All Forum Posts by: Patricia Steiner

It's not so much a red flag as how they do business.  I prefer to purchase the materials separately and then contract with them to do the install.  Generally the contractor will go to a supplier and/or big box store to get the supplies and then have the contractor desk call me for payment.  The materials can then be delivered to the property or the contractor can take them to the job.  This way I can control what is purchased (just what is needed for MY job) without a materials upcharge, avoid any supplier liens should a contractor not pay for the materials purchased on account, and have a full accounting at tax time for deductions.  

If you want the convenience of just hiring a contractor to do the whole enchilada, don't expect a cost breakdown.  The contractor is simply pricing the job.  In this case, be clear that if extra materials are needed, how that will affect the cost of the job.

Hope this helps.

Whoa...take the disability out of the discussion - that's a no win scenario and quite frankly, that's not the problem.  What you have is a situation created by one tenant that is a potential SAFETY issue for all tenants.  That is not an accommodation that you can make - and Landlords are only required to make reasonable accommodations when possible.  I recommend the following:

1. Check the lease.  I'm sure that it provides for the lease of the unit and designates the common areas as such - common.

2.  Send her your state's Notice to Quit for Reason Other Than Non-Payment of Rent.  It will give her about 7 days to cure what is a lease violation (state it:  "Your lease provides for the rental of Unit #x as well as parking in the lot and use of the common areas for use as designated. No personal property may be stored in the common areas at any time.  The bike that has been left in the laundry room poses a safety risk to all tenants and is not a reasonable accommodation that can be made for you.  Under the American Disability Act, a Landlord is not required to accommodate a request that is unreasonable and/or poses risk to others or an undue burden. This is a violation of your lease dated x/x/xxxx and must be cured within the time designated to avoid possible eviction").  

3.  Post it on her door in a sealed envelope with Confidential written across it and take a photo of it posted as proof - or send it by overnight mail with proof of delivery required.  

4.  The law does require you to have an interactive discussion with her but - again - you're renting an apartment not a bike storage facility. 

So here it is:  she does not have the right to put others in harm's way by storing her bike in the laundry room.  Done. That's the whole enchilada and I recommend not allowing yourself to get pulled into the weeds over disability, 20 years of doing it, nothing. Your job is to ensure that the property is safe for all tenants, visitors, trades.  Act with confidence/authority, do the paperwork, and get on with it.  

May the force be with you...

Read this:  https://www.dicklawfirm.com/Bl...

It's a direct and concise overview of what might be causing the payout to be less - and what you can do about it.

Sorry this happened to you.  Please consider requiring your Tenants to carry Renter's Insurance with Landlord As Additionally Insured coverage in the future; most policies would cover up to $100k in this case - leaving your insurance to cover the deficiency only.  

Best...

Mod Bit...and as shared before me, it matters who installs it.  It has to be someone who specializes in it or you'll be left with a real mess.  If you're not replacing it for insurance reasons, you could consider having it professionally coated with a hybrid system consisting of polyurethane-modified acrylic and reinforced with fabric. This is a fully permitted roofing system with Florida building product approval.  The warranty on it runs 15 to 18 years.  There are several companies on the east coast who specialize in it; it's common with commercial properties where the cost of replacement is prohibitive.  Hope this helps...

@Account Closed

Who you're referring to are those DST Sponsors that are already organized with commercial holdings in the $10M and up range - not the ones that are formed by individual investors with their own holdings. I'm a former wealth investment banker and I can assure you that not all Sponsors are created equal nor do they all have the resources you've referenced. There's a lot written on DSTs and which investors should NOT/NEVER do a DST. I gave my opinion based on the investor's post. I'll standby it.

I must post this article at least three times a week.  Your question is one that all investors need to consider.  You may find that an Umbrella Policy provides greater protection.  Here's the article and the scenarios at the end are telling:

https://www.apartments.com/ren...

Hope this helps.

Geez...let's start with the easiest question first: GFCI outlets are a code requirement in kitchens and bathrooms. Gotta do - not optional. And, don't over-improve the property for the market. That is the biggest mistake that rehabbers make - because it won't improve your appraisal value nor increase your rent price. Mismatched cabinets will have a negative impact to valuation and tenant appeal. Do this first: search duplexes for rent in North Linden. Compare those properties to yours - what do they offer, how are they cosmetically finished, how long have the properties been listed for sale and what is the rent price. You're in a C market...don't do an A market renovation. You won't get the return on it. And, no one is going to rent a property because of the type of AC (although those window units are hated by all) when the real win is having AC in the first place. You may find that adding a washer/dryer or at least hook-ups would have a better ROI than a hood.

Consider:

1. Renovate to the market standards and tenant pool/price (and no more). 

2. Cure all safetytrip issues. Get those kitchen/bath outlets converted.

3. Get it rented fast.  Every day you're in rehab is a day that is costing you money - not earning you money.

Congrats on your new acquisition.  Keep it lean and mean...and get it working for you fast.

Best.

DST are too limited a vehicle for what you're proposing...they simply don't work the way you're wanting them to work. The biggies include the lack of control over the properties as a Sponsor (not you as the owner) will assemble a team of professionals to run the properties. As the owner, you would not even be consulted before decisions were made...you're simply out. The owner becomes a fractional share owner - like one who owns a REIT - and has no management authority. Another fun fact is you will forfeit your right to sell the properties at will; only the Sponsor can make that decision and most properties are held 3 to 10 years. If you want to sell before the Sponsor does, you would have to sell your fractional ownership. DSTs are passive investments. This is a structure that is not appealing to me as an investor and former banker - nor to my clients. I realize that the Franchise Tax is annoying as all get out but did you know this: "The legal and set up costs for creating the DST would be about $15,000." About scalability: if you're the beneficiary, it won't be your decision.  Again, you forfeit control with this vehicle.

Just my opinion...I'm sure you'll receive others.  Best.

I'm not sure I totally understand the question but if you're asking can transfer a subscription service that you engaged to your tenant, I don't recommend it. First, the landlord is responsible for the security of the property. If you ask the tenants to assume the charge, they may also (this actually happened) take the security cameras when they leave ("but we paid for them").  What you can do is decide what value it has to a tenant and include something in the rent for it.  Quite frankly, most of us want the security system for our benefit as landlords/owners.  And, about the legality...just know you are renting the property. You can charge for ancillary services but you can't transfer a service in the tenant's name and obligate them.  Hope I understood the question the way you intended it.  Congrats on "your new spot."

Two things first:  what does your lease state about authorized occupants and what is your state law.  Tennessee is a "tenant friendly" state.  For example:  "Any guest staying in the property more than two weeks in any six-month period will be considered a tenant, rather than a guest, and must be added in the lease agreement."  In my state, this would be a lease violation and we would give 7 days notice to cure before terminating the lease and kicking them to the curb.

What you may find you have here is a sublease - which unless it is allowed in your lease is always a lease violation.  I recommend sending the leasee (the tenant on the lease) a written notice that the lease has been violated with a non-lease occupant and it needs to be cured immediately. You can do this via email or by mail delivery with proof of delivery - but not text as the courts have ruled that copies of text messages are not admissable in court.  

If nothing else, you have the right to know who is living in your property and fix this fast.  Don't threaten eviction unless your state law considers this due cause as that would be costly to the owner.  

Hope this helps...