All Forum Posts by: Yiv L.

I would also communicate to the tenant ahead of time on your plans so that they understand your "good intention" for raising in segments instead of full amount in one shot, and also they would not complaining about you sending out rent increase notices every 3 months.

@Carrie Herrmann there is nothing wrong on month-to-month, but you need to verify that's what the existing lease says.
Regarding the concern that one day the tenant would walk out if without a lease, everyone here at BP will tell you that even with a lease, they still can just walk out and leave your property with a mess.

Joel Owens has a point. If you guys seeing each others so often, why not moving in together. This way, you get to see each others more and save money on rent at the same time.

I think ***** has made up her mind of pursuing two-year lease, and also preferred the "formal" way of communication.

I inherited tenants in one of my 4-plexes. One of the tenants is troublesome since day one. He is a whiner and took apart vanity sink, took apart kitchen plumbing and blame previous owner for not maintaining the prop. First month I took ownership, he paid partial rent, promised to pay the balance in one week. He refused to pay the balance until after I sent out 5-day notice and paid. Second month paid rent in full. Getting into the third month, he said he did send out the money order, but I did not receive it by the 5th. 5-day notice has been served, and I am in the process of evicting him too.

Should we buy used from Craigslist or buy new? Is it difficult to do tax claim if buy from Craigslist?

Originally posted by Raquel L.:

@ Russ, you saw my letter up top-- thoughts? I'm also going to email her the letter so she receives it quickly, along with a small guide on simply home maintenance that I found online which outlines what to do in case of emergencies, etc..

Note to self: READ TX PROPERTY CODE. ;P

@Raquel L. Not sure if you need to restate the policies in the introduction letter, as they are already in the lease agreements (I normally honor seller's lease agreements). All I did is include the existing lease agreement with the letter.

I talked to the existing tenants during property inspection of the multi-family properties. Some of the benefits I think I get out of this:
- To make the tenants feel comfortable so that they won't run away by the time of closing. Always some uncertainties in their mind when there is changes in management/ownership
- To learn about the tenants ahead of time and set plan of action after the close (ie, to keep or to kick them out :-))
- To learn about the property that inspection might not uncover ...

The first day of the close, I knock at the doors (and/or call first) to introduce myself, with the following:
- Walk thru the property with tenant and note down inputs and existing issues
- A nicely prepared folder containing:
+ A simple letter stating change of ownership with my contact info
+ The existing lease agreement I got from seller
+ A full sheet of sticker for my mailing address (PO Box). A convenient way for them to send rent to me each month :-)
+ A full sheet of their return address, a convenient way for them to stick on the rent payment envelop :-)

I only allow inquirers to fill application if pre-screen looks ok, and I collect the fee at that point. I only collect half of what I pay for background screening (ie, charge $20 if my cost is $40). I think this is fair for both parties (landlord and prospective tenants), as background screening is beneficial to both. This way, I can avoid being complained ripping off ppl and making money on the fees. Applicants are generally very happy once they understand what the fee is for, and they pay only half of what it really costs. I know it costs me money, but hey this is part of business.

It's a norm for 2-4 plex multifamily. Seller does not want to disturb the tenants. If you know the address, just quietly drive by. If the condition of the exterior paint and roof are bad, the interiors are most likely terrible. As others mentioned, you can always back out with the inspection clause.