All Forum Posts by: Matt Clark

When looking for new contractors get numerous bids for each trade.  Make sure you have a very specific IFB/scope of work so that everyone is bidding exactly the same process/material.  Then toss out the low bid (you get what you pay for) and toss out the high bid (that contractor doesn't need the work) and select one of the middle bids from the contractor who impressed you the most.  

Not sure I would renew them; but if you do...

The month-to-month option makes it easier to get rid of them if they continue to pay late. 

If you decide to renew, consider increasing their security deposit with the new lease.  That would provide a cushion if things don't go well.  I think state laws vary on what you can require in regards to the deposit.

Hi Lisa!

Does your lease address guests?  If so, the tenant must comply or be in violation of the lease.  And if not, then the tenant can allow anyone they wish to visit or live there.

We require the tenant to obtain approval for any guest who stays more than 5 nights a month.  This gives us the right to require an application from the guest/roommate, and thus a criminal background check.

Matt

Jarrod,

Aside from the math, make sure that zoning issues won't foil your plan.  Zoning changes can be expensive and sometimes impossible.

Good luck!

@Steve Babiak Good catch. Thanks for the info!

I'm thinking you need to approach it with her in a cooperative spirit. I doubt a judge would side with you for a judgement or eviction when you are charging her for something she did not agree to pay. Maybe you could agree to her terms as a way to get her to sign a lease addendum making it a charge she would legally be responsible for.  Seems like a win-win: she gets what she wants (or something close), and you get a binding commitment. 

Another option would be money orders, there is no way to stop payment on them. I rent sight unseen several times a year, and it works just fine as long as you screen thoroughly. 

Here's a vote for never allowing a tenant to cut the grass! Seems like it usually turns out bad for one reason or another...

By creatively addressing the terms of the buyout you can actually increase your revenue.  Have a desirable property at a fair price, make the tenant pay a substantial buyout fee, turn it over quickly and move in a new resident.  The buyout fee has to be enough to cover the vacancy, make-ready, and admin costs, and should leave some extra for profit.  Don't get too greedy, you want the tenant to leave as a satisfied customer.  After all, you've just negotiated a way out of their legally binding contract and saved them a lot of money!

I think you have to be careful with your terminology ("extra month's rent" vs. "buyout", etc.) and I imagine the specifics will vary from one state to another.

Matt

Brandon,

If the is a musty smell or any indication of excess humidity that could be a big problem for you resulting in mold.

I've encountered similar situations, but I doubt that our weather here in Virginia is as humid as yours.  If the tenant won't run the air conditioner and you have a problem, you'll need to take some action to protect the building.

We have installed 8 of these built-in dehumidifiers:

http://www.innovativedehumidifiers.com/

The tenant doesn't control them, and can't turn them off.  They have been a good solution here.  (I have no affiliation with the company - just a satisfied customer).

Matt