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Dragyn posted:Thanks for the input, everyone. I just want to clarify on this one. You're saying that we tell her no and she decides not to move in at all (the tenant, that is)? I assumed that since a leased is signed and security collected, that it is too late to break the original lease. The only occupants allowed on the lease are the woman and her dog. She is talking about breaking the lease on the first day of its validity. Two people and two cats for "two weeks" are not guests, they are occupants. So what I think people are saying is that you tell her that you can't allow her to move in her family and their pets unless you come to some new agreement. If that is a dealbreaker for her, then she has lost her security deposit and she's on the hook for the rent while you search for a new tenant. It depends on local laws and the wording of your lease, of course.
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Dec 30, 2014 03:28
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I am confused what you are asking. The best case scenario is you tell her no and she asks out of the lease and you give her the money back and find someone new, in my opinion. The reason being 1) she is already going to resent you for not allowing her family to move in and 2) odds are the rest of the family is going to be moving in either way. if both parties agree to cancel the lease there is nothing wrong about it. If she still wants to move in by herself I would imagine you have to let her since everything was signed and agreed to. I have no experience with this situation. However, the first day you see her daughter stay the night you have to be right on that poo poo. Don't let it slide. Have you told her that her daughter/granddaughter/daughter's boyfriend can not move in? What did she say? She is going to say "it is only for a couple of weeks" but it probably won't be. Assume if they move in they are staying the entire year. Where is this property? What state? How friendly are eviction laws? DNova posted:. Also, I would not alter the lease to allow the rest of her family to move in, even for more rent. It sets a bad precedent from day one. Ribsauce fucked around with this message at 03:31 on Dec 30, 2014 |
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Dec 30, 2014 03:29
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Ribsauce posted:I am confused what you are asking. You hit it on the head actually. I was asking if we could say "No your daughter can't come in and neither can you now" I assumed this was not possible and you are thinking the same thing. We only advertised the place for about 2 weeks before we found her, only 2 showings. The phone wasn't exactly ringing off the hook with great applicants, as it's not the best city. The price of the rent takes out most of the riff-raff. We'd rather not have her just quit the lease. Especially if we aren't positive that there is going to be a problem. We're in Fall River, MA, to be more exact than my original post. What right do I have to say "you can't have any overnight guests ever"? I did some research and it seems that would be considered "overly-restrictive" if taken to court. What it does say I can do is limit the stay of overnight guests to say "14 days in any 120 day period" or something like that. What it boils down to is that it's advisable to say "No, she can't move in temporarily", but then she may show up as a 'guest' who god knows how long (because it's not spelled out in exact terms in the lease). Or we can get her to sign a lease addendum now, which she's agreed that she'll do, to limit the length of the stay. ..and for the record, there was no mention of the boyfriend during the call on either side, we didn't think of it until after. e: I don't have a problem with adding the daughter to the lease, there's plenty of room, but she'd have to pass a background/credit check as well and become joint and severally liable. No free rides here. Dragyn fucked around with this message at 04:07 on Dec 30, 2014 |
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Dec 30, 2014 04:02
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The lease at the place I currently rent specifies that no one can stay here more than 2 overnights a month, I assume for this exact reason. I never really thought about it that way.
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Dec 30, 2014 04:11
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I will clarify a couple of things, When I said "be right on it" I meant be watching. You can't go over on day one and make her daughter leave. According to google, Mass public housing defines a "temporary guest" as someone not staying overnight more than 21 days in a 12 month period, so that is the guideline I would use. Did you use the Mass standard residential lease agreement? The reason I would be worried about this situation is you said "Today she called and told us that her daughter, granddaughter and two cats will have to stay with her for "two weeks at the most" while her daughter sorts things out with her landlord at her new place." I might be wrong, but I would not be shocked if that two weeks turned into two more, then two more after. Here is my question to you. It is 6 weeks in and her daughter/granddaughter/2 cats/boyfriend are all still living there. What are you going to do? Are you going to evict? I know a lot of people with a lot more experience in this business than you or I and every single one of them would tell you that you better. Are you going to? Here is your decision. Analyze the chance the extended family is still there in 6 weeks (trust me, it is very high). Know it is going to cost you 3 months time/rent (I am going to assume she stops paying once you file) + court fees to evict. In NC my eviction was going to take 7 days to file + 15 days to serve + 30 day move out notice, and I think there was 15 more days in there somewhere, so over 2 months. I would imagine MA is even worse. Write down on your calendar February 16th, 2015 "If the daughter/granddaughter/boyfriend/2 cats are still there file eviction today. Do not make an excuse then (well, they are nice, she paid the rent on time, etc.). Go file. (edit-added discomfort is you live next to them) This is your first time renting and you might learn a lesson. It might be expensive. That is fine. My first tenant played me for a while. It happens. It is part of the rental game. There is a reason not everyone does this even though the returns crush the stock market. Do you know anyone who has a lot of rental properties and has done this for a while? Call them up and ask their advice, I bet you anything they tell you to go the hard way (refunding her money, finding a new tenant) not the easy way (letting it slide). If you don't know anyone you can call, find someone. edit if you are fine with all the extra people and pets moving in and want to add them to the lease then that is fine, I am just approaching this from the position it is not desirable to have them all there. Ribsauce fucked around with this message at 04:43 on Dec 30, 2014 |
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Dec 30, 2014 04:23
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Ribsauce posted:This is your first time renting and you might learn a lesson. It might be expensive. That is fine. My first tenant played me for a while. It happens. It is part of the rental game. There is a reason not everyone does this even though the returns crush the stock market. Thanks, this is my new ethos. I've been a landlord for three years now and haven't been burned badly enough to learn yet. I'm way too permissive. Hopefully I learn before I get wrecked.
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Dec 30, 2014 06:35
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you ate my cat posted:The lease at the place I currently rent specifies that no one can stay here more than 2 overnights a month, I assume for this exact reason. I never really thought about it that way. The student coop I lived in for a summer had a problem with people renting a 4 bedroom unit then partitioning it to hold as many mattresses as physically possible (20+). You paid $95 to get a mattress for a month. That's the end result of this kind of thing.
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Dec 30, 2014 06:38
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So... newbie question. I'm looking at buying properties at a distance, because I can't afford any rental properties in California, and I know/have family in the area where I'm looking. Currently I have a choice of the following: Property A is a single family home in an upscale new(ish) development. It is 10 years old, has a good rental history, and would need under $1000 to fix a couple of trim problems before renting it again, but it's currently vacant. Properties B are two duplexes in an old area of town. They were built in 1967 and haven't had anything substantial done to them since. They have solid rental histories and the newest tenant has been there for 5 years. They are structurally sound but cosmetically terrible, and I would conservatively estimate about $20,000 per unit to modernize them. Property A costs about 20% more than Properties B, and they rent for the same money, total. I have enough cash to put down 20% on either. Property A will appreciate more, but I'm more likely to eat a few months between tenants. I feel terrible about the conditions in properties B, and there isn't a lot of room in that market for rents to grow, even with full renovations. If one of the four units is vacant for a quarter, though, the other three will still cover expenses. The two landlords I've talked to say to go for the duplexes, but other people I've talked to think the single house will be less hassle over time. What are the pros and cons I'm missing here?
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Dec 30, 2014 12:40
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Tricky Ed posted:So... newbie question. I'm looking at buying properties at a distance, because I can't afford any rental properties in California, and I know/have family in the area where I'm looking. Currently I have a choice of the following: You haven't evaluated the issues with property management from a distance. I'm phone posting so it'll be brief, but you seriously need to look into this aspect. Your property management company takes a month rent up front and 10% of gross rent. (probably the lovely price you'll pay with only one unit) If they choose a lovely tenant, you suffer the repercussions and they don't. Worst case for them is losing a client. Worst case for you is a destroyed property and several months of lost rent or worse. Unless you want to fly in and screen every tenant? Property management companies drive out most of your profit and are generally only worth it if you can personally screen your tenants and you don't want to handle those 3AM lockout calls.
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Dec 30, 2014 13:17
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Ribsauce posted:I will clarify a couple of things, I was not aware that there was a standard rental agreement for my state. Wish I had known that earlier. My intention is to be very clear (and add the addendum to the lease) that a guest is >= 21 nights a year, and beyond that she'll be in breach of the lease as it stands. I'll have the paperwork ready on January 22nd if I see her daughter there. We have the added convenience of surveillance outside the unit, so I can document who comes and goes easily. My father-in-law owns a few dozen properties, but they are all dumps. He doesn't screen his tenants nor sign leases with them, so he gets burned on pretty much every occupancy. Not the best person to ask advice from.
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Dec 30, 2014 14:02
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Bloody Queef posted:You haven't evaluated the issues with property management from a distance. I'm phone posting so it'll be brief, but you seriously need to look into this aspect. I have looked in to it. We're friends with the owners of a large-ish property management company in the area and I have family there (a real estate agent + others) to do tenant screenings. This is why I'm looking in that particular market rather than around where I am (above and beyond the cost issue) or anywhere else. The cost is a consideration, and may end up being the tipping point for not doing anything at all, but I do have plenty of information about that aspect of rental property ownership. I do need to get a feel for what the pros and cons are for one high-end unit vs. many low-end ones, specifically when the high-end tenants are more likely to be shorter term.
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Dec 31, 2014 00:43
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I have a situation with a tenant in my property: I signed with a tenant in November for January occupancy, collected deposit and first month's rent. He is an international student and told me he was leaving after fall finals to go home for a month and said he would be back before classes started in January. I agreed to let him leave some of his clothing and small furniture in storage at the place while he was gone, which he met me to drop off but did not stay any longer than that. Come January I have been expecting to hear from him but so far there's been no sign. I have emailed him, called, and texted him with some welcome type information about the house and asked him when he'd be returning but have not received a response. At this point he'd have missed a full week of classes, so I suspect he will not be returning. Obviously anything could have happened but I want to plan appropriately for the worst case scenario where he disappears off the face of the earth without coming back or at least letting me know so we can agree what to do. What are my obligations to him at this point? Obviously he's paid his rent through the end of the month and could return at any time before that and be within his rights to take occupancy under the lease, but if I don't hear back from him I'd like to re-rent the place as soon as possible. It never even occurred to me that someone would pay rent and a deposit and then never move in, so my lease doesn't address this situation or leaving the property vacant in general - lesson learned, it will be changed - and I guess I have to depend upon general landlord tenant law. If he is never heard from again, do I have to formally evict him and deal with his stuff under a writ of possession, and is it important that he has not taken occupancy i.e. taken keys from me and started living in the property? edit: it seems that the state general statute allows a landlord who suspects abandonment at the end of paid rent to either make a judgment call that the premise has been voluntarily vacated, or to be extra safe post ten days notice and then basically do whatever. BEHOLD: MY CAPE fucked around with this message at 16:07 on Jan 10, 2015 |
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Jan 10, 2015 15:44
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I think in North Carolina you would have to do a formal eviction once rent is not paid. Besides, he has paid up to the end of this months so you can't do anything before then I would imagine.
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Jan 10, 2015 19:17
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Ribsauce posted:I think in North Carolina you would have to do a formal eviction once rent is not paid. Besides, he has paid up to the end of this months so you can't do anything before then I would imagine. I think at the minimum presumed abandonment by 10 days posted notice (state statute) at the end of this month would apply here, but dealing with the dude's stuff in a meticulously legal manner would really be the issue. I mean, hopefully he had the flu or something and he comes back and everything works out but I want to prevent any of this from biting me in the rear end.
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Jan 10, 2015 21:21
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So how bad of an idea is it to own rental property in an area you don't live in? Is better if you've lived in that area, or at least that state before, or is still pretty much a foolish thing to do?
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Jan 11, 2015 20:01
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EB Nulshit posted:So how bad of an idea is it to own rental property in an area you don't live in? Is better if you've lived in that area, or at least that state before, or is still pretty much a foolish thing to do? I honestly feel that it's a pretty foolish idea. Partly due to the fact that not living there means you probably don't know the area well enough to make a decision about the purchase of the property. I posted about this a little earlier in the thread, but I feel that management companies make SFH/triplex or smaller investment properties unprofitable. Different management companies do fees differently, but generally when they place a tenant for you, you pay a flat fee sometimes up to a month. Then after this, they are going to take up to 10% of monthly rents. For all that money, they do the work for you, but take on none of the risk. If they place a tenant with you that pees all over every carpet, smears his poo on the walls and costs you several grand in lost rents and damages. The worst they get is fired. So it's in their best interest to place a lackluster tenant quickly, rather than search around for a spectacular tenant. I will use one of my properties as an example: It's a 2br/1ba row home and cost about 80k. I took a mortgage for this with 20% down and my property tax, insurance, and mortgage payment totals up to roughly $500 a month. Rents are $1200 a month. (This is a sweet spot in the market and I don't have many of these, but this is my best money maker property) Let's say that Property Management, Inc places me the perfect tenant. Said tenant stays for exactly 12 months and causes no headaches, no damages on moving out. They did exactly the job I hired them to do, it's the best scenario (except perhaps the tenant staying longer). Over the course of the year: Rental Revenue = 15,600 Management Place Fee = (1,200) Monthly Management Fees = (1,440) Mortgage/Insurance/Taxes = (6,000) On a property that inexpensive, I double the usual annual 1.5% of property value for repairs/maintenance to 3% = (2,400) Net $4,560 on an investment of $20k is pretty solid (25% of total property value for down payment and fixing up costs) 22.8% ROI While not as good an ROI as self management (36%) this could work. I generally discount principle payments on the loan as I think this can Now what happens if the tenant that Prop Man, Inc places turns out to be a scumbag and after 9 months of successful rental payments stops paying rent? Say 2 months of lost rent due to eviction proceedings and since we're evicting they decided to trash the place to the tune of $1,500 over and above security deposit and another month of property cleanup and finding the next tenant. Over the course of the year: Rental Revenue = 10,800 Management Place Fee = (1,200) Monthly Management Fees = (1,080) Mortgage/Insurance/Taxes = (6,000) Same repair/maintenance since this is for wear and tear stuff= (2,400) Replacing carpets = (1,500) Net loss of $1,380 That sucks, but things happen. Now if you self managed, you'd be able to clear $900. Still an embarrassing profit for all that risk, but you didn't have to tap into personal funds for this property. Yes I made some assumptions and ignored the court costs of eviction, and that property is a smashing good ROI. But it always seems to me that management companies push investment properties from a good idea as an investment to a questionable one. E: Those management fees are sky high, but what I've seen if you only have 1 property. Some investors I know with portfolios of 10+ properties seem to pay 1/2 month placement fee and a 6-7% management fee.
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Jan 11, 2015 20:58
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So basically, as long as I live in NYC, owning rental property is not feasible so long as my income is due to an ordinary job, since local property would take me a lifetime to afford, and distant property has its own management issues. Thanks!
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Jan 11, 2015 21:19
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EB Nulshit posted:So basically, as long as I live in NYC, owning rental property is not feasible so long as my income is due to an ordinary job, since local property would take me a lifetime to afford, and distant property has its own management issues. Thanks! Depends on where in NYC. I know a guy that lives in North Jersey and train commutes who has investment properties down in Trenton
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Jan 11, 2015 23:34
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EB Nulshit posted:So basically, as long as I live in NYC, owning rental property is not feasible so long as my income is due to an ordinary job, since local property would take me a lifetime to afford, and distant property has its own management issues. Thanks! Look into real estate investment trusts. They allow you to invest in a portfolio of rental properties. Then you can always liquidate your holdings and buy your own when you have enough capital. I became a long distance landlord by default. I married and moved and my house was underwater. I actually screen the renters myself from long distance and have family meet them and give them the keys. It is very risky and a big hassle, but it has worked out since I have family in the area. This is the ONLY way I would ever say long distance landlord can work, if you have family/friends that you trust that can assist in the day to day operations. Even then it is a huge hassle and risk.
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Jan 12, 2015 16:41
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I've never had to show an apartment while it was occupied -- what is the norm with that? Do the current occupants usually hang out during the showings? That seems awkward.
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Jan 12, 2015 16:47
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DNova posted:I've never had to show an apartment while it was occupied -- what is the norm with that? Do the current occupants usually hang out during the showings? That seems awkward. From my experience from house showings there is just a scheduled time and the owner can be there or not. Many a time I would be playing warcraft 3 when potential buyers came in to look at the house my parents were trying to sell. My current landlord when showing the apartment I now live in just called ahead to the current tenant and asked if it was okay to go in. So there's that too.
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Jan 12, 2015 16:50
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Thanks. I would obviously give them at least 24 hours of notice, but I didn't know what else to say.
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Jan 12, 2015 17:11
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DNova posted:Thanks. I would obviously give them at least 24 hours of notice, but I didn't know what else to say. It can sometimes depend on your relationship with the tenants. I had one tenant that basically sold the apartment when an applicant came to look at it. Talked about all the cool things that she liked about it. But it's up to the tenant whether they want to be present or not. I'll usually do something nice for the tenant if I'm showing it while it's still occupied like drop off flowers or something as a thank you. I lived in an apartment and it loving sucked to have strangers trampling through your space so I can empathize.
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Jan 12, 2015 17:31
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hey guys, I own a house outright that I'm renting. I just started renting it last year so this will be the first year of taxes. What special stuff do I get to do this year... do I get to take any cool writeoffs?
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Jan 23, 2015 03:23
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Bloody Queef posted:Depends on where in NYC. I know a guy that lives in North Jersey and train commutes who has investment properties down in Trenton Hahah, I was considering doing this exact thing. My rentals are in Trenton and I'm about to start a job in Jersey City. I'll probably unwind them. They're enough of a pain in the rear end when I live close. Don't feel like being an ninety minutes away when I have to collect rent in person and my tenants are incapable of relighting the pilot on the water heater. (Not that it should be going out in the first place. What the gently caress?)
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Jan 23, 2015 03:29
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dhrusis posted:hey guys, I own a house outright that I'm renting. I just started renting it last year so this will be the first year of taxes. What special stuff do I get to do this year... do I get to take any cool writeoffs? All of your expenses, basically, plus depreciation. It gets complicated if you want to be sure you're doing everything right. I pay a tax guy.
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Jan 23, 2015 03:47
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Just found out today my current tenants are going to stay for another year! This is the first time in 4 tenants that I won't have to flood Hotpads, craigslist, zillow, to fill the vacancy. This is a nice turn of pace with this house as just a few months ago I was replacing the sanitary service to the tune of $2.5k. I know, It could have been worse.
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Jan 29, 2015 15:31
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DNova posted:All of your expenses, basically, plus depreciation. It gets complicated if you want to be sure you're doing everything right. I pay a tax guy. I missed this back when it was posted, but the Turbo tax version that includes Schedule E income has excellent tools for rental income. It couldn't be easier and does a thorough job of walking you through what to examine. It also tracks depreciation year to year, so once you've entered the asset you're depreciating in, you don't have to worry about it anymore. The only reason you should hire someone to do taxes for rental properties is if they were in a C corp. I'm also a tax accountant so you probably shouldn't take my advice. But I do use Turbo Tax because I'd gladly pay the $80 per year to reduce my tax prep time in half during my busiest part of the year. fishhooked posted:Just found out today my current tenants are going to stay for another year! This is the first time in 4 tenants that I won't have to flood Hotpads, craigslist, zillow, to fill the vacancy. This is a nice turn of pace with this house as just a few months ago I was replacing the sanitary service to the tune of $2.5k. I know, It could have been worse. This is the best scenario. Congrats
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Jan 29, 2015 22:37
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Bloody Queef posted:I missed this back when it was posted, but the Turbo tax version that includes Schedule E income has excellent tools for rental income. It couldn't be easier and does a thorough job of walking you through what to examine. It also tracks depreciation year to year, so once you've entered the asset you're depreciating in, you don't have to worry about it anymore. That's nice, and something I might consider in the future. I was using TaxACT years ago but I started getting confused by various methods of depreciation calculations and worried that I was missing out on deductions and/or making serious errors.
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Jan 30, 2015 00:17
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Bloody Queef posted:I missed this back when it was posted, but the Turbo tax version that includes Schedule E income has excellent tools for rental income. It couldn't be easier and does a thorough job of walking you through what to examine. It also tracks depreciation year to year, so once you've entered the asset you're depreciating in, you don't have to worry about it anymore. Much appreciated, will def use Turbo Tax. Super excited, I hope I get some $$ back this year!!
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Feb 1, 2015 03:17
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I decided to open an umbrella policy as I have been a landlord for a few months now. I want to make sure I have adequate but not excessive coverage. I opened a 1 mil policy to get started and can adjust from there but I was curious if others could comment on their thought process.
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Feb 6, 2015 16:10
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Mercury Ballistic posted:I decided to open an umbrella policy as I have been a landlord for a few months now. I want to make sure I have adequate but not excessive coverage. I opened a 1 mil policy to get started and can adjust from there but I was curious if others could comment on their thought process. I tried opening an umbrella policy, but all the companies wanted 500k (or 3, I forget) insurance limits on all my vehicles. They also demanded everything I had insured be through them. I shopped a lot for all my property insurance, vehicles, etc and was with a different company for all of them. It got prohibitively expensive. Just make sure that you have a good landlord's policy on each rental property and you should be good.
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Feb 6, 2015 17:38
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I am with USAA and so am already with them for everything as it is. I have had good experiences making claims on the auto side so figured I would stay as I lime the customer service and rates.
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Feb 6, 2015 17:45
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Mercury Ballistic posted:I decided to open an umbrella policy as I have been a landlord for a few months now. I want to make sure I have adequate but not excessive coverage. I opened a 1 mil policy to get started and can adjust from there but I was curious if others could comment on their thought process. I did the same thing. I ended up dropping my primary liability coverage to the minimum allowable and upped the umbrella to $5m which more than covered the primary reduction. It reduced my insurance bill by about $2800. I may have been (or may still be) over insured.
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Feb 9, 2015 06:07
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My family own property in London, most of which is rented out to my friends and on Airbnb that I manage. I've got about £100k in liquid savings - I want to get another buy-to-let, but a) London property is mega expensive and including a mortgage I would probably only be able to buy something worth like £300k max, which is a 1-bed flat if not a studio apartment, and also it means that I'm super heavily exposed to the London property market. My current pipe-dream plan is to get a buy-to-let in NYC that I could then let out on Airbnb, and use this as a holiday pad for me and my family. £300k translates to just short of $0.5m which is enough for a 1-bed somewhere not-poo poo in Manhattan. I earn about £50k/year including the rental yield from my share of the rental properties, hence the crappy mortgage amount. My income should go up shortly though as the startup I work for should be completing a funding round soon. Now, am I being totally stupid and/or unrealistic? Should I just keep my savings in stocks as they are at the moment? I have no big ticket expenses and don't plan on having kids in the next 5 years, and what I'm after is something that will make me some money after mortgage costs, and will appreciate in value. I don't know a huge amount about New York real estate, so I'm treating it similarly to London which I'ma lot more familiar with.
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Feb 12, 2015 07:23
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tentish klown posted:My family own property in London, most of which is rented out to my friends and on Airbnb that I manage. I think it's a bad idea to invest all of your savings into a criminal enterprise in a foreign country.
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Feb 12, 2015 10:29
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Lol I think you're going to be disappointed by what $460k will get you in Manhattan, especially if you're hoping to find something attractive to airbnb visitors.
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Feb 12, 2015 15:11
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DNova posted:I think it's a bad idea to invest all of your savings into a criminal enterprise in a foreign country. What? Are you seriously referring to airbnb as a criminal enterprise.  As to the poster, investing in a real estate market that you have no knowledge of is a terrible idea. Also scroll up a little bit to see my analysis on having a management company do everything for you, this gets even pricier when they know you're international.
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Feb 12, 2015 17:06
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Bloody Queef posted:What? Are you seriously referring to airbnb as a criminal enterprise. Yes. What tentish klown is proposing is illegal in the state of New York. It is my opinion that pouring your life savings into an illegal activity is a bad idea. edit: Wait, nowhere did I say that airbnb is a criminal enterprise. Investing in real estate and renting it out illegally is, however, a criminal enterprise in the state of New York (which is where Manhattan is located). sleepy gary fucked around with this message at 17:31 on Feb 12, 2015 |
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Feb 12, 2015 17:17
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DNova posted:Yes. What tentish klown is proposing is illegal in the state of New York. It is my opinion that pouring your life savings into an illegal activity is a bad idea. AirBnB isn't always illegal in NYC. I can't remember the qualifications, but I think it was a week or more and a whole apartment didn't qualify as an illegal hotel. There's also a possibility for legislation that would make it clearer. Either way, AirBnB being illegal or not is not why this is a horrible idea. Seriously stick to a location you know.
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#
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Feb 12, 2015 17:39
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