All Forum Posts by: Account Closed

I inherited some deferred maint when I closed a few months ago. The policies are new, assured by the agent everything would be fine. 

But on the bright side, I had a few folks check into it and it'll be fixable before it lapses. I'm working on it.

I wasn't sure if anyone had any stories of supplementing their landlord insurance for the property of an umbrella and LLC.

Have you had your Landlord insurance canceled?

I just received a letter with a list of demands that may take some time to remedy.  There's requesting roof repairs/replacement for two separate properties. 

What did you do? Did you make the repairs in time? If not, did you hold the properties w/o the coverage? 

All the homes are paid for w/o mortgages, so there isn't a 3rd party involved with the mortgage. I formed an LLC to hold the properties as well.

• Repair a roof that has more than two layers of shingles.  - Property 1
• Replace the roof on another property. - Property 2 
• Missing Sidings / Rotting trim under windows (which I'll be abel to fixed)

@JD 

@JD Martin , JD I stumbled on this post. I'm considering using a sprayer for the interior. I wanted to get your feedback.  What's some of the hassles of using a sprayer inside? 

Below are some of my specs. Thanks in advance.

The property isn't a gut. It's empty as far as funiture, etc. (eg. vacant). The plan is to paint it all one color white (Doors, trims, etc)

I'm likely to be using a low cost paint, either Lowe's or Sherwin Williams property maint. solution. 

What's your experience in evicting a tenant?  I'm out of state and weighing the pros/cons of taking care of the filings myself. My properties in Louisiana, so I'm not sure if it helps to adjust the cost of a lawyer to a region.  (e.g. New York vs. Louisiana)

• How much on average did a lawyer cost you? 
• Were you able to fax in the filings to initiate the proceedings?
• From what I read your "agent" in court has to be a lawyer. Have you been able to be represented by someone other than a lawyer? I'm thinking of asking my RE to stand in.   

Here's a link. https://www.lowes.com/pd/Property-Advantage-Flat-M...

I'm thinking of using this paint. It's called Property Advantage Flat Maintenance 5g I/E White Latex Paint.  It's less than $40 for 5 gallons.

It's a flat / latex. The interior is white. I'm repainting it the same color. 

The lowes reviews say it's "good for rentals" .

Have you used it?

@Nathan Gesner I hear you.  The cancellation / early termination fee is a great "carrot/stick" for us or tenants that actually worry about collections. I'm new to this, but with my current "doors" the tenants or this particular one I have mind probably wouldn't care. 

But I met the tenant today that prompted the post and he'll be served this week. He's a headache that I'm glad to be getting rid off.  I'll have my first eviction and first rent collections in my 1st month, but so far I like the idea of having more than door to offset the vacancies.

@Megan Phillips , that's what I'm starting to realize. I'm going to renew this tenant to a month to month. It'll probably make him feel better and I can kick him out w/ notice easier than if I had a long term lease. 

So as I think about the lease, do you structure the renewal of the month to month as automatic? How do you word the cancellation terms? Aside from non-payment, etc.  What type of notice do you give them? What type of notice do you receive if the cancel?

What % of you all only do month to month leases and why? 

Here's my situation below. 

I have a tenant who's trying to build credit. He's not the best, but we value his cash flow. 

I'm considering renewing his lease on a month to month term versus having him sign a long-term lease. The lease I inherited didn't capture a security deposit and there wasn't a pre-lease end penalty. 

I'm dropping by tomorrow to do an inspection and depending on the condition of the home I may consider a month to month lease w/ minimal security deposit

Here is my rational

Pros - 

• Canceling the lease would be easier for me if he is on a month to month
• He feels he has more flexibility.

Cons

• If he was on a long-term lease, there could be some recourse if he vacates early.  But it would the classic squeezing "blood from a turnip" scenario

@Michele Fischer, this was an old post, but it's given me some ideas. I'm going to perform my 1st inspection/walkthrough for my inherited tenants sometime in December, along w/ a small gift card, etc. $25, etc. They're longtime tenants and I'd like to keep them.