All Forum Posts by: Samantha Klein

When I search court records, if a previous landlord has had to even file a case whether they worked it out or not, it tells me they aren't responsible. 

$50 a day late fee? I would highly doubt a judge would hold the tenant to that. That sounds pretty high. I've heard of $50 plus $5 a day or something but $50 a day will be viewed as greedy in the courts eyes I would imagine. 

Serve a pay or quit for her to reimburse you to the water bills and if she doesn't then evict. Make sure you know your states landland tenant regulations like the back of your hands. Good luck. 

Nope that's considered normal wear and tear and it's expected that a landlord has to repaint between tenants.

As was mentioned, this would be pure goodwill and I would just change the knobs and eat the cost. You will make a good impression on your tenant and that in my opinion is worth it.

You should be saving up for a down payment as having no money in a deal can be great if you buy right and it cash flows well but if things go south and you have no reserves, you'll find yourself in trouble. Even if you can get a 0 down deal, you need reserves.

I would consider it more of a curse than a blessing because sometimes sellers just place whoever so that can say it's fully rented and you get to deal with it when you purchase.

In my area, I can rent units pretty fast to decent tenants so I try to get the units delivered vacant if possible plus many times inherited tenants are paying less than market value. It's always best to get your own tenants and charge market or just under. 

Are they on month to month leases? If yes, then it's as easy as giving them the required notice that your state requires for month to month leases.

If they are on a term lease, you must honor it and you can't get rid of them until it expires unless of course you want to offer them some kind of incentive to move early. 

20-25% on a property is considered pretty safe but the real problem and reason many investors lost everything is they had no or little reserves. You need leverage to build wealth faster. If you are smart with leverage then it is a very powerful tool.

I'm posting for a friend. He wants to use automatic renewal clauses in his leases where it would basically ready like this 

"Lease agreement will automatically renew for another year at the end of said lease term unless either party gives notice of non-renewal at least 60 days before the last day of the lease period". 

What do you think about this kind of clause and have you ever used one like this with success?