All Forum Posts by: Deanna McCormick

It is not an addendum, I would write up a care taker agreement that was a blanket amount each month for duties that were required, they would complete the duties and the rent Concession was deducted the following month..

Keep the normal lease, Look for care taker agreement. 

Your project sounds involved and nobody works as well when not supervised.

So I'd get a lease, write up a agreement of what's proper compensation for each project and take a portion of rent off as a concession, each month until project is completed. Otherwise I see it as you might as well let him live there rent free. 

Per lease agreement is when you can send proper notice of increase, 

If the lease is several months out, I would inform the tenant that the increase is coming so he is well prepared. Otherwise I'd raise the rent to match the rate the apartment with the current condition of the interior will support.. 

I only do month to month leases so keep him on month to month so if he chooses to leave you can start fresh.

You don't owe him any explanation of why rent is increasing, nor does he why other owner kept it so low.. 

If you choose to non-renew him, give proper notice and maybe an extra month. per lease term agreement.

Get your own lease inforce as soon as possible. 

So is this heat lines in boiler that are freezing..

If so we would use a product called POLY GLYCO we got it from our heating supply contractor,, 5 gallon jugs, we consulted with them as to how much to add to our boiler system, this is a anti freeze type liquid that works wonders in old farm houses, and like ours a real badly designed, under insulated motel style building 24 units,, our pipe would freeze and split open like crazy.. 

The product has a life of about 5 years in the heating system and you need a valve thing to add it to the in valve on the boiler..  

You will be relieved once you add this.

As far as fresh water, or hot water plumbing other than leaving faucets on low drip in really cold weather it's a gamble.. 

you could move in with tenants in apt 1 and rent  yours out.

1st download landlord tenant laws for your state.

2nd join a landlord association in your city if possible.

3rd get a message machine. don't call back if not emergency, if they need help they can call 911,, if it's not a leaky toilet..

4th put some money in savings.. your gonna need it. 

A person is a person,, doesn't matter what age.

As long as your not over occupancy standards you are fine.

I always set my criteria BELOW normal standards because I don't want the traffic.

Studio 1 person

1 br -1 person

2 br  max 3 people.. but I try and stick to 2.. sometime I advertise as 1 BR plus Den..

NO way would I let anymore than 1 person in a studio.

All occupants are listed on the lease, if a child is involved they are listed as "minor child- date of birth after name

I would think as long as the LLC holds title to property then all income is reported on taxes by the LLC.. so income from rent would be paid to the LLC by whomever rents the property, AS soon as the property has a rental occupant then the cost of repairs and management fees ect as part of profit loss statement on the property rented and are expense that's deductible for taxes. Land can be rented / leased out someone for farming.

As far as your wife passing her share to daughter, I guess the LLC other members would have to agree to that. If your wife would die, what ever is in her will may be able to transfer her ownership share..but all may depend on how originally this property came into the hands of those on the LLC. If it was part of a trust, inheritance, and the LLC is tided to that you may have other things that need to be determined.

All depends on how the LLC was drawn up.

This could be headed into a nightmare,, only because he's already threatened 2 times to himself retaliate.. 

If your not timid,, I'd frankly give him written notice today of non-renewal. A Full day prior to month end.. so he has full 30 day notice his lease will end Nov 30th.  YOU don't give reason, You just give notice of non-renewal.. IF he doesn't pay November rent,, then file for non payment.. after you give pay or quit..

Inform your attorney this is what you have planned.. if he says delay then that's up to you. Document, Save, print out all messages he texts or sends, and refrain from verbal phone contact. Physically meet him only with another person.

You also can call Adult protection / Social services and request a well check on this tenant that you are concerned he is acting irrational and wonder if he has a case worker that is working with him.

Honestly,, he sounds off the track.. how'd he get approved for this apartment.. 

Good Luck

Double Check you state landlord tenant laws first..

First off it's only got 1 bathroom and that's not a Plus.

2nd, the first photo is poor of blinds,, and others have already mentioned needs some more staging,,

The place looks very clean, neat,, Front yard is lacking curb appeal ,NO grass ?? no Shrubs??

Put in a Fridge.. 

Being a out of town Boss you might not carry a big enuf stick.. meaning even a once a month appearance isn't really hands on enough to figure out how fast, what your staff is up to. 

Your 90K in management fees is about equal to 1 full time manager- leasing agent and another part timer and you could office in a apartment but loss of income on that unit then.   If you figure maintenance labor you'd probably need 2 full time guys to do the basics.. you'll either need for them to use a car / van between sites... and a place to park parts / shop area to be based out of and then you'd probably have to hire out painting and turn cleaning work. 

I've worked for several LARGE companies with big 2500 units or more portfolio's and employees are a hard lot to manage if you don't have a big presence.

Right now you average cost per unit to have everything done is $2703 a year a unit.. to me that's extremely high, and I would ask first how to retain to keep tenant's longer what's needed, and to try and get a real first hand look on turn expenses your paying. 

Management fee's are about $666.00 a unit. 

The maintenance needs to be recapped as to labor first and then supplies to know what's up with that, to get a tighter hold on that breakdown. 

You have no payroll headaches, no vacations, no sick pay, no HR issues. 

Good luck lots to consider.

Interesting your insurance co did a search and found house next door was vacant.. as a new customer i might expect a higher rate buy as a renewal I would have not expected them to do a drive by...

If the area is getting that depressed so is your property value,, what would they pay for replacement,, maybe it's time to sell

My taxes are high enough, if the people actually needing the assistance were properly and more carefully screened there might be less homelessness. We do what we can and contribute to help those we can and pay our taxes.. 

It's your local city officials (along with other city's) that need to step up and flight blight , get these houses faster off the board up stage, so they can be rehabbed or tore down, so homeowners can keep their properties intact without being forced to pay this type of increase

Try a city council meeting to voice your concerns.. good place to start