All Forum Posts by: Marc Winter

Dump it.  

Be very wary of an HOA going forward. Use the cash you do have to buy appreciating assets. Buckle up for the ride--it may get bumpy.

First, you must install a fence!  

Then decide whether to keep the pool or fill it in with dirt.

There is a lot of potential liability with renting a unit with a pool.  Make sure your insurance carrier knows that the unit has a pool.

Renting to a family with kids?  They'll love it... until something goes wrong.

Ok, so you are new to the business.  Please understand that this response is meant to help, not criticize.  

Tenant A did not sign or acknowledge.  The original lease should have had a provision to convert to month-to-month if a new lease is not signed.  If the tenant didn't sign the new lease, you can decide to keep them on a month-to-month, or terminate the tenancy.

Tenant B changed the lease: NEVER sign a lease you are preparing BEFORE the tenant signs?  They played you with whatever clause they added.  Don't do that again.

The rent is due and is supposed to be paid.  You can add that amount to the documents you file at the L/T court.  Who knows, maybe you'll collect some of that rent after you file the judgment against the tenant(s).

Want to avoid this type of situation again?  Learn and understand your state's landlord/tenant laws.  That knowledge is a stress reliever and a soft pillow for good rest.

Good luck!

@Jim Smit,

Rent the garage for parking.  Period.  

Do not include a lawn mower, weed whaker, or kayak.  Maybe you didn't hear about the tenant who cut his foot while using the landlord's mower.  Tenant sued and won damages.  

@Jim Smit,

Yes, converting/repurposing a room has been done many times.  

Is it worth it?  That depends on what you hope to accomplish.  Will you be renting by the room, as in co-living (roomies), or looking for a larger family to rent?

It's a worthwhile move if you plan to rent by bedrooms; if not, I don't see the benefit.

Let us know what you decide and how you make out with this idea.

FOMO.  Not a good thing.  

Take your time, little by little, bit by bit, little bit by little bit.  The land is not going anywhere, and there are always opportunities.

Enthusiasm is a good thing.  Keep the positive attitude, just slow down the execution until you actually have a few deals under your belt.

After that--rinse and repeat!

Good luck!

@Nicole He,

Does the father qualify on his own?  

If yes, think about terminating the existing lease, with written acceptance of the 'agreement of termination of lease', to be signed and notarized, by both father and daughter.

Then, create a new lease with only the father on it.  

(Deposits should be addressed in the 'acceptance of termination' agreement.) 

If the father does not qualify on his own, do not proceed past the termination of the lease, unless you want to take a flying leap of faith with the solo father. 

Remember: carefully craft the agreement of termination, and have both tenants sign with a notary.

This is not legal advice; I write this from my own  experience.  

"Next!"

@Phoenix Brooks,

What are your written criteria for acceptance? Minimum credit score?

There are two red flags here: poor credit, late payments, oh, make that three flags--no employment.

Most of the applicants who state they will pay for a year up-front, well, they just don't pass the sniff test.  Ever watch the movie "Pacific Heights"?

I'd pass.

After reading the above comment and your explanation, in a word: NEXT.

Why try to catch a falling knife--if you can't get real equity when all is said and done, just pass and go on to the next deal.

Good luck.