Never Rains But Pours (by Oregon Woodsmoke [ID]) Oct 6, 2022 11:19 AM|
Never Rains But Pours (by Jason [VA]) Oct 6, 2022 11:21 AM
Never Rains But Pours (by RB [TN]) Oct 6, 2022 1:40 PM
Never Rains But Pours (by Robert,OntarioCanada [ON]) Oct 6, 2022 2:39 PM
Never Rains But Pours (by small potatoes [NY]) Oct 6, 2022 3:04 PM
Never Rains But Pours (by Robert J [CA]) Oct 6, 2022 3:52 PM
Never Rains But Pours (by plenty [MO]) Oct 6, 2022 4:48 PM
Never Rains But Pours (by MikeA [TX]) Oct 6, 2022 6:25 PM
Never Rains But Pours (by Hoosier [IN]) Oct 6, 2022 9:30 PM
Never Rains But Pours (by 6x6 [TN]) Oct 6, 2022 9:35 PM
Never Rains But Pours (by Oregon Woodsmoke [ID]) Oct 7, 2022 10:04 AM
Never Rains But Pours (by Oregon Woodsmoke [ID]) Posted on: Oct 6, 2022 11:19 AM
Never rains but it pours. The month to month tenant gave notice and another tenant gave notice the next day. He's on a lease, so now I get to see if I can actually collect the ETF.
I'll be short on income for a few months. The one house is ready for new paint and I want to get carpet removed, so now is as good a time as any to get it done.
The other house, I planned to sell in the spring when the lease ended. Now isn't a good time to sell, but I can't really put a tenant in there for six months and run the risk they will do damage. The house is in excellent condition right now and I don't need to do anything to it. So, onto the market it goes.
One of the frustrating things about being a landlord is that much of the stuff we do has to wait and be a reaction to tenant behavior. It makes the business a bit harder to plan and steer. --76.178.xxx.xxx
Never Rains But Pours (by Jason [VA]) Posted on: Oct 6, 2022 11:21 AM
Focus on the positive: Rents are UP. After they're out, you'll be able to get a lot more for your unit. --172.58.xxx.xxx
Never Rains But Pours (by RB [TN]) Posted on: Oct 6, 2022 1:40 PM
Welcome to the Sellers Club ! --24.183.xxx.xxx
Never Rains But Pours (by Robert,OntarioCanada [ON]) Posted on: Oct 6, 2022 2:39 PM
During difficult times found had to two things diametrically opposed. One continue to do renovations, improvements on rentals along cutting costs. Where shopped at few different Habitat for Humanity restores. Where could upgrade by putting a back splash behind stove, porcelain tiles for bathroom, used vanities in good condition, commercial grade lock sets, power tools, good used appliances, miss tint paint where mix up to make one colour. In the end it is like spending pennies on the dollars where pennies are no longer used here. Can not believe how the big box stores have doubled prices on many items where even for the house was buying from restore. I found every restore will have something on sale which want. Some things if bought right away are sold a hour later. It is easy to think out the box where a can do approach is the better option. Take a used ceiling fan that works where will take to install but a significant upgrade. Even if house is sold then the value goes up with upgrades. --68.69.xxx.xxx
Never Rains But Pours (by small potatoes [NY]) Posted on: Oct 6, 2022 3:04 PM
I'd say things could be worse. You are getting units back w/out evicting or having major damage. For the one you will fix up could you start advertising it for 11/15 say and get it freshened up by then? For the one you have to sell, perhaps the net loss is less than you think. Several months of lost rent to sell higher in the spring vs selling now for less- how does that shake out? --24.194.xxx.xx
Never Rains But Pours (by Robert J [CA]) Posted on: Oct 6, 2022 3:52 PM
One landlord friend was afraid of change and having more than 1 vacancy at the same time. Could not survive without 90% plus of the rents to pay the bills.
A current tenant that gave notice to leave and was paying only $895 per month. The owner thought that she would have to charge services on her credit card, Painting and re-finishing the hard wood flooring, before it could be rented out.
I offered to step in and take care of this one unit. I got my paint crew together and use several high-light colors and also painted the French windows inside and outside so it would look shape. Got the floors refinished, replaced the old mini-blinds and re-grouted the Kitchen and Bathroom. Then came the day to show the unit. I put up a sign, the street had may cars and walkers passing by.
The first person that walked in the door was looking for a new place, her current landlords does no maintenance. I introduced myself as an assistant manager and contractor and we fix things within 24-48 hours.
The owner tried to get out the rent, still the same price as the old tenant, $895. I stepped in and said the Rent was $1,295 with a $895 deposit. The looker was excited and after walking the apartment wanted to rent it. So the owner said I can give you an application and you can return it tomorrow. I again stepped in and said, "But if you wait, someone else will take it and sign a lease today before you even give us a completed application". The applicant decide to fill it out there. I looked it over and said, "Can you come back, with a bank statement, pay stub and a cashier's check for the move in fee's, $2,190". She said Yes! She would return in 1 hour.
I ran he credit online and completed a lease with my lap top, sending it to another tenants printer.
The applicant returned with the info I requested and the money. She signed the lease and we agreed on the move in date and keys would be given to her in 1 week via a lockbox on the front door.
So within 2 hours for the sign going up, I rented out the unit for $400 more than expected.
Now when it came to paying me for the upgrades and repairs, since the place wasn't vacant for another month, the new tenant took it as the 15th of the month, the owner paid me out of the move-in funds and a check of her own for the balance. With $400 extra per month, that $4,800 a year more, that cover more than the cost to upgrade.
When the next unit became vacant, this was a much larger unit, I asked the owner to take a small business loan from her bank to cover the cost of upgrades and repairs. She borrowed $10,000 and was able to pay it back within a years time. --47.156.xx.xx
Never Rains But Pours (by plenty [MO]) Posted on: Oct 6, 2022 4:48 PM
So true: makes the business a bit harder to plan and steer.
Suppose the more units one has the easier that may be --172.56.xx.xxx
Never Rains But Pours (by MikeA [TX]) Posted on: Oct 6, 2022 6:25 PM
Yep, it never happens they way you planned, you have to adapt and overcome. Hopefully, once you get it listed for sale you will get a full-price, no contingency, cash offer within a week. --209.205.xxx.xx
Never Rains But Pours (by Hoosier [IN]) Posted on: Oct 6, 2022 9:30 PM
OreGon, for the one you plan to sell in spring, offer this to existing tenant…
“We know moving can be stressful, and we know it’s difficult to do in one day. We would be glad to allow you to stay an additional 2weeks so you can move slowly for 50% of your normal rent/day. Your current rent is $1,200/mo….so you could stay an additional 15 days for only $300! We will require your signed agreement if this is of interest to you.” --99.92.xxx.xxx
Never Rains But Pours (by 6x6 [TN]) Posted on: Oct 6, 2022 9:35 PM
If you collect on the ETF that will cover some down time. --73.113.xxx.xxx
Never Rains But Pours (by Oregon Woodsmoke [ID]) Posted on: Oct 7, 2022 10:04 AM
Hossier, that's not a bad idea. In this case, the tenant has bought a house and he is a go-getter, so if he plans on moving, he will get it done. He is probably already packed. His last rental date is already after his house closes, so he has plenty of time to move.
But yes, it would keep the heat on for awhile without it being my bill.
I'll put the house on the market and maybe it will sell before spring and maybe it won't. If I don't put it on the market until spring, it definately won't sell before spring. --76.178.xxx.xxx