All Forum Posts by: Tracy Minick

I believe your best choice is to wait until the tenants have moved on. I love more than anything that you see the value in providing housing and caring for your investment, however timing is everything.

Once the tenants are out GO FOR IT!

I would suggest you could consider the cost to turn the unit (time and money).

I have had this situation before and the tenants have always stayed longer because it simply takes longer to have their house restored or the like.  I would also ask them for a double deposit as well or maybe a non refundable deposit :) 

In our state (Washington) if you own more than 4 they ask for the other unit rental prices. They also have a table that provides rent ranges based on bedrooms/baths and sq footage. I would reach out to them and make the request to increase rent, they will approve or disapprove.

I don't recommend having tenants responsible for maintenance fees or costs. In my state (Washington, that is actually illegal). There is a difference between maintenance and damage.

For example if the garbage disposal is not working and needs to be repaired or replaced and it is determined to be broken due to mis-use (tenant caused) then get it repaired or replaced and then you can charge it back to the tenant. 

You don't want to create an obstacle that would prevent tenants from reporting an issue. I would also suggest annual property inspections.

We require the tenants to prove a landlord liability policy for $100k. I would also suggest encouraging them to have "renters" insurance. Renter's insurance ensures that if something happens to the unit that renders it uninhabitable that they have a policy in place to provide financial relief for relocating. Also, I don't feel like an LLC is necessary for 1 property.

I believe that Zillow is your best bet. I find that craigslist and FB market place is where the scammers list properties. 

I would suggest adding a pet addendum or modifying the page of the lease that refers to pets.

Having the changes initialed and dated by all parties and reflect the changes to accounting "pet deposit" or additional deposit.

Landlords have no control over the cost of materials going up, much less insurance and taxes. Investing and being a landlord is a business. Landlords should not have their hands tied to move with the market. Evaluate your position and exercise your right to make a choice that suits your over all needs. 

I like to think that everything happens for a reason and that there is something to learn from every experience. Unlikely no need to change property management, they too are motivated to protect your home and have it rent ready.  This occurs and could have been vindictive tenants or simply a robbery. It is likely an insurance claim due to a form of vandalism. Your property manager will assist in providing access to the insurance adjuster and getting you back on track.

This is in theory a sunk cost for the tenants, in some cities in Washington you have to apply the application fee to the "move in costs" which cannot exceed the cost of 1 month's rent and including the security deposit fee. Also many PM companies do not allow applications provided to tenant to be re-used. All prospective tenants over the age of 18 must apply. You want all data on all tenants for sure.