All Forum Posts by: Walt Dockery

I don't understand if they moved in April and have a 12 mo lease why is it up June of 2019?  If lease isn't up for a year why are you discussing whether to renew the lease now?

Why are you renting out this house?  If you have a PM, why are you asking questions like how to give notice here (your PM should handle that)?  If the roof was at the end of its useful life why not be proactive and have stuff like that addressed before renting it out?

Have you considered selling the house when lease is up?  Your post sounds to me a lot like an 'accidental landlord' situation.  

If I remember correctly the biggerpockets sample downloadable application has this very question, or at least did, as well as asking about income. 

Assets are different than income, so asking to verify income isn’t the same thing. That said I think “how much money do you have” is very crass wording and would change the wording. 

Does google forms allow for a digital signature?  If not how do you handle stuff like release of information?

I would look at comparable market rents annually, if you're significantly below market bring it up to or close to market. Otherwise barring a really weak economy, shoot for at least an inflation adjustment type increase. 

If you review vs markets annually and take at least an inflation type increase, you should avoid these problems that seem to crop up where people start threads saying they have found themselves in a position where they are WAY under market. 

I wouldn't touch this situation with a 10ft pole.  What happens when his ex-wife (correctly) alleges he hid assets from her during the divorce proceedings?  And you've admitted to it in a public Internet forum. 

I would start with the under market discussion first - if she's not gonna stick around after a rent increase would be easier to do the improvements as part of the turnaround process. 

I'd consider replacing the carpet with something that holds up better in a rental.  Paint - sure, fresh coat of paint is never a bad idea.  But again I'd see if she's staying after the rent increase first to decide whether you wait and do this when it's vacant. 

If it works out and she stays, I'd keep her on month to month at a higher rent rather than extending to a longer term lease.  

Cozy has one but I don't think they allow you to modify it, which sucks as I like to put in own questions. 

If you want to use your own app, I believe this can be done using google forms.  There's a thread here where a guy had some pretty extensive stuff done via google forms. 

Why would you assume people want to move?  Moving is a pain in the butt, most people hate moving. Further if your property is well maintained and you are good about keeping it that way, the tenants likely prefer to stick with a known good/conscientious LL who takes good care of their property. If you are raising to keep up with market rents they won't be able to save money by moving.  

The way I treat it if the transfer is initiated on time then it is on time as far as I'm concerned.  IMO cozys processing time is not the tenant's problem esp if payment via cozy is something you requested for your own convenience. 

Fwiw they could give you a personal check today the check could fail to clear and you wouldn't know for several days.  Most forms of payment short of cash or a wire transfer have some form of processing time, usually measured in days, even if the money "appears" in your account. 

We currently live in a near zero interest rate world. The 5 days or so processing time is not really material, as long as the tenant consistently pays on time how you communicated it I don't see processing time as material. 

A little off topic but do you think the neighboring absentee landlord would be willing to sell and would you be interested in buying?

Personally if the numbers work I'd find it highly desireable to own both duplexes - giving the full garage and control over tenants and general maintenance / curb appeal of the whole property.