All Forum Posts by: Lisa Wright

@William C. Post a pic.  Unless the built-ins are jaw dropping nice, I'd consider pulling the book shelves out and leaving it empty.  That way it is ready for whatever the owner wants to do with it.  The obvious thing would be to convert it into a walk-in closet.  But I wouldn't necessarily build it out for them.  You could suggest the idea by staging it with a standing coat rack and maybe a shoe organizer.

@Zech Ehnert  Hi Zech…Great question. My wife and I own three three-family units in a lower income area. We also inherited tenants in two of the buildings with one being habitually late from day one. I allowed this tenant to catch up rent and I stopped moving forward with an eviction. As soon as they were caught up on rent, they were late once again with a multitude of excuses. Based on this experience, these are my suggestions:

• Be fair, but firm – For my tenants, payment is due on the 1st of the month. After the 5th day (per my lease), I can charge a late fee ($25). Are your tenants in leases? Is there a late fee?  
• Be wary of the “professional tenant” – After a two-month appeal eviction process, I just received notification from the supreme court of my state that the tenant’s appeal was denied and I can move forward with the eviction
• Be as compassionate as possible, but understand this is not a “personal situation” rather a business transaction
• One strike policy – I’m a big believer in second chances….but not third chances
• State Laws - Make sure you understand the eviction laws and procedures in your state
• Follow your gut – I didn’t have a good feeling about the tenant I discussed above but didn’t listen to my gut

I haven't given much thought regarding incentive for early payment. However, I did consider maybe offering an incentive if the tenants pays on-time, let’s say, for 6 months in a row.

Good Luck!