All Forum Posts by: Rob B.

@Christian E Ray -- quite a few providers out there; I'm somewhat familiar with State Farm -- but again, depends on the coverage you're trying to get. 

100% feeling this thread. This is super inspiring. 10 months? My only question is how did you make it all happen so fast?!? Truly incredible story. Success stories like these keep me going.

Hi Dimitri, from what I've seen a lot of tenants seem reluctant to want to sign on a lease that long -- and as others have noted above, you run into the issue of the rent being drastically lower than market price if they're locked in at a price for 3 to 4 years, unless you build that into the lease.

It is definitely a good idea to post to the Facebook Marketplace at this point; I noted in a different post that I have several family members who actually found their most recent rentals via the FB marketplace. Having said that, there are still some great options out there which may be able to help you cast a super-wide net (get a new listing for the property up and posted to 10+ major rental listing sites, managing listing responses + scheduling viewing times, tenant screening w/ a fully comprehensive application, digital lease creation, online rent collection, and maintenance request tracking in one spot). I'm inclined to agree with Marcia though! Start with your affinity groups and local connections based on your lifestyle/standards -- after all, it is a home share situation. 

Hi Joe, sorry to hear that you're dealing with this headache. Unfortunately, the best advice I can give is to follow the advice of what others have noted above. This is one of those situations where it is best to avoid the drama and you most certainly don't want to deal with this getting any uglier. He says he wants to go but is now recanting and not signing the lease termination agreement? She wants to stay but is requiring extra docs from you "in case" he comes back? -- truth be told, I'd probably be done with both of them. Sometimes that drama can carry over, especially if you know she has to find a roommate to replace him. I hope everything works out; definitely interested to hear which path you take with this!

Hi Eric, sorry to hear you're dealing with this challenge. Usually, it is a good idea to let them know that they'll be responsible for the portion they have due for the remainder of the lease until they help find a replacement. Side note-- I'm not from Oakland so I don't really know what local law stipulates as far as being able to charge a tenant for their remaining portion of the lease. Having said that, I would include something that makes the tenant responsible for finding a suitable replacement. Outside of that, maybe consider getting feedback on why there's such high turnover? / reasons for leaving?

It is definitely a good idea to post to the Facebook Marketplace at this point; I noted in a different post that I have several family members who actually found their most recent rentals via the FB marketplace. Having said that, there are still some great options out there which may be able to help you get a better idea of where the unit should be priced (price point); something like Rent Range or Rentometer. 

And even still, there are other solutions that will help you to keep everything in one place (get a new listing for the property up and posted to 10+ major rental listing sites, managing listing responses + scheduling viewing times, tenant screening w/ a fully comprehensive application, digital lease creation, online rent collection, and maintenance request tracking in one spot). If you come down too much on price and let's say the price is exactly where it should be then there's potential you're now eating into the cashflow this rental is generating. 

Definitely a good resource; I noted in a different post that I have several family members who actually found their most recent rentals via the FB marketplace. Having said that, there are still some great options out there which may be able to help you keep everything in one place (listing the property to 10+ major rental listing sites, managing listing responses + scheduling viewing times, tenant screening w/ a fully comprehensive application, digital lease creation, online rent collection, and maintenance request tracking). @Hoang Nguen

Hi Joseph, first off-- congratulations on starting the process of buying a duplex and a single-family home. Now, to dig into some of the details. It sounds as though these rentals already have existing tenants; inherited tenants is always a challenge. Even though you mention you're located in a low-income neighborhood, I'd still recommend using tools like rent range or rentometer to get an idea as to the type of rent price you might be able to charge for your rental units in particular. Since most renters in your area are on some form of government assistance that's a guaranteed portion of the rent each month that you're on track to receive which is also good; but you need to enforce your standard of "Expectations" from day one. You set that foundation early on so that there aren't any misunderstandings around what's what (ie. due dates, lease rules to be enforced, etc). Not a ton can be done if they're on active leases from the prior owner (unless they're clearly violating lease clauses from that lease). Once that first lease renewal date comes about you'll want to have your leases in place, along with your requirements. It could be a good idea to use an online tool to try and manage a lot of this. 

Hi Abigail! That's a challenge right there; you have tenants who you inherited from a prior prop. owner/manager and now you have to go about making sure that they have renter's insurance. I think you're on the right track as far as letting them know that they need to provide proof of renter's insurance at least 30 days prior to lease renewal (this way you keep yourself protected). What I wouldn't do is try to purchase renter's insurance on their behalf. That quickly becomes an expensive and time consuming endeavor trying to do that for 20+ people (not sure how many tenants you have, but assuming you're requiring this of all of them, you don't want to bite off that much; even if you're building it into the rent because then you have to address that slight rent increase). I'd hold firm about requiring it. There are a lot of super affordable options (I have Lemonade renter's insurance for about $13/mo). It could be worth pursuing a platform that not only allows you to manage all of your units in one place but also allows your tenants to easily get renter's insurance quotes. @Abigail K.