Two Questions For Lease.....
1st, the easy question....how much of a late charge do you typically charge for late payment?
2nd, how exactly would you word it in your lease, that you have the right to increase the rent after the 1st year, but not by more than a certain amount???...protecting the tenant, but also leaving you the option to increase the rent due to upgrades to the unit??
LeaseOptionKing (nice new pink identifier btw):
In Buffalo, our lease terms extend after it expires, however, it is then month to month. I had to recently use this in an eviction case where they had violated a term of the original lease but it had "expired" and they were month to month. The tenant said "but that lease expired two months ago" and the judge said "you are still bound by the terms"
In California however, we ALWAYS renew immediately. Much different court system.
Interesting! So, the judge ruled that the original covenants still applied? Sounds like a pro-landlord judge. Wish we had more of those around.
[addsig]
It all depends if you are going to manage it or pay someone to do it - I have units that are 45 minutes from me and are a pain to manage, yet I have a SFR in Arizona (2500 miles away) that I have had rented for almost two years to the same tenant with no problems....alot of variables come into play. Being a landlord is not easy....I am finding that out. Good tenant selection is definitely one very important factor.
Or you can invest the money with an investor and get monthly checks for the interest. This way you can have money through college and have money left when you are done with college. Just food for thought.
Thank You all for the Advice.
I will keep on looking at properties. If it makes sense to buy, I have to and I will, simply because I have taken all the risks that have made sense to me as of yet, and thats why I have what i have today. I will take extra precaution . Thank You again.
Thanks for the insight. I think it is time to look at forming a company or hiring one. The little stuff is just getting to me. So it maybe time to do the deals but let someone else handle the daily work. I also think my wife has had it as well and if mom is not happy no one is happy.
I know what you mean about properties everywhere. With gas prices going up it can be a real hassle. PM are creative but you get what you pay for. Some are very good while others..... I have started the interview game but some of my places are in areas where there is only one company and I may have to just keep myself as manager there.
It is nice to hear that others hit the wall sometimes it feels that you are the only one who gets tired of hearing all the problems and reasons for not paying. Oh well I still am happy with my property and my choices...