All Forum Posts by: Rob B.

Definitely hits close to home; as a cancer survivor it makes me feel really weird to say "be heartless" but I understand 1000% you have a business to run. I'd say, as Jennifer has diligently noted above, waive the break-lease fee so they can move on to cheaper accommodations (or possibly move in with a family member somewhere else, which should probably be their best line of action). @Kamal Tripathi

Definitely important to make sure you have a dedicated team in place if you decide to invest in an out of state property that you've set your sights on. Most feel comfortable going the PM route simply because of the fact that everything is taken care of and you're guaranteed to have a person within the locale to take care of situations that may occur; otherwise, there are some tools available to you where you can bring a certain level of automation to that rental management process (ie. automatically syndicating a single listing to 10+ major listing sites, thorough tenant screening with full background checks, digital lease creation, automated online rent collection, and maintenance tracking). If you're looking for a recommendation I'd be happy to share more information. As for the Orlando area, in particular, I'll defer to others' recommendations (no real familiarity with the market). @Justin Allison

I would definitely push that in your offer (I'm with what others have stated above; a significant discount should be requested compared to their asking price). The photos of the place look great, but that's such a weird set-up for a bathroom/bedroom situation and that toilet is placed in such a random spot, there's really no way around it. You'd probably need to tackle that as a rehab project so no one faults you for pushing for a lower price. @Bret Habura 

Hahaha NICE! Which Podcast was it? I believe my colleague Laurence was just on one so it may have been that one. He's a great resource and I always find myself learning from him. Truly one of the best. @Jhanna Dawson

Hi Sara, it pretty much looks like Anthony has this covered as far as making sure that you take a look at that lease beforehand to understand which provisions the seller has included (as far as original language, whether or not the lease is set to go month-to-month at the end, etc). The more you dig into this during the due diligence phase, the less likely you are to need to proceed with legal action after the fact. I hope everything pans out! @Sara Blouin

Hi Chad, it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you). A lot of the options mentioned above are great tools to use but definitely consider an option that presents a one-stop-shop for collecting rent as well (and has faster payment processing). Again, a lot of great recommendations already though and happy to answer any questions that you might have about online rent collection options. @Chad Clark

Hi Jhanna! Welcome to BP. It is awesome to see you're starting on this so early (best time to start in REI was yesterday)! Once you do decide to procure your first rental, definitely lean on the BiggerPockets community as a resource; I'll also say that it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you)! Again, best of luck on getting started and more than happy to answer any questions that you might have about online rent collection options. Welcome to the community! @jhanna

Hi Joseph, this is actually a great question and one that I've had to lean on a few of my other colleagues for in the past. When it comes down to it, it all depends on vacancy rates. I'm not sure if you've had to deal with tenant vacancy in the past but a solid recommendation is anywhere from 5-10% of monthly rent should be set aside for this purpose. But please know that this can also vary with the age and current condition of the home (ie. well-loved homes will typically require more regular repairs which can bump up that need to set aside more each month, in anticipation of that tenant turnover). As far as new builds, those tend to require less rehab and ongoing maintenance. I hope this information helps! @Joseph Ret

Hi Bryant, definitely understand a lot of your frustration. Those are two great tools to consider when collecting rent and they can certainly help to bring a certain level of automation to your rental experience. Having said that, while Zelle is a good option, there's not much it can provide as far as breaking down those payments in a way where it auto-tracks those payments in whichever rental management tool you're using (which I would still recommend going that route, as you may end up delving out 6 - 10% to a PM, including at least a month's rent). While both are great options, might be worth considering one that allows you faster payment processing times while still keeping everything in one place (ie. automated rent reminders, auto-generated late fees for late rent payments. etc). @Bryant Bagley

Yikes, this is one of those situations that absolutely makes me cringe (several family members are deathly allergic - and this is not something to play around with). I'm not sure as far as California Law or even what the local laws say about this in SD but I'd hire a true professional to come out and do it (just to play it on the safe side) -- when in doubt, have a professional do it. 

Most have suggested having the tenants do it and to just send them the money since you're managing from afar; but, you're still probably technically responsible, so, just giving them the money to do it themselves could possibly open you up to other legal troubles, no? ie. If one of them gets stung and is hospitalized, now what? I'd let a professional come in and do it asap, and communicate to the tenants that this is happening. @CJ B.