All Forum Posts by: Mike Giallanza

Verbal agreements typically don't hold up in court, so you may need to consult an attorney to formally serve them notice. When it comes to move-out, document the home top to bottom with photos and video. Hopefully you did the same at move-in. Small nail holes are no big deal, but bigger holes should be repaired and charged to the tenant assuming your lease allows for this. Cat damage isn't fun. Make sure you buy a black light and inspect the floors and walls for urine damage. Good luck!

Do both the furnace and AC need to be replaced? Or can you repair and maintain them to keep them going for a few more years? If they both truly aren't working, what about a mini split unit in the home? For me, I would not go with window units and the alternative would be a mobile AC unit that stays inside the room. Window units are an eyesore both inside and out, and from a safety standpoint a lot of tenants don't like them. 

I'm a firm believer in having the furnace serviced and cleaned once the cold season kicks into gear. I leave (2) 3-packs of filters at move-in, and during my visits throughout the year will replenish them for the tenants. It seems to work just fine.

Appraisers should be sticking to a close concentric circle of .25 or .5 miles (if not enough comps) in the past 6 months. $2k isn't that big of a deal, but it wouldn't hurt to send over comps that you think are a better fit and see what happens. Personally to me, the bigger issue is this appraiser isn't following protocol. 

Don't let tenants get away with this stuff. Use a collection agency to go after them. It doesn't cost you anything, and will show up on their credit report. You may never see a penny, he may declare bankruptcy, so let him. Don't let a bad actor get a free pass. 

IHMO, don't rent off season here in Centennial. 6 months puts this lease at the end of January, so even worse than February. If they can't move in until 1 September, there's no reason to consider any prospective tenants. You're getting a lot of interest...it may only take a few more days to a week to find a better candidate. Good luck!

Congrats on your success in RE! A job well done, and that's something to be proud of. You have so many choices that you can make; there's not going to be a perfect road to travel down, and definitely not a one size fits all approach. 

For me, I'm into multiple streams of income. RE investing has treated me well, my RE business has treated me even better, and my stock portfolio has performed much better than anything I've ever done in RE. Good luck with the choice(s) you're about to make, and continued success!

Reach out to an RE attorney. There may be executive orders in place from your Governor providing a moratorium on certain actions against a tenant. On a federal level, the CARES Act is still in place for a bit longer so if your loan falls under this, and a lot do, there are restrictions there. You can't post a notice to vacate until 26 July stating the tenant must move out on or before midnight 31 August. 

I second Buildium. Great software with many features!

Yes, solid coat is the way to go. Behr at HD has some excellent solid stain colors. Just cover right over it.