All Forum Posts by: Scott P.

Hi @Diana Ag, I don't have any contacts of CCIM brokers in those areas.

Also, I regret I don't have any broker contacts with 5 star hotels.

If your plan changes to 3-4 star, feel free to let me know and I'll see if I can connect you with someone.

Good luck!

-Scott P

I have a friend in the business who says we should have a question on our applications:  "What is the make and model of the vacuum cleaner you own?"  He believes most of his tenants don't own one.

I've found that most people are what I would call "normal" in terms of cleanliness.  Some of my tenants have been outstanding.  A few probably never cleaned anything a single time from the day they moved in until I cleaned up after them when they moved.  I'm sure that homeowners fall into these same categories.  Also, we've all probably rented at some point in our lives.  So it's not a tenant thing it's a cleanliness thing.

Think about it....rent a nice place, do no cleaning or maintenance for 2-4 years, then move on to a new-to-you cleaned up, freshly painted rental, with the worst case being loss of a deposit.  That could make a lot of sense economically compared to the cost of time and and effort to clean.  

I've been part owner of a hotel (and restaurant) and I have been a Project Manager for hotel construction.  I still have friends in that business. I'd say to look into to these two ideas:

1. Look into franchise ownership, either at a new location or by buying an existing franchise from an owner who wants to sell.  Contact the corporate offices of hotel chains to inquire about this.  The Choice Hotels brands (Comfort Inn, for example) are well within your price range and others are also.

2.  If you're not looking for a global or national chain, but instead looking for a boutique or mom-and-pop hotel or motel or bed-and-breakfast, just visit the areas you'd like to buy in and ask folks if they'd like to sell.

Put @Scott P in a reply so that I should get an automatic notification if you'd like more thoughts.

Good luck!

I had this happen once.  I was up front with the Buyer that that tenant's security deposit was used for rent.  So I sold, kept the deposit, documented it to the tenant, then counted the deposit as regular rent income for taxes.

If I had sold mid-April, i would have kept the portion of the deposit to cover the rent and then gave the balance to the Buyer.

Obviously on your end you'll have to abide by the lease and the laws.  On their end, if they have no money, then in my case all I can get in the deposit - unless I go to great lengths to get a judgment and even more troubles to collect.

So I'd try to be cooperative:  "Clean up very well, set out the For Rent sign, and allow people I screen to come view - and let them know I'm a great landlord.  This way, I'll get a replacement tenant promptly in which case I'm happy to help you in this tough time for  you by letting you out of the lease."

I would hope this minimizes my turnover time and cost as I would let them terminate early - probably.

Consider the cost of turnover.  Spread that out over 12 months and perhaps I would lower it if you're indeed above market and these are indeed solid tenants.

They probably don't want to move but college students can probably move easily.  They probably know they're paying above market and they look forward to thinking they figured out a way to get a better deal by moving.  Think about how you'd feel if you shopped around for something and got a better deal.  You'd probably feel like it was an achievement to be proud of.  

So, unless there is some reason that yours is different, I'd give serious consideration to lowering.

In Indiana Boxwoods work well.  It was Yews back in the 70s and 80s.  Buy small because they grow fast and then you have to trim.  

I'd avoid anything that will grow as tall as the windows, except something like boxwoods or yews that you'd trim.

Just as important as the plants is whether you use rock or mulch.  Rock seems commercial to some people but it only needs to be done once!  (And River Rock is cheap.)

I've gotten to know a few tenants fairly well.  On the other hand, I've had others I've never met.  On balance, I'd say that having coffee w/tenants would be going too far for me.  I wouldn't do it.  Seems unprofessional.

@Rob Bianco,  Ahhh.  Considering that extra info, I guess I would probably try the temporary/free units and keep apologizing to the tenant and keep pushing the warranty company and do my best to stretch everyone along.  As long as you keep updating the tenant it seems likely that everything will work out in the end.

I give all my new tenants the same speech which includes the fact that loss of heat in the winter on a weekend is an emergency but loss of A/C in the summer is not.

With that said, 5 days seems like a long time.  I think I'd wish there was no home warranty, in which case I'd just get it done even though the warranty would possibly save me some $.  Maybe there is a way you could pay and have it done and have the warranty company reimburse you according to their policies.  That would be more cost efficient in my area than installing temporary window units.