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Thermopyle posted:I think a lot of the complexities of running rental property are overblown anyway...particularly for small operations. It's more like just a bunch of normal common sense mundane poo poo. On one hand, I think you're right. Running the two properties that we have is pretty straight forward, especially since we're using property management for the day to day stuff. ...buuuut on the other hand look at the kind of reputation that landlords have developed over time and the kind of horror stories you come across fairly regularly. I can see how someone could get the impression that landlording is not only hard but you have to be a heartless bastard as well.
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Sep 23, 2017 21:41
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| # ¿ May 14, 2024 12:02 |
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I don't know if this is the correct answer (and hopefully I'll be corrected if I'm horribly wrong) but I would just take in a new copy of the lease with the adjusted start date and have everyone sign it. Or you could see if they want to renew for another 12 months (since they're signing paperwork anyway, why not?) and just start the lease all over again. You might take in another document that says something about the new least replacing the old lease but I would think that the lease with the latest dates would do that automatically anyway.
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Oct 19, 2017 11:04
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I'm curious if any of the landlords here have tried any smart home products for their rentals and if so, how did it turn out? The only thing I can think of that might be a benefit (but expensive) would be a robomower to replace a grass cutting crew but they're awfully expensive and not quite ready for prime time. Other than that I can't really figure out anything out that would benefit both the tenant and landlord that goes beyond the "wow that's neat" factor.
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Oct 24, 2017 02:04
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Oh, now that's cool. I have disposals in both of my units and haven't had any trouble so far but if/when I do I'll be replacing them with those. I also don't have dishwashers but that has more to do with the age of the houses than anything else. In other news my wife went and looked at another house today. For some reason the ceiling was short. Like super short. Like the door trim touched the ceiling and they still had to cut 3-4 inches off the bottom of the door to make them fit. We're going to skip that one.
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Oct 25, 2017 01:12
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When we were managing our own properties we used Cozy. No complaints from the landlord side.
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Oct 28, 2017 21:10
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Has anyone bought a property specifically with giving it away as a gift in mind? My wife and I are debating purchasing a multi-family to use as a way to teach our son the landlording/property management business and, when he turns 18, give to him to do with as he pleases. We're trying to figure out 1) is this a good idea and 2) if it is, what's the best way to go about it? Just buy and keep in our names and then gift it to him, put it into a trust and hold it, or maybe there's some other option we're not aware of that would be worth looking into.
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Oct 29, 2017 17:08
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Behold: My Cape posted:Good info against You make a good argument but our thinking is that a rental property with 18 years of equity (or more depending on timing) offers more opportunities than just handing him cash. If he's not interested he can always turn around and sell it. But if he hangs onto it he can live in it while going to school or if he doesn't go to school in the area or at all he'll at least start off with an income stream and a trade that he wouldn't have had otherwise. crazypeltast52 posted:Good info for We wouldn't be putting it in his name, but likely into a trust. Your recommendation to speak to a lawyer is on out to-do list. I was just curious if anyone had gone down this road and might have some tips on things to make sure you ask, avoid, etc. Thanks for the additional thoughts and feedback. It's worth considering and we'll keep it in mind.
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Oct 31, 2017 02:00
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BEHOLD: MY CAPE posted:Your lease should definitely specify that only adults 18 or over on the lease are authorized to live in the home. Just to be clear, you're not saying "No kids allowed" are you? It's been awhile since my Good Landlording class but I'm pretty sure I remember that you're not allowed to deny based on age or whether a person has children.
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Nov 4, 2017 01:06
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| # ¿ May 14, 2024 12:02 |
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BEHOLD: MY CAPE posted:No, only adults on the lease are allowed to live at the unit, or in other words all adults living at the unit must be on the lease, with a corollary to the effect of no guests for longer than 14 days in a 6 month period or similar wording to prevent unauthorized tenants from living in your unit and to prevent guests from establishing tenancy in your unit (which becomes a legal problem for you once it occurs). Your state may have more specific definitions of tenancy that can guide your lease text or an attorney can draft a standard lease for you to use. Phew, ok. I was hoping that's what you meant. With the amount of tom-fuckery I've come across from lovely landlords I just wanted to make sure.
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Nov 4, 2017 12:49
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