All Forum Posts by: Cheryl C.

We bought a place for my in-laws yrs ago in Florida. We charge the lowest fair market we can get away with as far as satisfying the IRS. We then "gift them" the rent amount. You just have to remember to exchange the checks. I send them the "gift" and wait for it to clear and they mail me the "rent". We have a lease and do annual renewals.

Minh L., I often don't answer the phone or respond to e-mails from tenants without giving myself time to think about their request. My fall-back is that "I have to consult my husband". There are plenty of ways to handle difficult requests, but give yourself time to think about it. My mother was a long time LL and she always told me that the immediate answer was "no". I don't put myself in that position.

As far as saying that you "are the manager", I really don't go for that. I am the owner and a good, responsive LL. I can see the point of handling it that way - it's more business-like. I am a relatively small timer and I want my tenants to know that they can get ahold of me and that I will take care of the situation. This has served me well as my average tenant is about 5yrs.

I have about 25 rentals but I don't tell my tenants that. I drive a modest car and dress quite casual. I tell them that I have been a LL for 30yrs and I have no plans to sell, will not be foreclosed on and have contractors that I have worked with for years.

I like #4 and#5. The pool would be nice, but I don't like to swim in pools - the ocean and lakes are for me. Could I write-off a waterfront home as a medical necessity?

I'm renovating a TH that was a short (very messed up condition). I had my contractor put up one of my signs (thanks to those who advised this method). The phone has been ringing off the hook. This is in an exurb (seems the only areas to get deals these days). Are you guys seeing the same rental demand?

Hey all, I'm in NoVa and have been for 30yrs. I love to join a meet-up. I have 25 rentals and 30-40 flips under my belt. I'm always looking to learn and happy to give out any experience I have.

If I were you, I'd serve the 3 day myself (in person) and have them acknowledge receipt on your copy. If they are taking great care of the property, I would just hammer into their heads that rent comes first - before car, cable, groceries, etc. Let them know that late rent is NOT acceptable and cashier cks, MO's, cash is now required. I don't stand for this late-every-month nonsense. I've got better things to do than keep up accounting with a tenant. Give them the "what for" and see if they live up to it. I have some tenants (3+yrs or so) that may have a late. They contact me and pay a late fee. It may be a once a year thing - which is ok with me. I would not be ok with every other month.

Hi Steve. I'm in NoVa and have been for 30+ yrs as a LL and flipper. I'd love to be included in any local meet-up!

Dave Wood, I'm in the Northern VA suburbs.

I think that I am "breaking up" with my contractor of 3-4yrs. Things aren't getting done right or for the right price. Anyone local have a referral?

I renew for a year. I find most of my tenants prefer this. Some even contact me when the lease is coming up - some want to lock the rent, but most don't want to worry about having to move. I'd definitely go higher rent on a mos. to mos. renewal. My longest is 12yrs and average is 4. My average would be higher, but I've purchased a number of properties over the past 3 yrs.

I understand the arguments for month to month; getting rid of a bad tenant, flexibilty to sell, etc. I'd evict a bad tenant or not renew. I can be a tough person in dealing with a bad tenant - luckily, it's doesn't happen often. I target "lifer's" as turnover is a killer. I tell my prospects that I am a long-term LL and have no intention of selling in the next 5 or 10 yrs (a truthful statement).