All Forum Posts by: Michael S.

Hi all,

I plan on talking to my attorney eventually, but wanted to ask this question on the forums to help brainstorm before I go on the clock with the lawyer.

My tenants (unmarried man and woman) recently moved into one of my rentals 2 months ago. They came during a slow time in the year, so I lowered the rent slightly below market value ($1200 vice $1250).

After moving in, they realized that the neighbor across the street is the boss of her husband whom she is separated from. They now want to relocate because they feel uncomfortable. My first response was to tell them that this is not a valid condition to violate the lease that they signed.

That being said, I am considering what my criteria would be for them to end the lease. I live 5 hours away and manage the place myself, so moving in a new tenant is a large hassle for me. However, this time of year is much busier for rentals and I might be able to get a better tenant at a higher rental rate.

What is the right way to start the negotiation regarding a "buy-out" of the lease? The way I see it, they have no legal reason for breaking the lease. However, if they just move out I will still have to find a new tenant without any extra cash in my pocket. However, if I start saying things like "you can buy out the lease by paying an extra $1200" that may give them the wrong impression and make them more likely to leave.

Thanks for your input.

@Darren Sager

@darren sager

How exactly do you use this service, and what does it cost? Do you have to wait for one of their sales reps to contact you after you send your info in to the site?

I wish I had seen this 3 days ago. I just paid $170 to replace the thermostat on a 8 year old water heater.

Thanks for the replies. Its actually 300 sqft, so the $300 quote probably isn't that bad, especially since I would be spending $150 in gas to drive down there.

I have a house in South Carolina with 150 sqft of decking that needs to be refinished. The house is 8 years old, and I don't think the decking has ever been touched.

I have gotten one quote to clean and seal the deck: $400. That seems a little steep, but I don't really know the first thing about refinishing decks. I could do the job myself, but the websites I have been reading tell you to let the deck dry 48 hours after power washing it and before staining, then another 48 hours before sealing. I live a 5 hour drive away, so I if I do this myself I am trying to get it done in a single weekend.

Do any of you have advice regarding deck maintenance? The deck is about the height of a standard step. It is very gray in color and starting to splinter off if you walk on it in bare feet. There are no railings. I apologize but I don't have any pictures.

Thanks in advance for any replies,

Mike

Yes, I meant 970 per year. The deductibles are very different, but it seems like maybe the coverage is just much more expensive in coastal SC. I read posts from others on bigger pockets talking about insurance for $600 per home per year and it seems unlikely to find that in this area.

What kind of rates are those of you in South Carolina paying for your rental property insurance (not including flood)?

Right now I am paying $970 per month for a $150k home in Beaufort, SC for liability of 300k each incident/ 600k annual. The deductible is 2% (5% for named hurricane). This is with State Farm. I have a distinct feeling I am getting over-charged. What company do you folks use for coverage?

Aimloan.com will do it in every state. However, they are not very easy to deal with.