All Forum Posts by: Account Closed

I'm drafting a tenant introduction letter and would like to include a form to collect the tenant's information.

What did you collect? Did you collect their socials? Employers? Names of Occupants, etc. 

I have their prior/existing lease info from the old landlord but would like them to confirm. 

Any thoughts?

Have anyone experienced getting landlord insurance for a house with deferred maintenance? 

These are tenant occupied. State Farm had issues with the siding, etc. 

Did you have to insure it for actual cash value? 

 How did you insure it?  What $ amt did you insure it for?

Who did you insure it with?

@marcus thanks I thought I was getting the run around. 

The insurance agency - state farm has ask for photos of the outside of the home. 

They'd like to view the breaker box, electrical service line from the pole, front of house, rear of the house. 

Has anyone heard of this? 

@David J. I wanted to follow up on the new agreements you provided your tenants. Was there a template you used? Examples of specific verbiage. I'm trying to cover all bases and get up to speed. thanls

Appreciate the feedback,

@Brian Mcmenamin , I figured I'd address any repairs and market rent adjustments once I have a vacancy.  I'm looking forward to completing my first deal and receiving checks from "warm bodies"

@Mike McCarthy The existing lease seems fine. The due dates, and late fees are clearly spelled out. 

@Mindy Jensen Yes, I need to some reading on Louisiana's state laws. 

I'm set to close soon on properties with tenants. I've been provided by the seller what appears to be solid leases.

What're some best practices in this type of transition? 

• Does my new lease with my company's info have to mirror their terms?  Will my new lease be simply a "company name change exercise?"
• What terms can I change? 
• What terms can't I change? 

I ended going forward with the deal. The seller packaged all three of the properties into a decent cash flowing deal. 

My exit will be to eventually sell the properties to another investor, at discount but by then I'll have earned my return. 

Thanks for feedback 

@Nik Moushon I talked to the city and looks like they mentioned that the lots are grandfathered in as

• Single Family
• Multi-Family
• Single Family  

To rezone the lots would cause issues that with the multifamily retaining its status. 

My exit scenario I purchase the group of 3 would be to sell it to as a group to another buyer. 

I'm trying to think of what type of discount should I ask for from the seller considering the above. 

Thanks. I'll call the city to see what they say. This deal has gotten more interesting by the day 

Appreciate the feedback