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Saint Fu posted:poo poo I just found out my landlord died of a heart attack. She must have been a good landlord because I'm legitimately sad about this. I'm guessing this will not be good for my hope of subletting the guesthouse in the next few weeks. But now there's no one to stop you! Too soon?
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Jul 18, 2016 20:48
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BEHOLD: MY CAPE posted:Sounds like a good deal as long as you don't mind finding a new tenant rather than trying to find a long term tenant. If I were you I'd write the lease contract as a fixed term lease with a single, non-refundable lump sum payment due at signing, and then an option at the end of the fixed term lease to enter into a month-to-month lease. I am a landlord and not a lawyer, but way you word the contract may protect you if the tenant changes their mind or wants to move out early and wants their money back. Tax liability based on rent all being paid in 2016 compared to over 2016 and 2017.
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Jul 23, 2016 02:14
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So after our last attempt at purchasing rental property #2 fell through we've found a winner. Even though this property isn't far from where we live, this time we're going to use a property manager. For those of you who use a property manager (or used one and dumped them for whatever reason) please share with the rest of us your stories and tips/tricks to working with 3rd party management.
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Jul 26, 2016 23:06
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TouchyMcFeely posted:So after our last attempt at purchasing rental property #2 fell through we've found a winner. Haven't used a property manager, but what happened with rental property #2 (the first one)? Can you describe the one you got? Size/cost/rental income/location/etc? anything you feel comfortable with and how you picked it, curious. Only a small update from our end. Guesthouse: Still trucking, same renter, no problems, pure income as the house the guesthouse is attached to is our primary residence and is paid off. 2nd Apartment: Same renters, no problems from them, but the whole building needed to be resurfaced, and despite us being the only owners renting (all other owners are living there, it's a 6 unit house) no one was bothering with the upkeep, plus there was an old owner blocking all actions. Total is around 160,000 USD to renovate the outside, it's a concrete building that needed cracks fixed, exposed rebar covered, and several of the balconies entirely destroyed and repoured/molded, then they will re-pebble the outside surface. Our share was only 16%, and in the long run it will be a big benefit as the house went from looking like a post apocalypse Detroit building to something nice and new should we have to find new renters or sell it in the future. Mortgage on that is 35% paid off after 2 years. We've decided to try out having a roommate here in our primary residence. We've been renting our guestroom on MrBnB, but ran the numbers and a long term renter would be twice as profitable, and we wouldn't have to clean the room 2-3x a week. To start we have a 3 month contract that either of us can call it quits afterward. I'm mainly not sure how having a permanent roommate is going to change the dynamics of the house, so we want an out should it prove to be too much. Land we bought in the USA: No progress. Excavator we found to dig the well and septic didn't work out, so we have to find someone new. The expenses resurfacing the 2nd apartment put this on the back burner, but now we want to push forward again developing that property.
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Aug 13, 2016 12:13
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poopinmymouth posted:Haven't used a property manager, but what happened with rental property #2 (the first one)? Can you describe the one you got? Size/cost/rental income/location/etc? anything you feel comfortable with and how you picked it, curious. The one we ended up not getting had some pretty significant sewer issues. To have the sewer line repaired likely would have cost more than $10k but the seller claimed it was fine and wouldn't budge on the price. Too bad cause it was a really cute house in otherwise great condition. The one we're getting close to closing on now is another little 2 bedroom 1 bath. It was built in the late 1800s but the electrical and water systems have been updated recently. What really makes it awesome is that it still has the original 12 foot ceilings. It's pretty small at around 700 sq ft but the high ceilings and very large windows make it feel a whole lot larger. In the town we're working in we're getting properties less than $100k. The one we're working on now we'll get for $68,000. With a few fixes here and there we should be into it for around $71k-$72k. Mortgage is going to run us $344 a month including taxes and insurance and we should get $700-$800 a month for it. The one we have now we bought for $99.5k. Mortgage runs us $470 and we get $850 a month for it. That one was fully renovated and was in great condition. We're buying properties in a town north of Salt Lake City. It's actually really funny because if you ask anyone from Utah about the area they'll claim its a post apocalyptic poo poo hole when in reality it's just a town where the "not white people" live. That being the case there has been a hug influx of young people and companies taking advantage of the low property prices and using the commuter train to get back and forth to Salt Lake. quote:We've decided to try out having a roommate here in our primary residence. We've been renting our guestroom on MrBnB, but ran the numbers and a long term renter would be twice as profitable, and we wouldn't have to clean the room 2-3x a week. To start we have a 3 month contract that either of us can call it quits afterward. I'm mainly not sure how having a permanent roommate is going to change the dynamics of the house, so we want an out should it prove to be too much. I don't know why but I really find the idea of an AirBnB property appealing. The town we're in is less than 30 minutes from 3 good sized ski resorts that are seeing more traffic every year since the major ones near Salt Lake are getting so much more expensive and crowded. Maybe we'll try try to find a condo for our 3rd property and go that route with it.
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Aug 13, 2016 14:19
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TouchyMcFeely posted:I don't know why but I really find the idea of an AirBnB property appealing. The town we're in is less than 30 minutes from 3 good sized ski resorts that are seeing more traffic every year since the major ones near Salt Lake are getting so much more expensive and crowded. Maybe we'll try try to find a condo for our 3rd property and go that route with it. If I were you I would put a lot of thought into how much work an AirBnB property is likely to be compared to long term renters.
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Aug 13, 2016 14:25
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The few people I know who do airbnb it claim that they make waaaay more money even when paying someone to manage it and do the cleaning and everything for them than they could ever make renting. Like loving twice as much and they never do any work, haven't even seen the property in years. Of course this is in Colorado which is a tourist/hipster hot spot so prices and stay rates are probably higher here than average.
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Aug 13, 2016 22:10
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BEHOLD: MY CAPE posted:If I were you I would put a lot of thought into how much work an AirBnB property is likely to be compared to long term renters. For sure I will. It's something I'm curious about but I haven't done any real research into. There's certainly decent draws to this town in terms of skiing and the Sundance Film Festival. Looking at the prices of similar houses this time of year (what i would consider the off season), 4-5 nights rental would cover the mortgage for a month. That's ignoring additional expenses like management and utilities, etc. but those are incredibly appealing numbers at first glance.
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Aug 14, 2016 04:15
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Your cost basis is so low (low $100s/sqft) that you don't seem to lose much by trying.
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Aug 14, 2016 18:09
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TouchyMcFeely posted:For those of you who use a property manager (or used one and dumped them for whatever reason) please share with the rest of us your stories and tips/tricks to working with 3rd party management. I use one for my condo, despite me working in the same town. Basically, it came down to me not wanting to worry about it or deal with any of the crap associated with it. Especially the initial tenant placement and paperwork. I have 3 kids and am busy basically all day, every day, from 6am to 11pm. Well worth the $75/month to not have to even think about my rental property, other than cashing the monthly check. I couldn't imagine having to deal with it on top of work, kid activities, etc. I would have probably sold the property after I moved out of it if I didn't have a property manager.
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Aug 17, 2016 17:13
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In May 2015 I bought a townhouse in Arizona for 59k cash and got a tenant in there on a two year lease mid-june, she pays $825 a month. Comps in the area when I purchased it were 65-78K, now they are up to 85-116k  Now the question is sell and do a 1031 and get into two properties, or hold and continue the cash flow? The  looks like this: Rent - $9990 Insurance - ($441) Taxes -($460) HOA - ($1836) Incidentals - ($800) Net Cash Flow - $6362 When I raise the rent in June the rest of the numbers will not be changing. The other issue is my tenant went from quiet and awesome to dragging on paying rent, turning the backyard into a junkyard and bringing in; first a pregnant pitbull, which I was fined for and she got rid of; then she brought in a lab and a pit one of which slaughtered the neighbor's cat. Oh yeah, there is a no pet clause in the lease. The HOA has it out for me (her) and are being extra  with infractions and my property and I cannot easily get rid of the tenant because she is fixing the infractions, so any eviction I would want to do for breach of lease is not legal. My only recourse with the tenant is to pass the fines on to her, and raise the rent in June so she moves out. I would like a second opinion or any creative ideas for what to do with the situation.
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Aug 18, 2016 06:08
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OmNom posted:In May 2015 I bought a townhouse in Arizona for 59k cash and got a tenant in there on a two year lease mid-june, she pays $825 a month. Comps in the area when I purchased it were 65-78K, now they are up to 85-116k Your current tenant is being a nuisance and any buyer will take this into account when making an offer. You should speak with a local lawyer about evicting them unconditionally for "assaults or acts that threaten harm to others." Whether killing a neighbors pet or one of the other violations would be best to go after will depend on the specific facts. If you do get a good tenant you can get a mortgage on the property instead of selling it to keep the cashflow, and still have money to reinvest. If you do decide to sell, you will get a better price with a good tenant, or with it unoccupied.
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Aug 19, 2016 21:27
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OmNom posted:My only recourse with the tenant is to pass the fines on to her, and raise the rent in June so she moves out. Now that I have contributed, I am looking for some advice. I am interested in purchasing some income generating property. What kind of reserves are generally recommending before committing to such a thing? My normal income will easily support a period of vacancy, so I'm really more interested in how you estimate your repairs and such. Obviously there are a lot of factors like age of roof, siding, furnace, etc.. but is there a general rule of thumb for getting started? I was thinking $5k on a $75k property, but I have no idea if I am seriously underestimating this.
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Sep 6, 2016 04:32
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adorai posted:Why can't you just not sign a new lease? Unless it specifies otherwise, the end of the lease should serve as a duty to vacate, in the absence of a new lease. A better approach is to allocate a portion of the collected rent to these items. Rent: $1,000 Vacancy expense (8%): $80 Capex (10%): $100 Maintenance (5%): $50 Property Management (9%): $90 PITI: $350 Net cash flow: $330 Then when those expenses come up you can draw the balance to cover it. Those are just base values you can adjust and tweak based on the condition of the house/market/etc. Also, I recommend you DO account for property management, even if you're managing it yourself as you should pay yourself as well as make sure you purchase a property with the right numbers to hand over to someone else to manage one day.
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Sep 6, 2016 19:01
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My father recently became an involuntary landlord due to some old divorce issues that were never properly settled. He has some tenants, but wants to kick them out and move there himself in May. Currently he lives about 200 miles away, and has a property management company. There is no active lease, it's just month to month. How much notice should he give? Just the minimum 30 days, or should he give them a few month's notice? Obviously he wants to minimize the chance of a hostile eviction. State is MO.
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Sep 6, 2016 21:52
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TraderStav posted:A better approach is to allocate a portion of the collected rent to these items.
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Sep 7, 2016 01:00
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adorai posted:I do plan to do that, however, I want to seed my maintenance fund and was looking for a guideline for that. Are you doing any rehab up front? Not likely to need the maintenance for a while if you do it well. If you want reserves just keep reserves. Maybe shoot for six months or a year of the expenses I highlighted.
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Sep 7, 2016 03:17
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Posting this in here hoping to get the attention of another DIY landlord with experience with old homes. I've got a 3-story plus basement side-by-side duplex from the 1920s or 30s. First home and investment property. Currently live in one half. In the rental side, 1/3 of the basement is still dirt floor, no slab. Poured concrete walls (may be fly ash concrete from my research?). I'm trying to dig a perimeter drain and sump pit to deal with some water problems. I've started digging along the walls hoping to hit a footer and come in 4 inches to place a drain pipe next to the footer, but I'm not sure there's even a footer. See the pictures:      For those knowledgeable, is it possible that they would have poured concrete basement walls without a wider concrete footer, instead pouring over compacted stone or clay? That lighter colored dirt in the picture is appears to be clay. I'm afraid to undermine the wall if I keep digging looking for a footer that doesn't exist. [EDIT] Turns out, there definitely is no traditional footer poured wider than the wall. The wall just sits on compacted dirt/clay. Can I lay the top of the 4" perforated drain pipe flush with the bottom of the wall, or am I seriously undermining my wall by digging out a roughly 5"x5" trough at its base? goku chewbacca fucked around with this message at 19:36 on Nov 3, 2016 |
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Nov 3, 2016 16:52
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I saw HistoryMiss on page 1 is a UK landlord and lives 200 miles away from their property which is the position we might end up in. Any other UK landlords? My wife and I are looking to rent our primary residence to a family because we will be moving between 20 and 150 miles for work depending on which city we end up in. The expected rent is £1,200/month per a rental appraisal by a local estate agents. House is 4 bed, 1 bathroom, big garden, in an affluent city, in very good condition, modern, and easy to maintain i.e nothing high maintenance. We have rented our 2 spare rooms to lodgers for 2.5 years without any issues. Figures are as follows: Purchase price: £180k (18 months ago – lived in it for a further 18 months before that as renters totalling 3 years), current value: £220k, equity: £102k. pre:Monthly Annual £1,200.00 £14,400.00 Rental income -£100.00 -£1,200.00 Vacancy (1 month contingency) -£115.20 -£1,382.40 Management fee (8% + VAT fee) -£25.00 -£300.00 Repairs and maintenance -£20.83 -£250.00 Insurance -£8.33 -£100.00 Other fees (contract, inventory, misc) £930.63 £11,167.60 Rent income before mortgage and tax -£186.13 -£2,233.52 Tax £74.00 £888.00 Mortgage interest tax relief -£370.00 -£4,440.00 Mortgage interest -£610.00 -£7,320.00 Mortgage capital -£161.49 -£1,937.92 Net rental income Tenancy contract cost: £126 Professional inventory: £132* Tenant deposit registration with the deposit protection service (DPS): £102 Check out report (inspection and checking house items to inventory): £90 Gas Safety Certificate: £80* Gas and PAT (electrical appliance safety) certificate: £128* Floor Plan: £48* *We can do these for less. PAT testing for example only costs ~£3 per electrical item tested and we only have the kitchen white goods (fridge etc) and a lamp. The tenants would bring their own other electrical appliances (lamps, hair dryers, hoover etc etc). There’s no other appliances that would need a PAT. The management company offer full management at 12% + VAT or rent collection for 8% + VAT. 12% + VAT would be £500 per year more expensive. I have included the 8% charge above because the only difference is that the 8% doesn’t include quarterly inspections (we can do this ourselves) and it doesn’t include a 24-hour helpline for the tenants to call if a pipe leaks or whatever. Those two are the only difference and in all other respects the management company would be managing it (e.g finding tenants, emergency calls during working hours etc). Given that we will only be renting 1 property I think I’d be fine with answering the rare 3am call because the toilet or drain is blocked and then getting our contractor go out and fix it. I say rare because again we’ve lived here three years and there have been no problems and if the tenant was consistently blocking the drain by flushing baby wipes (Blackjack2000 on page 9) then the management company would confront them about it and then look for new tenants if they kept doing it anyway. The monthly costs are obtained from 1) past experience of living in the property for 3 years and 2) research of reasonable cost estimations based on similar properties from other landlords. You’ll no doubt have noticed that we’ll actually be making a loss, or to put it another way we’ll still be putting money into the property as we are now. That’s even before any large unexpected costs. The reasoning being: 1) The wife and I have to move out of our current town because we have obtained much better paying work in another city and do not want to sell this house. 2) As mentioned earlier in the thread even though property should be making money from the start the property market in the UK generally means that the size of the mortgage and therefore interest wipes out profit in the beginning but it does become profitable later on. We want to keep the property indefinitely. 3) There is no opportunity cost, this isn’t a choice between say buying a rental property and instead putting the money to a diversified portfolio of shares/REIT. Anyone have any thoughts on these specific circumstances? Anything I’m not considering? Page 17 sublet chat: this has reminded me to make sure the contract forbids subletting so thanks to Krypt-OOO-Nite!! For bringing that up. Page 12 pet chat: we’ve agreed we will allow small pets limited to one e.g one small dog or one cat or one hamster. This may or may not surprise some people that we can be that specific with the contract. This will incur a separate pet deposit and the tenants will be required to professionally clean the property before they leave. We don’t want to narrow our pool of potential tenants and struggle to find any. Thoughts on this? Should we avoid pets like the plague and put up with a slightly higher vacancy if that would even be the case? Page 9 & 14 lawn chat: The tenants will look after everything in the house e.g. no gardener or cleaner for them which is the norm. Management agency will enforce the upkeep of the property during the quarterly inspection. However, if we chose the lighter management option (8% of monthly rent) and we do the inspections I can imagine doing a quarterly inspection and seeing the garden in a mess, mentioning it, nothing being done, sending a nagging email, still nothing being done. It’ll be in the contract so I guess it’d be breach of contract and the management company find new tenants. We’ll be moving into a rented house near to wherever my wife ends up getting her new job at first and if the area is nice we may buy a second home there. The move will be complicated for us because we have baggage such as pets, some of which will need to be given away, a shed full of tools that I’ll have to store at my parents 300 miles away, and anything else that we can’t move from a family home to a rental property. Interestingly we keep chickens that will have to go to a hen charity and the coup will have to be taken down and the land it takes up renovated back to nice lawn. It’s a shame there are no decent jobs in our area really.
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Nov 12, 2016 16:08
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So it turns out I have a drug problem with the house across the street that is causing my current tenants an undeserved level of stress. Thin not only dealing but 4 shootings in the last year as well. I'll be talking to the local police department to see about getting one of those mobile camera units setup on the street but I'm also thinking security system with outside cameras. Anybody been in this type if situation and able to resolve it or have any thoughts/experience with security systems/providers?
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Dec 9, 2016 15:13
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Why on earth would you care about your tenant's lovely neighbor problems? Catholic upbringing or Jewish?
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Dec 9, 2016 15:57
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Pryor on Fire posted:Why on earth would you care about your tenant's lovely neighbor problems? Catholic upbringing or Jewish? Uhhhhhh...... is this a joke?
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Dec 9, 2016 16:11
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It helps to become Batman, or if you can't afford the costume, Charles Bronson.
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Dec 9, 2016 16:12
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Jealous Cow posted:Uhhhhhh...... is this a joke? No? Do they also talk about all their health problems to you and you drive them to the hospital and hold their hands through chemo? Why would you make other people's problems your own, just to torture yourself? Bullshit subconscious Catholic guilt about bearing other people's crosses or something? That's as far as I got speculating on this, I have no idea really. I mean sure you own property(s) and you want all the neighbors to be perfect across all your properties, not having drug dealers is a good thing. But getting involved with your tenant's lovely neighbors seems like a line in the sand I wouldn't let anyone talk me into crossing in million years, it just seems insane to me.
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Dec 9, 2016 16:49
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Pryor on Fire posted:No? Do they also talk about all their health problems to you and you drive them to the hospital and hold their hands through chemo? Why would you make other people's problems your own, just to torture yourself? Bullshit subconscious Catholic guilt about bearing other people's crosses or something? That's as far as I got speculating on this, I have no idea really. Unless your tenants are good tenants and intimating that they're going to move out due to a drug house next door? There are business implications to having your rental property located next to a lovely blight.
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Dec 9, 2016 16:53
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Tenants move out all the loving time for no reason at all. Trying to fix their lives to prevent that is impossible. I completely understand the good intentions here and financial aspects of churning tenants, but you're out of your goddamn mind if you think you can swoop in and solve the drug house problem with a security camera. If you can record the phone call you place to police asking for a street camera and post it here that will be amazing I'm sure. Good luck, keep a smart cardiologist on speed dial.
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Dec 9, 2016 16:56
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Never underestimate the utility of security theatre. If you can make your tenants feel happier by installing a $200 security system, enough so that they then don't move out, then you just saved yourself a much bigger expense in searching for a new (and potentially shittier) tenant. Plus now you have a security system. The goal isn't to solve the underlying problem, just to mitigate it enough to reassure your tenants.
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Dec 9, 2016 18:17
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I wouldn't have expected requesting information about installing a security system to be such a hot button issue but gently caress me, right? The tenants have a legitimate concern regarding the nature of the neighborhood and the only way I can think of to mitigate the issue is to talk to the police (this is the same town I live in so helping to improve this neighborhood helps me as well) and/or to install a security system. This isn't like they're bitching about noisy neighbors or cars parked in front of their lot. There is a real safety concern that would impact not only these tenants but any future tenant as well. The security system idea is ours and has not been presented to the tenants yet but if I can make them feel more secure and keep them from moving all the better. Also, as TooMuchAbstraction pointed out, even if they do move out I can up-sell the home as coming with a burglary system which would help mitigate some of the neighborhood issues. I'm not looking to "fix" the neighborhood so much as I am looking to let the tenants (current or future) feel secure in the home.
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Dec 9, 2016 19:48
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Bed Bath and Beyond stocks the outdoor Nest camera at their brick and mortar stores for $200 with allegedly no time limit on returns: https://www.bedbathandbeyond.com/store/product/nest-reg-outdoor-security-camera/1047492042 It is $100 a year to upload footage over wifi to their cloud server. That's probably the most cheap/reliable way to set it up. You could even give the cops (or what would probably work better, the neighborhood watch or the internet at large) a link to watch the stream. Crack Den 24/7 webcast.
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Dec 9, 2016 20:35
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TouchyMcFeely posted:I wouldn't have expected requesting information about installing a security system to be such a hot button issue but gently caress me, right? A friend of mine buys internet-connected camera systems on eBay and installs them for friends, I think a four camera system is something like $180 (this was a few years ago, so probably a bit cheaper now). They are wired rather than wireless (so you have to be comfortable with running cables through an attic or whatever), but aside from that the setup is pretty uncomplicated, I helped him out on an install one time.
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Dec 9, 2016 21:37
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TouchyMcFeely posted:I'm not looking to "fix" the neighborhood so much as I am looking to let the tenants (current or future) feel secure in the home. I think my place was a tweaker crash pad before I bought. A tweaker broke in a few days after I closed on the property, and a few months later someone kicked in the front door and stole my tenants rent money. To make my tenant feel safer I installed the metal security doors front and back and upgraded the sliding doors. I think physical security goes further to deter would-be criminals than a set of cameras. While the digital route will provide peace of mind, it won't necessarily prevent a break-in. If I was in your place I would invest in upgrading infrastructure which would have better returns.
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Dec 9, 2016 21:43
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TouchyMcFeely posted:So it turns out I have a drug problem with the house across the street that is causing my current tenants an undeserved level of stress. Thin not only dealing but 4 shootings in the last year as well. In my experience cameras can be useful as a deterrent and can make tenants feel more secure, but they aren't that helpful in dealing with a drug problem in the neighborhood. First off, I don't think you're allowed to point a camera at say a neighbor's front door, at least not "officially." Second, even if they're openly dealing, it's hard to prove it's drugs with video. If there have been 4 shootings in the last year, the area should already be on the police's radar. It sounds like you're in a pretty big city, so maybe there's a community police liaison that you and your tenants could contact? Here in Oakland CA, there are monthly meetings where residents can talk directly to the liaison and officers. There may also be a dedicated drug enforcement detail within the department that can be contacted. It might also be helpful for the tenants and other neighbors to contact their city councilperson's office. This is where the power of numbers really comes into play. If enough people demand action, I'd be surprised if nothing is done. Squeaky wheel and all that. Email is better than calling as it provides documentation, and one thing elected officials are cognizant of is covering their asses lest something bad happen after they've been made aware of an issue and didn't do anything about it. Your tenants should also be encouraged to join a neighborhood watch group if one exists or to create one. There are also websites like nextdoor.com that facilitate communication among neighbors. The trick of course is getting people to actually get involved. Sometimes people are too scared, but more often they're too lazy and/or uninterested in my experience.
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Dec 22, 2016 18:26
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I'm currently renting a property in Irvine, CA for $2900. Our lease is up in March, but I really want to rent this property for at least another year. I pay rent on time and haven't called about anything since the first week we rented. I think we're the 'good' kind of tenant and go out of my way to leave that impression. I'm terrified that rent is going to go up so much that I'll have to make a hard decision about looking for a new, cheaper place, or keep my current place and deal with an inflated rent. Do owners value 'good' tenants enough that I'm safe from a sharp increase? Do I have room to negotiate? What should I do to potentially get a lower rent if the increase is indeed quite high?
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Dec 26, 2016 03:20
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Canine Blues Arooo posted:I'm currently renting a property in Irvine, CA for $2900. Our lease is up in March, but I really want to rent this property for at least another year. Jesus Christ when I was growing up out there in the 90s Irvine was a normal suburban shithole. $2900? You better be getting a 5000sqft mansion for that.
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Dec 26, 2016 03:48
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Jealous Cow posted:Jesus Christ when I was growing up out there in the 90s Irvine was a normal suburban shithole. $2900? You better be getting a 5000sqft mansion for that. That is actually pretty reasonable. We currently live in Quail Hill and the cheapest house there is 700k. The place we live is probably 2200sq ft it so. Irvine in its current state is all the best and worst things about Upper Middle Class White People™. It's very well maintained, its very sterile and safe and it's very boring. I like boring, safe and sterile a lot so I really like it here. If you want to see some sticker shock, go shopping for apartments in Irvine...
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Dec 26, 2016 03:53
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You could always contact the landlord and ask to extend the lease. If they weren't planning to raise the rent they should agree to do so, since it gives them assurance that you won't move out with 30 days notice.
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Dec 26, 2016 04:34
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You are never safe from rent increases, and because moving is an expensive pain in the rear end landlords have a lot more leverage to increase your rent after you've rented for a year and they can surprise you with a rent increase on 30 days' notice at the end of your lease. It all depends upon the market and it is all negotiable. If you approach him/her well before your lease expiration and ask to renew under your current terms you'll probably do better than if you wait and let your landlord come to you.
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Dec 26, 2016 04:57
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Tenants who pay on time, take care of the property, don't pester with trivial service calls, and want to stay a long time are very valuable from the landlord's perspective. I can and have slow-rolled rent increases to keep a good tenant at slightly below market rent and in my property. I agree that your opening move should be to ask for another year at your current rate.
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Dec 26, 2016 15:19
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Canine Blues Arooo posted:Do owners value 'good' tenants enough that I'm safe from a sharp increase? Do I have room to negotiate? What should I do to potentially get a lower rent if the increase is indeed quite high? Echoing the calls to get in front of it. You're not safe, but you have some small amount of leverage as a good tenant. Contact your landlord asking for a 1 year lease extension/renewal. Perhaps consider a multi-year lease, paying several months up-front, taking on maintenance duties in writing, Until you know what your landlord really wants, it's a bit of a guessing game, and you can still lose if your rent is substantially below market (though I've heard Cali fucks over landlords pretty hard so maybe you're OK).
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Dec 27, 2016 17:21
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| # ? May 13, 2024 21:34 |
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EDIT: Didn't read the thread carefully enough =] The topic I was asking about has been discussed
Radio du Cambodge fucked around with this message at 05:00 on Dec 30, 2016 |
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Dec 30, 2016 04:37
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