All Forum Posts by: Dick Stevens

@Andrew B. is correct.  Never ask to be locked into a lease with a tenant you don’t know.  You said you “extended” this offer to the seller.  Did he accept this condition already?

Issue 30 day notice for possession.  Give them 30 days or one full rental period notice, whichever is greater.  You need to be able to prove they received the notice; the clock starts ticking when they receive it.  If you can hand deliver it and have them sign it, that’s ideal.  If not, consider having a sheriff deliver it (that’s what we have to do in Mass).

Why do you assume a lease is better?  There is nothing wrong with TAW.  Pros and cons to each - do your research before you pick one over the other.  I exclusively use TAW.

By the way, using a lease because you “want long term tenants” is nonesence.  Tenants will leave when they want regardless of a lease or TAW.

Legal or not, who cares?  Do you really want to monitor tenant volunteer activity and reduce your monthly income?  If so, you’re in the wrong business.  Be charitable on your time, run your rental business separately.  

Did you ensure the property is zoned appropriately for this?  Is it a legal apartment?  In my area this would not be ok.  Did you notify your insurance company that you now have a rental unit and tenant in the property?

Can you have a sherif serve them?  They will likely be able to coordinate with the MPs to get on base.  Or serve them when there off base.  

At least once a month for exterior.  Around every 6 months for interior.However, I walk through interior common areas every time im at the property.  Whenever there’s a maintainance issue, I take care of it myself so I can look around the unit.  Don’t be afraid of what you’ll find.  Letting issues go for long periods of time will only make them worse.

I would have established a solid game plan to handle these things before I bought the place.  You’re already behind the curve.  Figure it out fast or your rental will be costing you money.  Vacancy is a landlords biggest expense.

This is a personal decision.  But I would sell it because I don’t want rentals that don’t have strong monthly cash flow.  Even if it appreciates down the line, you will have to factor in capital gains tax to see if it’s really worth it.  If your goal is to buy a multi, id sell the condo and use the cash to put your goal of owning a multi on a faster track.

If you keep it, make sure you fully understand any HOA requirements or limitations on rentals.

I’d keep it very basic with pressure treated framing, plywood door, and mesh chicken wire between the units.  Just make sure you don’t limit your access to utilities, plumbing, etc.