long,

This is completely normal and part of business.    If it makes you feel any better, we had to replace the main sewer line ($5K), AND replace an HVAC ($5K), and replace 2 large windows ($1400)  all within ONE(1) month, and the prior month we replaced half the siding ($6K).  I've been a landlord for 6 years, and by far this is the worst year for this ANY of our houses-- EVER.    I feel for you!   Sometimes months suck, sometimes they are great, sometimes they are boring.  

 It absolutely hurts financially, but  on the flip side-- when you get a new sewer line, that's 1 guarantee of no problems in the next 10-20 years!    You just roll with it, nothing is suppose to last forever!   Don't get spooked.   Stuff breaks, you fix it, be happy it's brand new now and move on!    

@Nathan Gesner,

Definitely adding it to my list!  thank you!

@Cathy S., 

From my experience of being a landlord, and getting like 20+ tenants are on rent relief-- it doesn't many how much free rent someone gets-- the tenants stay the same people.  Good tenants stay good, and bad stay bad.  The bad will still choose not to prioritize you, and try to find whatever loop hole they can.    People can be VERY diligent with trying to get free stuff, and your tenants have plenty of time on their hands! 

 I wouldn't ask them for anything-- I'd simply contact a lawyer, and have the lawyer send them official notice of non-renewal.    I say this because if they are the bad type of tenants, they won't be afraid to go to court, so it's easier to know you have all your ducks in a row and an easy case for possession.  Especially with this type of tenant, you don't want to mess up the process and then get the dates pushed back.   State laws vary, so don't take the advice of the internet-- get a lawyer and get it done right.

Also, I can't stand it when tenants act like they have the control.   I remember one in December when we didn't renew, we told him we would be doing a showing at X time, and he was like "No, that doesn't work for me, you can do it another day." .... yeah... I'm the landlord, I'm TELLING you, not asking you-- big difference. 

@Stephen Bishop,

So you're saying a tenant trashed you house,  and left thousands in damage... welcome to being a landlord!  

Personally,  we do C/D rentals, and you can take people to court, but getting water from a dry wall is pointless IMO.    If you can file yourself, great-- but I wouldn't spend thousands for a lawyer in hopes of getting something back, chances are you won't.    Do you want to keep track of this person, when they switch jobs?  No thanks.   I'd say cough it up as the cost of doing business.   This might have been the first to screw you over, definitely won't be the last!  Stressing about someone  screwing you over, not worth it-- just focus on fixing it and moving on.    Maybe I'm lazy, but I just focus on what makes me money-- that's getting new tenants!

  Depending on the type of rental, you may be creating lot more work than is needed.   I see this a lot with newer investors, they try and make it perfect when a good cleaning and a couple upgrades are all you need! We just had someone trash a house, and we were worried we'd have to replace the carpet and add new laminate ($2500).. nope--- $50 carpet cleaner rental later, it looks amazing and new tenants have moved in!  Work Smarter-- not harder.

You can write off the materials, mileage and gas I believe-- but you can't pay yourself.   

https://get.biggerpockets.com/...

Congratulations on your first rental! You can get one through BP specific to VA, or you can go through a lawyer. It's worth it to get a good lease, and it's important to cover things like pest control, plumbing issues, renters insurance, pet policies, etc. The more details you can put in IMO the better, and make sure everything is crystal clear with the tenant too so they know expectations. If it's section 8 it has to be a 1 year lease, but if it's not-- absolutely do month to month leases!