All Forum Posts by: Mary M.

The OP has zero right to dismantle something that is not on their property.  its always great to read these comments where the folks posting are not the ones that will deal with the ramifications of what they suggest.  Its always better to try to get along with your neighbors if at all possible. 

wow, well, if this were me I would allow neighbor access so they can build their screen.  if you are concerned with liability have the handyman show proof of insurance. 

if the fence belongs to the neighbors they can take it apart if they want.  

why escalate an already stressful situation? help your neighbor by being a decent person...  sheesh.

@Joe M. knowing there is an attorney involved and a PM, the best thing would be for your fried to go down and meet with both of them and get as much information as possible. the Atty ad the PM are the ones that will know what the financial and legal situation is.   Dont let any of the posts here overwhelm or scare you/her. it is absolutely doable to own an 8 unit building in a college town as your first investment - I know as I did it. :) 

Use the available resources to her advantage.  the people in place are there to help her and she needs to give them a chance. Why does she not trust them?  She needs them at least for the time being and she should avail herself of as much info as she can get from them. 

looks like the link to the book disappeared...  here it is again   

First, check your local laws. Some locales legislate this kind of thing.  Where I live we need to accept 2 - 2.5x monthly rent (and its based off amount of the rent which one is applicable) ....  so check your laws first.  

Also be sure to check to see if your locale legislates about "source of income" discrimination. 

I have so much I could say as I was in her shoes several years back :)   but the absolutely first thing she should do is sign up for the rental owners association in the state/locale where her rental is....  take every class they have.  Buy this book and learn all she can about how the accounting aspect of rentals works. 

There is just a ton she is going to learn!   But the first thing is to not get overwhelmed and dont make any big decisions right now...   

She should keep the property for at least a year while  she researches her options, etc.  Making big  decisions when you first get an inheritance is not really a good idea.  Is there a legal firm involved? Do they know of a good PM? Who managed the property before?   Can she use the same manager?   i think her job #1 is finding a good manager if the property does not have a manager now. 

As for what she should do - that is for her to answer and she should take a least a year to figure this all out.  I know student housing can be an excellent investment. 

Also she needs to get to know her building and figure out what it needs. maybe a trip or two to see it and figure out all the systems, what needs work, what areas need improvement etc.etc.   Lots of things for her to research as she makes a game plan  

Any bank or potential buyer will do their own due diligence and calculate price based on the rents they feel are market.  This is what pro forma's are all about..... and, for someone who is not selling or looking to refi the 'value" of their asset probably does not mean much to them - maybe they value good tenants that pay on time and take good care of their property more than a churn of tenants that dont care and move as soon as they find something more affordable (and actually this is happening in my city and has been over the last year - people are moving out of the high priced units ad looking for lower priced options...  this is why I have a waiting list ;) )  

there is no "end around" by not jacking up rents just because you can.     If all businesses ran this way there would be no price differential on items and there surely is.   In business there are factors that matter beyond asking the highest price possible.  Or, more clearly, asking the highest price possible to a good current client...

We all need to weigh the costs and benefits - even those that are not monetary - to create the business that allows us to sleep at night.  Its great if you want to affect a good current tenant with a 25% rent increase - for others it will be a different answer. 

So just for arguments sake - say the OP increases rent by 250/month and tenant leaves. they will have at least 2 weeks of vacancy , the cost to release, the cost to clean etc....  so 675+1350+500=2525 of very conservative expense....   the increase of rent of 250/mo is 3,000 for one year. this is a real increase of 475 .  If the Op had just raised the rent say 150/month they would of gained 1,800 in the first year.  

It is always best to do the actual math.