All Forum Posts by: Cheryle Patterson

We have financed new properties in the past by putting up free and clear rental properties. Our past loans were 75% LTV and were amortized over a 15 year period with 5 year renewals. My bank has suggested a Line of Credit for new purchases where we put up 3 paid for properties with an estimated value of $1 million. Our CPA has no problem with this idea but I wanted to get feedback from those who have used this strategy. What are the pros and cons??

The very best thing we can do as landlords is to contact your US Congressman. If enough of us complain and keep complaining about this scam, they will narrow the law and regulations. If you donate to your Congressman, a political party or even if you are just a Registered Voter. COMPLAIN. 

Well Kevin, every other tenant IS comfortable. I had already lowered the thermostat to 70 degrees for him which is 4 degrees cooler than I keep my own house. I have another tenant wearing a sweat suit because she is so cold. If you read thru the comments here, most people would not recommend a thermostat setting that low. After seeing those comments and contacting my heating and air guy, the thermostat was raised back to 72 degrees. All tenants have ceiling fans in their rooms. If he is that uncomfortable, he can move somewhere else and pay his own power.  I will update my lease to include "Electric service is provided at landlord expense for landlord provided appliances and the tenant may power the following devices; television and media players, computers, chargers and small personal grooming appliances. Any abuse of landlord provided utilities is grounds for immediate eviction”

Will Gaston. You are so right.  I guess I am going to have to block out a full hour to go over every lease now. 

My biggest challenge has been water usage.  Years ago, I had students raising money with a car wash in my parking lot....with my water.  It was shut down immediately.  Went into the lease...No Car Washing.  Then I had a group of students that put together a huge above ground pool along with slip and slides in the parking lot.....with my water.  Revised lease to prohibit all outdoor water usage. Then, I had a foreign exchange student open up a laundry service....with my water, electricity and machines. Shut down as soon as I was informed. Kept her full security deposit to cover my cost. Added no laundry services to my lease. It is amazing what the kids can come up with. I make a point to visit the property at minimum, twice a month. I have drove up to see all of the common area furniture outside in the parking lot for a party.....Added to the lease.....Furniture not to be removed from rooms or common area.  I will say, they keep me on my toes.  My big problem with this tenant with the window A/C is his rotten attitude. I tried the catch more flies with honey approach...didn't work....now I am bringing on Ms. Venus Flytrap.

No solar panels. Property is heavily wooded. We too have triple digit heat with really high humidity so I am worried about my A/C.  When I had it serviced last spring, the tech said with the age of the units it could go out at any time or last another 10 years. lol  I made the decision this morning after reading all the comments and sent my son to re-set the thermostat back to 72 degrees and put the lock box back on it.  

Thank you, Joe Splitrock. Excellent advice and you are exactly right. If I allow it, I will have more tenants doing the same thing. It is like allowing a dog...then I would have 16 tenants with dogs in a mini-dorm with shared common areas. I really like the way you worded the addition to the lease. Thanks again!

Thanks John Underwood.  People just don't get South Carolinians, do they? <wink>

Chris Martin,  I have owned an operated this building for 14 years and never had a single eviction. Never even threatened.  I have had students graduate and then come back to me again when they decided on grad school. These are 5 month leases. I am not attempting to deny his right to a peaceful existence but his attitude is not going to be tolerated. He can take me to court.  I might not like it but I can afford it.

Thank you, Levy T.  I knew that if I asked here, I would get suggestions. Love yours!!!!