All Forum Posts by: Mike S.

Originally posted by @Lynnette E.:

Originally posted by @Mike S.:

Originally posted by @Bjorn Ahlblad:

@Nathan Gesner Miniature horses are a popular ESA! What would be the pet fee in that case. How would I deal with that in my apartment building?

There is no reasonable accommodation for a miniature horse.   

 Sure there is!  Rent them the barn!  Add a people toilet and a hot plate or microwave.  Accommodated!

Except an ESA would be in the house.  A horse cannot be potty trained.  That is an unreasonable accommodation and can be denied.

Originally posted by @Bjorn Ahlblad:

@Nathan Gesner Miniature horses are a popular ESA! What would be the pet fee in that case. How would I deal with that in my apartment building?

There is no reasonable accommodation for a miniature horse.   

Originally posted by @Tim White:

@Naveed Q. Try out Martison and Beason or Paul Killian with Harrison and Gammons.

 

Martison and Beason.  Can't recommend them enough.

Is this Hines 5 4 plexes? I wouldn't believe anything they say about occupancy or cap rate. If they knocked off $400k from the price it would be priced well, but like every MF in Huntsville, it is priced for the out of town buyer who doesn't know better. There's hardly any MF stock in Huntsville that isn't high crime/high vacancy unless you've got many millions. 3 to 5 years ago you could have bought similar units for $150-$160k per plex. Hindsight would make them seem like deals now, but you'd have to ignore the market back then. Now, like then, there are better returns to be had elsewhere.

My standard procedure is, once I receive notice, I send them a move out checklist that also reminds them of the clause in the lease about showing and their agreement to it and keeping it clean and in show condition.  I also inform them (politely) that I would like to reserve Sundays from 2-4pm for showings.  That way it's spelled out and it minimizes impact on their privacy.  I then tell prospective tenants I'm having scheduled appointments at this time. 

Caveat(s) I won't show a house that will need updating or repairs between tenants; I won't show if the tenant is anyway belligerent about it (hasn't happened yet).  FYI, you can't force them not to be there, so if they are going to fight you about it, it's no place for a prospective tenant.

Early termination fees, of course, allow the lease to be broken by nature.  Truth is, the tenant can break a lease just by leaving and most states limit your recourse so it sounds attractive.  On the flip side, maybe your early termination fee makes a problem tenant not want to leave.  They have to pay the fee, deposit is still for damages, so they are out that unless there are no damages.  I can see a situation where you're thinking thank god they are gone.  

What you should do differently is always follow process. For me, that's sending notices (pay or quit, etc.) as soon as legally possible. Side bar conversations are fine if it helps get you paid, but always follow the process. Let them tell you their sob story, but reply that to protect your rights, you will follow your procedures including eviction, court costs and lawyer fees as allowed by law. If they do what they say, fine, but you don't need to be a month or two behind in getting rid of a deadbeat.

My only non paying tenant was someone who had documented reasons for their bankruptcy and with very high income. Their documentation made it seem like it wouldn't be an ongoing problem with this tenant. The result is, I won't be renting to anyone else with a bankruptcy.

Sirote and Permutt seem to be the lawyers of record for just about all the foreclosures in Alabama. You can get upcoming information and starting bid info on the day of at https://webapps.sirote.com/foreclosure/ . Results are going to be harder, but if you show up and observe some auctions, you'll get the results real time.

If I was to do it, I would do a lease with option to purchase, not a rent to own. Your percentage for option may vary, but 10% of agreed selling price is a good starting place. Half option money up front and half added to rent over to 2-3 year period. All option paid non-refundable and applied to down payment if closing proceeds. Statistically, I've heard that rent to own/lease option almost never close.