All Forum Posts by: Lynn McGeein

@Troy Parker if you’ll be living there for a year, anyway, why not take a room and paint it yourself, see what kind of painter you are and if you like it enough to do it. Then decide whether or not to pay a professional. I personally found I’m good at it if it’s a simple job, normal easy walls, but hire out if its 2-story height, painting cabinetry, wood windows etc as they are a all a big pain.

@Alecia Loveless does this tenant have some sort of life estate lease? If a difficult tenant told me I’ll have sold the building before they move I’d be looking at the old lease and already giving them notice of non-renewal at the first opportunity.

@Austin Wood nicotine is oily so you need a degreaser. We inherited a tenant smoker and just let her stay for years as it needed full renovation anyway. Found out that ozone machines are dangerous during and even after use - read epa report. My husband has asthma so we researched before using one then didn't. TSP works really well to remove it but messy, use gloves and good ventilation or respirator mask. We found it in the paint section. Vinegar and water can work if it's not too bad. Ours was bad, took 2 washes with TSP, yellow just dripping off ceilings and down walls, pooling on slab. Really gross. We threw out cabinets, flooring, light fixtures, planned on new windows and doors, anyway, had vents cleaned. We do not allow smoking in our leases and have huge penalties built in for additional cleaning services if they do as I'm not doing that again. Not sure it would hold up in court but it's been years and seems to work.

@Greg Strunak have you tried the anti-barking devices they sell online? A friend had a neighbor move in with several large dogs that barked all day, drove her crazy. Neighbor wouldn’t remedy and city didn’t care. They put up one of these devices in a tree near the fence line and problem mostly solved. That with a privacy fence should help.

@Bruce Woodruff no one seems to remember that buyer’s agents developed because agents used to always represent the seller, even when they showed buyers houses, causing many misunderstandings. The total listing fee was always split between both firms then, too, when both listing and selling firms represented the seller. Listing firms will likely have to keep their listing fee the same total it is now, anyway, in order to cover the firm if another agent from their firm shows and sells the home as a disclosed seller’s representative showing the home, because the listing agreement is with the firm, not the individual agent. Many listing agents won’t handle the buyer of their own listing because it is too easy for a buyer to assert they were misled or didn’t fully grasp that the listing agent represented only the seller. If they do handle an unrepresented buyer, no other agent involved, the listing agent will likely have the extra charge in their listing agreement already to cover the additional work and risk. As all these problems arise again, it will likely swing back to sellers understanding that it’s going to cost them just as much for the firm to represent them in the event of an unrepresented buyer as it would if they just paid a buyer agent fee, but they’re more protected from future litigation if the buyer has their own representation vs claiming they were misled by a seller or seller’s agent. Should be fun watching it play out.

@Troy Bullock I provide a seller net estimate for a property price range when I go to a listing appointment. There are set fees like any grantors tax, HOA disclosure package, then fees that vary, like settlement fee, deed prep, prorated real estate taxes, commissions, closing cost assistance requested in contract, etc. Interview a few agents and you should get a good idea of list price and estimated closing costs. Or call your preferred settlement agent and ask them to provide their seller settlement costs, then add in any commissions, HOA, termite/moisture inspection if required, etc.

@Alexandra Joy I think the fact that you’re also the landlord may make you more sensitive to the request. I’ve had neighbors ask if I can print something when their printer didn’t work, drop them off to pick up a car they left at a local bar if it’s on my way, water plants, etc. It’s fine to simply decline, even if you just want to avoid a more neighborly relationship with your tenant, but I’d see it as more of a neighborly ask on tenant’s part, not because you’re also the landlord.

Just wanted to add that Raleigh rents have increased so rapidly over the last 3-5 years that I don't see that continuing unless wages rise significantly.  We're assuming we'll remain at or near existing rents for the next few years, and planning on it if our current tenants stay.  Our last vacancy actually took weeks longer to rent out than expected, but it was late summer/fall and it was advertised significantly higher than previous long-term tenant had been paying.   

I usually tell my investor clients that if the building itself will be in a flood zone (not just parts of the lot), it's not worth the investment unless it's a steal and you're able to pay off any mortgage easily if flood rates rise ridiculously (and you can afford to pay for any flood damage, yourself).  There's so much fluctuation in flood insurance policy right now that rates could drastically rise; I think right now they are allowed to raise it 15% per year even in owner-occupied.  You're stuck paying it if you have a mortgage because the lender requires it and can force-place it on you if you cancel the policy.  And others have pointed out that building in flood zones can be much more expensive with special permits, requirements like living area starting above base flood elevation, probably more than the $25K difference in the lot that's not in a flood zone.  

@Adriese Williams follow landlord tenant laws with itemized list for security deposit and invoice requesting additional amounts that are over normal wear and tear and depreciation for age. (Like if carpet was already 7 years old, you’re not charging tenant for that, anyway). Then you’re likely looking at small claims court and a judgment if the Court is not tenant friendly.