All Forum Posts by: Thomas S.

Start the process now, should have issued the notice the day after you did not receive payment. You need to move more quickly in issuing paper now and in th efuture. Every day you do not do your job is ging to cost you more money.

Either say no or agree to alternately take turns cutting the entire front and back lawns. This is more complicated since everone has different priorities for cutting schedules. 

Go to your lease to determine what the deposit is to cover. Your lease needs to be specific as to what tenants can and can not do. Separate actual tenant damage from normal wear and tear.

I personally would opt for the long term rental. I am not a supporter of short term rentals. They should not be allow in residential communities taking needed long term rental properties off the market. Short term business model is in all negative for the community.

The answers are state specific. Before you invest you need to study/learn all your state landlord tenant codes. It is your responsibility to know the codes before you interact with any tenants.

Long term leases are terrible for landlords, M2M is the most ideal to allow you to better control your business. When completing your DD get copies of the tenants leases, you must honour them however unless there is language preventing you from doing your annual rent increase it may not be too bad.

Always keep in mind that you make money when you buy, this means that low rents and long leases means that you lower your offer price accordingly. The seller will end up losing money for making the mistake of having long leases and rents under market. Being tied to a long crippling lease with low rents simply means the seller is going to pay for his mistakes not the buyer.

When selling a rental always make sure your tenants are all on M2M leases if you want top dollar. Experienced investors want to be able to control inherited tenants and raise rents asap..  

Investors put 20% down, more than the minimum required, when they have absolutely no use for their money and are not interested in maximising returns. Rather than investing they are simply hoarding cash in real estate because they have no other use for it.

Hoarding verses investing mentality.

I would give them two options, move out with penalties or pay the full cost of replacing the flooring. You should be able to replace the tennats with next to know cost to you, there is no way you shuld be paying anything to replace the flooring. Not your problem, not your cost.

Let them decide.

You should have served a notice to cure when she did not sign the lease as required and definatly the day after she was first late with rent. You need to evict now.

If you are going to avoid future evictions you need to tighten up your business practices and start training your tenants from the get go. When they pay late the day after it is due you must send a cure or quit notice. Never allow tenants to pay late without immediately sending a notice and inform them if they pay late again you will be forced to evict. You should be putting new tenants on M2M until they prove themselves. This will make it much easier to control their behaviour.

You need to study your state landlord tenant codes.

No it does not allow them to break their lease. It simply allows them time to notify you of anything that needs attention. Which they have no done. It may have been a stove that needed repairs, it was a issue with rats, same thing.   

Your losing money, that is the only factor that matters, sell now before the market drops.