All Forum Posts by: Bill P.

@Larry Turowski 

I have seen the slate appliances that you speak of and they are nice. But I do agree that stainless adds a lightening touch to the kitchen as they reflect light better. Without being in the kitchen, I think your gut call will be the correct one.

Being involved with Florida real estate during 2004 - 2007. What a ride!

Thanks Mike, great idea to help the community and promote yourself as well.

@Keith K. 

I'm on the other side of the coin. I only do SFHs and the tenants always pay all utilities. Of course, I would have to pay the water if the tenant skipped, but that is the cost of doing business.

Rentmatic.com. $3.95 per unit as used. If unit is skipped in any month, (such they need to pay directly to you in cash) fee is not charged Been using them for years and never a problem.

@Eric Mauricio 

 Perhaps am open and frank talk about your plans. Show him examples of what you could do with his help. Maybe tell him you would like him to be a funding partner for $100,000 (or whatever) and do some actual projects that pay him a handsome return. If he balks at the prospect of investing with an untested investor, then regroup and see if you know someone else that will or come up with creative ways to make your dream work.

I raise my rent 2.5% per year as stated in the lease that they sign. Of course, if market conditions change, I can forgive the raise to make me look benevolent. Otherwise, the rent raise was known before they moved in. My lessees usually stay for multiple years. This lack of vacancy is what allows me to do small steady increases as my vacancy rate is low (1 month every 4/5 years on average)

@Joshua D. 

As a Cincinnati resident and investor, I can tell you that this is quite common due to the long standing practice of German heritage in Ohio. I can also tell you that it is normal for the seller to pay for title insurance for the sale. Starnge but true.

I am not a lawyer nor do I play one on TV, but with that said, I would think it would be an uphill battle to win. I'd ask the seller to give you a copy of the lease if he has one to see if your odds can increase. Without a lease, how do you really know the rent schedule or the end date of lease. How are you sure of the security deposit? What other term may you not know about?

@Jimmy S. 

There's a lot of good advice here. If this situation was on my doorstep, I would do the following:

1) Reduce the price for a year end incentive IF they agree to a 6 month lease or 18 month lease because you have to get your vacancies out of the winter zone. The length would depend on how much of a discount they got. Smaller discount = longer lease.

2) Or reduce the security deposit in lieu of the reduced rent, This decision has to be made the strength of the tenants. Many larger complexes are offer $100 deposits to entice potential residents. Higher monthly is better than higher deposit that you have to give back anyway.

3) Check my market rates for the rental. Things change quickly in this market and if you are behind the curve, the only person you hurt is yourself.

Good luck with your decision.