|
Harry posted:You've already made up your mind. Go get it. Yes, that's correct; as I said in my first post in this thread, I'm planning to purchase an additional layer of liability insurance. My question was whether anybody here has experience doing this by way of umbrella policies, and if so, how they went about it, structurally speaking (one policy per LLC, or one that covered all LLCs). Actie fucked around with this message at 17:20 on Sep 24, 2015 |
#
?
Sep 24, 2015 03:16
|
|
|
|
| # ? May 13, 2024 23:53 |
|
|
I'm looking to rent out a room to an acquaintance, and I'd like to be a little more formal about it than when renting to friends in the past. Does anyone have links to resource sites that 1) Can provide decent CYA room rental agreements on a state by state basis regarding rates, late payments, eviction, or month to month leases 2) Focus on or have special information for room rental vs. whole property rentals?
|
|
#
?
Oct 5, 2015 23:56
|
|
|
The California Association of Realtors puts out a standard residential lease. http://www.car.org/legal/standard-forms/summary-forms-releases-chart/nov-2008-form-releases-chart/228368/ Or I'm sure you could go to your local library and get a Nolo book.
|
|
#
?
Oct 6, 2015 18:20
|
|
|
I have a very stupid question for a situation I've never thought of before: If you are renting to a family with adult children living with them, do the children sign the lease too? Further complicating matters is that in this particular case, the 18 year old child would only live there part time. My instinct is that he should not have to sign the lease.
|
|
#
?
Oct 8, 2015 08:45
|
|
|
sleepy gary posted:I have a very stupid question for a situation I've never thought of before: If you are renting to a family with adult children living with them, do the children sign the lease too? Further complicating matters is that in this particular case, the 18 year old child would only live there part time. My instinct is that he should not have to sign the lease. There are zero downsides to the kid signing the lease. I'm sure you know the downsides of him not signing the lease. Why not just say "anyone living in this unit that is the age of majority must be on the lease"
|
|
#
?
Oct 8, 2015 12:03
|
|
|
sleepy gary posted:I have a very stupid question for a situation I've never thought of before: If you are renting to a family with adult children living with them, do the children sign the lease too? Further complicating matters is that in this particular case, the 18 year old child would only live there part time. My instinct is that he should not have to sign the lease. Any 18 year old in the house signs the lease, no questions asked, evictable breach of the lease otherwise. Anyone who resists signing is probably trying to avoid it for a reason.
|
|
#
?
Oct 8, 2015 17:15
|
|
|
BEHOLD: MY CAPE posted:Any 18 year old in the house signs the lease, no questions asked, evictable breach of the lease otherwise. Anyone who resists signing is probably trying to avoid it for a reason. My lease explicitly reads "the named occupants and their MINOR children" for this reason.
|
|
#
?
Oct 8, 2015 18:10
|
|
|
My lease from a corporate rental agency says that if there is anybody under 18 living in the house, that as soon as they turn 18 they have to go through a background check and be put on the lease. So I'm a filthy tenant in this thread of landed gentry, but I've got a question for you anyway. I'm responsible for mowing the grass in the front yard, and there's no grass in my backyard. It's half landscape fabric with mulch on top, and the other half is a nice brick patio bordered with rock on top of landscape fabric. There's also a huge pine tree that drops a ton of needles onto the patio and stone area. I've tried to keep up with it over the summer, but it's all been overtaken with weeds. The mulch is old enough that the bottom has turned to dirt and things are growing out of it. Enough needles of fallen into the rocks that the needles have turned to dirt and weeds are growing there. So lots of weeds and it's kind of an absurd amount of work to keep the backyard looking crappy (rather than totally overgrown). So I'd like to ask for something to be done, and I'd even be willing to put my own sweat and possibly money into it, because I'm going to be in this house for a number of years. So I'm wondering how you guys think I should approach this, and maybe what kind of ideas you would be amenable to as owners of the property? I'm thinking I wouldn't mind seeding the backyard with grass (it's maybe 150 sq ft) and keeping it mowed, and then something in the rock border area that's easier to maintain than what's there now, but I don't really know what that is.
|
|
#
?
Oct 8, 2015 19:31
|
|
|
I'm curious as to what others have done in this situation. I had a set of married tenants. They're separating and one is staying in the property as as solo tenant. My tenants ex-wife contacted me today about her half of the security deposit, asking me to mail her a check. I asked my present tenant about it and he stated that her surrender of her half of the security deposit is included in their separation agreement. She gave me a load of stuff that her lawyer probably wrote about having 30 days to return it to her at the end of the lease, but I didn't end the lease when she left. Googling suggests that my best course of action is to end the lease, send one of them a check written to BOTH of them for the entire security deposit and renew the lease with a new security deposit with my "new" tenant. Not sure what the best course of action is here.
|
|
#
?
Oct 26, 2015 21:47
|
|
|
Dragyn posted:I'm curious as to what others have done in this situation. Your best course of action is to tell them to sort it out between themselves and under no circumstances return a security deposit early. I would not wade into the middle of their separation nor let a leased tenant off the lease without something of consideration in return. At the end of the lease you already have written, I would do exactly as you said with a joint check and not try to interpret their separation agreement with both sides telling you different things. BEHOLD: MY CAPE fucked around with this message at 23:34 on Oct 26, 2015 |
|
#
?
Oct 26, 2015 23:32
|
|
|
I rent in Silicon Valley. How would I go about finding an owner willing to give me a long (3-5 year) lease on a house? Is that something an owner would even want to do?
|
|
#
?
Nov 5, 2015 10:00
|
|
|
ShadowHawk posted:I rent in Silicon Valley. How would I go about finding an owner willing to give me a long (3-5 year) lease on a house? Is that something an owner would even want to do? Ask them, but honestly as a landlord I wouldn't agree to that for the following reasons: 1) lost flexibility to raise rent over time as expenses increase 2) no offense but you might be a terrible pain in the rear end tenant who pays rent on time and I don't want to find out that you call about lightbulbs at 2 am a month into a five year lease 3) the protections of a lease aren't really advantageous for long terms; for instance if you break a five year lease I'm not going to recover five years of lost rent from you. I'm in basically the same situation as if you broke a one year lease.
|
|
#
?
Nov 5, 2015 13:48
|
|
|
Conversely, I'd love it if my tenants wanted a five year lease. Turnover has a fairly significant effect on returns, so locking up a long term tenant is great. Though that lease would definitely include automatic rent increases to cover rising property taxes since we have no prop 13 equivalent.
|
|
#
?
Nov 5, 2015 16:21
|
|
|
I guess my point was that a tenant with a five year lease isn't practically locked in any more than a tenant with a one year lease if they decide or are forced to break their lease. If you can get a tenant to agree to a long lease with annual rent increases that's great but my experience is that tenants wanting a long lease think they are doing you a big favor and want a long term discount no matter what the market seems to be doing.
|
|
#
?
Nov 5, 2015 17:10
|
|
|
It's common in commercial leases to have renewal terms in the initial lease. It could be a raise to market rate rent with 60 day notice, it could be 3%, it could be a CAM reassessment (if you don't do annual), etc. Lots of options.
|
|
#
?
Nov 5, 2015 18:05
|
|
|
My parents are renting out grandma's apartment. It went ok for a while until the last tenant moved out half of the furniture and got some dumbass to move in instead of her and pay her for at least two months. Nobody knew about this of course until somebody went to check out WTF's going on. Of course we saw none of that money and didn't even have last month's rent. Awesome.
|
|
#
?
Nov 5, 2015 19:00
|
|
|
I've finally started on painting and getting the old house ready to rent out, so I figured I'd put a For Rent sign in the yard. Within 24 hours I've already had 5 phonecalls to come check the place out. I'm feeling much more optimistic about getting someone in there now!
|
|
#
?
Nov 6, 2015 16:28
|
|
|
That's fantastic news. Glad to hear you should be able to fill it quickly. On my own front, I've been trying to find a property that will at least cash flow for a couple of months now. So far I've only found 1 that wasn't a total overpriced poo poo hole but someone made a higher offer. Going out again tonight to look at a few more. Fingers crossed.
|
|
#
?
Nov 6, 2015 20:13
|
|
|
Can I ask you guys some advice about the wonderful world of subletting?? I currently share a house with four others, unfortunately we just found out the owners(church of England of all people.) don't want us here after February since they want to turn the property into bed-sits. This isn't earth shattering to be honest the house is large but the area is a dump and if I'm honest two of the housemates are total pains to put up with most of the time but the set up worked well because three of us are separated dads so it meant there was no problem with us having our kids at the weekend. Now my options are: 1/ Hope I can find a shared place which is fine with a kid staying over at weekends which I doubt I'll find. 2/ Take the hit and rent my own 1/2 bedroom flat, which I can afford and was planning to do near to summer anyway but there's a few things I want to take care of money wise in the next six months which spending an extra £300+ each month would put a stop to. 3/I find a large(ish) property and sublet the other rooms to make it affordable. Option three is my ideal solution but honestly I'm not sure how you go about it. Is it as easy as putting down the ungodly large deposit and making sure I can get the rooms filled before I move in?? or is there more to it than that?? I'm aware of a decent property nearby that would be perfect but I want to make sure I know what I'm doing before I even start to make a move on it. Any advice or links to guides/advice would be appreciated. Krypt-OOO-Nite!! fucked around with this message at 18:52 on Nov 15, 2015 |
|
#
?
Nov 15, 2015 18:45
|
|
|
You just need to think in terms of arithmetic, if you don't have enough savings to cover the amount for a few months if something bad happens (something bad always loving happens) then don't do it. Say you're buying a $400K house with $50K down and you will end up with about a $2K mortgage payment every month. You expect to rent two rooms for $750 a month each, leaving you with just $500 a month leftover for your real mortgage payment. Now imagine you can't fill those rooms for six months, or that you fill them for one month and then they stop paying rent and you have to kick them out and can't fill it for another six months. These sorts of things are very common, so expect and plan for it. In this case you'd need $1500 x 6 = $9000 to float that, and that's before you start thinking about the higher costs of insurance/maintenance/damage/whatever. Your water heater is going to explode, your roof is going to leak, you're going to need another $20K in savings at all times to cover poo poo like that. So maybe ballpark $80K in savings before you really consider this. Yes that's a lot of money, but if you aren't able to swing that then you're looking at a real possibility of being ruined when something bad happens (something bad always loving happens).
|
|
#
?
Nov 15, 2015 23:31
|
|
|
^ I'm sorry I should have been clear I'm planning on renting a large property(4-6 rooms) then subletting the other rooms which would work out a lot cheaper than renting a 1-2 bedroom flat. (Say around £1800 split by 4/5 instead of £600/£700 PCM) I feel bad I wasn't more clear since your post was so comprehensive. Krypt-OOO-Nite!! fucked around with this message at 00:32 on Nov 16, 2015 |
|
#
?
Nov 16, 2015 00:16
|
|
|
I mean, there is probably value if you have the creditworthiness to lease the property and then sublease parts of it. Do you have subtenants lined up and if so, why don't they want to be on the master lease? You'll have a sandwich leasehold here where you've got the risks of paying rent on the place if you can sublease rooms or not, plus if your landlord and master lease have issues with subtenants. It might not be common, but it is definitely something you can do. You may be able to privately collect deposits from your subtenants, but if they move out, you'll have to be able to refund their deposits per the terms of your sublease with them.
|
|
#
?
Nov 16, 2015 00:36
|
|
|
Krypt-OOO-Nite!! posted:^ I'm sorry I should have been clear I'm planning on renting a large property(4-6 rooms) then subletting the other rooms which would work out a lot cheaper than renting a 1-2 bedroom flat. (Say around £1800 split by 4/5 instead of £600/£700 PCM) What does your landlord think about this? All of the California leases I've signed have specifically forbidden subletting. Also, screening tenants and collecting rent from them could be a pain in the rear end.
|
|
#
?
Nov 17, 2015 10:06
|
|
|
Under contract for my first rental property. It's a cute little 2 bed 1 bath and should cash flow about $200-$300 a month. Little terrified at this point since poo poo just got real but excited to finally move beyond the shopping stage. Since I only have a single property, I'm thinking about using rentalutions.com (which is free for a single unit) for my applicant screening, maintenance requests, rent collections, and general property management. Anybody have anything good (or terrible) to say about them?
|
|
#
?
Nov 18, 2015 16:48
|
|
|
Mandalay posted:What does your landlord think about this? All of the California leases I've signed have specifically forbidden subletting. It's not too unusual to have one or two people sign a lease and take responsibility for the whole thing then find their own roommates, especially if they have enough income to qualify on their own. Since he'll be living in the place with his "sublets", it's really more like a standard roommate-who-isn't-on-lease situation.
|
|
#
?
Nov 21, 2015 05:34
|
|
|
Uh no what you typed out is the dictionary definition of subletting and may be forbidden by the lease. Just because a rule or law is widely flouted doesn't mean you can't get evicted for it.
|
|
#
?
Nov 21, 2015 17:27
|
|
|
ShadowHawk posted:There's "subletting" and then there's "roommates". Many landlords don't require a precise listing of all the occupants to be on the lease. I certainly require a precise listing of all the occupants to be on the lease, why would a landlord ever not require someone over 18 living in a rental property to not agree in writing to the lease terms as specified by the landlord
|
|
#
?
Nov 21, 2015 18:25
|
|
|
BEHOLD: MY CAPE posted:I certainly require a precise listing of all the occupants to be on the lease, why would a landlord ever not require someone over 18 living in a rental property to not agree in writing to the lease terms as specified by the landlord Yeah holy poo poo. Every landlord that has any sense has every occupant of majority on the lease. Bloody Queef fucked around with this message at 22:56 on Nov 21, 2015 |
|
#
?
Nov 21, 2015 22:19
|
|
|
BEHOLD: MY CAPE posted:I certainly require a precise listing of all the occupants to be on the lease, why would a landlord ever not require someone over 18 living in a rental property to not agree in writing to the lease terms as specified by the landlord
|
|
#
?
Nov 22, 2015 05:47
|
|
|
Having more signers means more people to go after if you can't recover your money from the main person. Just because you get a summary judgement doesn't mean it's easy to actually collect--if others are on the hook, they will be more likely to pressure the responsible person to pay up, or pay up themselves to avoid the credit/reputation hit.
|
|
#
?
Nov 22, 2015 08:37
|
|
|
If you have someone living in the rental long enough, even without signing a lease they can be considered a tenant and you will have to then evict them. In a place like San Francisco that can takes months because of backed up courts.
|
|
#
?
Nov 22, 2015 11:12
|
|
|
ShadowHawk posted:The simple answer is because the person who signed the lease is held liable for everything their guests do to damage the unit, including roommates. Why would you need a stronger guarantee than that if the leasee has the assets? You still have all the same rights (eviction, sue for damages, withhold security deposit), it's just a matter of wording the rules to include unnamed guests. You need written agreements with all tenants both to make collection easier and to specify clear and uniform terms/rules for all tenants. You also want to screen your own tenants (guaranteed you'll do a better job than the hypothetical master tenant subletter) and have adequate information about your tenants should the police or insurer come asking.
|
|
#
?
Nov 22, 2015 14:58
|
|
|
lampey posted:If you have someone living in the rental long enough, even without signing a lease they can be considered a tenant and you will have to then evict them. In a place like San Francisco that can takes months because of backed up courts. BEHOLD: MY CAPE posted:You need written agreements with all tenants both to make collection easier and to specify clear and uniform terms/rules for all tenants. You also want to screen your own tenants (guaranteed you'll do a better job than the hypothetical master tenant subletter) and have adequate information about your tenants should the police or insurer come asking. In normal (non-SF-style) situations when guests break rules you can go after the tenant on the lease, and once you remove them the guest has no right to be there since there's no contract. SpelledBackwards posted:Having more signers means more people to go after if you can't recover your money from the main person. Just because you get a summary judgement doesn't mean it's easy to actually collect--if others are on the hook, they will be more likely to pressure the responsible person to pay up, or pay up themselves to avoid the credit/reputation hit. If your insurer requires name accounting for long-term guests then you should get them, though that doesn't necessarily mean they need to co-sign the lease.
|
|
#
?
Nov 22, 2015 17:42
|
|
|
ShadowHawk posted:If your insurer requires name accounting for long-term guests then you should get them, though that doesn't necessarily mean they need to co-sign the lease. The insurance company can be best thing to bring up in this and other situations. It can be easy to say "ah, the drat insurance company requires this, wish I could help." Prevents you from looking like the bad guy sometimes,but you still get what you want/need
|
|
#
?
Nov 23, 2015 01:27
|
|
|
As I'm getting close to closing on my first rental I'm interested in resurrecting the talk about advertising available units. I'm in Utah and folks here don't use Craigslist as much as they do a local news classified section. However, the housing section of the classifies is outsourced to a company called Rentler that is trying to be a landlord services company. I'm not too interested in using them for anything other than advertising but I don't know if I'll have that option. So other than craigslist, how else (or where else) do folks advertise an available unit?
|
|
#
?
Dec 10, 2015 17:59
|
|
|
Craigslist and postlets have always gotten me more rental leads than I can deal with. Of course a lot of them are crap but they're free and you don't pay a stupid broker commission to anyone.
|
|
#
?
Dec 10, 2015 19:15
|
|
|
The sign in my front yard brought in more interest than anything else I did, but YMMV.
|
|
#
?
Dec 14, 2015 00:33
|
|
|
A lot depends on what you're renting and the market. Craigslist is fine most of the time, but I'd avoid it in certain situations. If your property has specialized features, you may want to focus on a specific market segment. If you are in a very hot market, you may not want to have a hundred rental applications from random people to screen. A sign out front can be surprisingly effective, as people who see it already have some connection to the neighborhood, even if they are just driving through it. Plus, it informs the neighbors that the place is vacant so they can tell their friends.
|
|
#
?
Dec 14, 2015 01:01
|
|
|
Before I type out a big effort post, does anyone here have any experience with selling a rental property (even better that was converted from personal residence)?
|
|
#
?
Dec 31, 2015 20:20
|
|
|
|
| # ? May 13, 2024 23:53 |
|
|
Yes, I've done that. Selling process is no different, but the tax treatment can get a bit tricky depending on your specifics.
|
|
#
?
Dec 31, 2015 21:47
|
|