All Forum Posts by: Pam R.

Tough call.

I'd probably also ask him WHY it's another week or two. @Jean Bolger is probably right - he doesn't have a place to take it. I'd straighten that out with him, so you're very clear of his plan. You don't want to be posting on here in 6 weeks what the rules are about towing an abandoned boat out of your yard.

(4 years ago I bought a duplex, and the former owner has a bunch of stuff stored in the old garage out back. He asked if he could rent the garage for a couple of months. We said sure, $75/month. $3400 later, I've still never set foot in that garage. Don't know if he has either, but he sends us $75/month)

Tim, every real estate investor has different goals. Not everyone wants to be Donald Trump - some just want to make a couple extra thousand a month in retirement, and it's just a piece of their retirement planning diversification.

And I think the risk also depends on leverage, not just occupancy rates. Which would you rather own in a downturn: 2 paid for properties, or 10 properties that were financed with 20% down?

I'm sure they are right about the vacancy rates flattening out, but that's not the only factor to consider.

I have two duplexes, looking to acquire about 3 more, but probably won't go beyond that unless I plan on dropping out of my corporate job. I don't want two full-time jobs :)

@Karen Margrave - I have a heart. He is not disabled. He is an able-minded man. He receives social security as the surviving spouse and parent of his deceased wife's children. He's been getting it for several years. In fact, he's an electrician by trade, and works as one. The rent payment date was already set to coincide with his SS check date - the 15th. (That's when he told us he gets it.) Rent was 9 days late by the time mom called.

So for the record - I would not make this type of criticism of someone with mental health issues. This is a classic case of avoiding problems.

And last week - when we're waiting on his rent - he had cable installed.

@Jon K. - I really like the idea of a manual. I think I'm going to run with that idea. Maybe a simple folder with a copy of the lease, and its addendums, and basic maintenance information. It could save some phone calls.

We've been bitten by this.

On our first duplex, one side was vacant, the other side occupied. Day after we bought the place, the tenant told us that he was broke and moving ASAP - that one of the owners (it was a partnership) had paid his rent for him the previous couple of months so they could sell it with at least one side occupied.

That caught us by surprise, but it all worked out - we were going to give him 30-day notice anyhow b/c we didn't want his dogs.

And the next duplex - the owner told us rent was $625. When we asked to see the leases, it turned out he had just given the tenants notice of a rent increase to $625 (so he could advertise that during the sale). Not only had it not taken effect yet, the month-to-month tenants hadn't even signed the agreement. We caught this one during due diligence and worked it all out.

Matt - my properties all run around $600/month.I don't think the $50 is going to convince anyone to stay per se - but it may create some general goodwill and help foster a better relationship. I think it helps that tenants see us as "people," and not just landlords.

Hi Matt. There have been some other discussions along these lines, with some very good ideas. You should do a quick search.

I haven't bonused tenants yet, but I'm planning on doing it this year. I have some excellent tenants who came with the duplex I bought last year. Just great, reasonable, hard-working folks, and I suspect they are going to stick around for a long time. I was just reviewing leases, and saw their 10-year anniversary is on valentines day (I've owned the place since last April). The hubby and I decided to give them a $100 gift card.

I have another duplex with leases up this summer. I'm considering offering each side $50 if they renew for another year. Those two apartments are a cinch to rent - easily within a couple of days - so I'm not going to go overboard with an incentive. They are fairly trouble-free tenants as well.

I think I'm going to stick with offering incentives on renewal dates, rather than the holidays.

@Jason Munck - I haven't had this happen. At a minimum most would reimburse rent for the days they can't stay in the property. So if they had to leave, but could stay with friends, I'd reimburse those days. If they needed a motel, I'd call around for the average rate of a moderately priced motel, and give them that amount. I think it really depends on the reasonableness of your tenant how you need to handle it. I'd do my darndest to keep them in the property, with loaned space heaters.

@Sharon Tzib - In a similar vein, I have direct knowledge of a situation where a woman was offered a job - and her husband called to negotiate the salary for her. The offer was RESCINDED as a result.

@Steve Babiak - I know. I don't expect Mom will bail him out all the time. He's been renting from us for 7 months, and this is the first he's been late - and the first that she's covered his rent to us. They were living with her before he rented from us, and I know it was a tight squeeze. The children's mother is deceased, so the kids stay with him permanently. It does give me comfort to know that if he's in a pinch again, and doesn't get bailed out, that those kids will have a place to go.

Oh, and we found out this weekend when we got rent that he just had cable installed a couple of weeks ago (we found out b/c the cable company disconnected the other tenants satellite dish when they did the install, and they had to pay $50 for the dish company to come out and fix it).

Speechless.