All Forum Posts by: Mike Hanneman

This stuff happens more then most people think and it isn't a big deal, or shouldn't be. Treat this as a month to month lease and inform them of this. Have them sign a lease with the normal stuff, i.e. all appliances stay with the home etc... Have them still give a security deposit and first month rent or you can even have them withhold this amount at closing.

@Tim Lindstrom what stops renters from taking the appliances when they leave, a little contract called a lease, don't let this hold you back from making a good deal. Think of this as getting two months of rent with little work on your part. I have done this multiple times and have had great success.

A simple "we don't have any rentals available at this time" would have been a better response, especially since your business is attached to your wife and you.

In order to have the wifi locks, then yes you will have to have some sort of wifi being transmitted to it. So unless you want to steal from the neighbors wifi, or you live next to a McDonalds or Starbucks you'll need a wireless router and connection. You will probably want that set up anyway for your vacation rental guests to use.

First you'll want to compare to like properties in your area that have already sold. Then if the appraiser doesn't get enough of a sample they will expand the area a little bit. If you can get a recently sold list form your realtor of the past 4-plexs that will give you the best comparables.

An umbrella policy, at least here in Idaho, as I was told by my agent, covers anything that is in that name. That's why it's tied to your auto coverage, and why you must have a minimum amount of coverage, it's the most likely way someone gets sued, in a traffic accident.

I spoke with an attorney about forming an LLC and having properties in different states. It is possible to set up an LLC in one state and have your other properties, in another state in that LLC to avoid to higher LLC fee. Mine was between Idaho and Washington. I'm not sure about california, you should speak with an attorney about this and you could save a lot of money this way.

Paint!!! New paint changes a place drmatically. Paint the trim a different color to give some contrast. Then do some cheap landscaping like putting in flower beds against the house.

There is no way I'd get rid of both tenants, especially if one of them is a good tenant, for fear of appearing callous. This is the business you have decided to start and work in so you need to get used to this sort of thing.

Check your tenants laws on when you have to announce to increase in rent (most of the time 30 days notice but could be as much as 60) and bump it to market or a little below and most likely the tenant will stay becasue they are still getting a deal. Is this unit comparable to what people are getting for market rents? Does the unit need updating to command market rents?

I personally would plan on living in the less nicer unit so I could fix it up while I'm living there then it would be ready to rent when you move on.

Have multiple bids is about the only way to save on items like electrical and plumbing, and a good way to cut costs nowadays are with the finishes. For example you can get a porclein floor tile that looks just like marble. Engingered hardword that looks like real hardwood, etc... Shop the big box stores and stay out of those specialty stores.

What is your plan anyway, to just stay on the run? It will catch up to you and then you'll be taken in without any notice. Get stuff squared away so when you turn yourself in, your life will be taken care of on the outside.

Then go turn yourself in to get your sentence started.