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Articles by Ray Harrell
Bought a house with a tenant in it.
@Mitchell Litam , the existing lease runs with the property until it ends, however make sure to read your state's landlord tenant laws, so you know how you can make changes once it comes up for renewal, how much notice you have to give them, etc. Water/electric bills in their names is a matter for their current lease and your utility company's policies. Some utility companies do not allow the utilities to be put in the name of anyone other than the homeowner. Some common mistakes to avoid: 1.
"Loft" Bedroom in a Rental?
In one unit of the duplex we're looking at there is an upstairs that leads to a bedroom, bathroom and another bedroom that is not closed off (sort of like a loft space). Essentially you have to walk through the open bedroom to get to the (only) bathroom and the other bedroom.
Drug use in your rental property
You are not liable for someone else doing drugs. Always protect yourself through insurance and an LLC. Regarding the specific question - seems like you answered it already. If you can't deal with it, call the cops.
To manage or not to manage? Or what if I just...?
You shouldn't have after-hours emergencies that often. Just handle those yourself. It won't normally require you to be there. It's usually handled with telephone calls. For instance, "Help! My toilet is overflowing!" You tell them how to shut off the water to the toilet. Tell them to mop up the water and you'll call a plumber to deal with it tomorrow. No, sorry, there's nothing you can do until the morning. Require your tenants to carry renters insurance with a loss of use rider.
What are things you wish you could improve about prop. managment
Originally posted by @Nicholas Judd: @Steve Vaughan Can you elaborate a little more as far as spreading those fees out over the tenancy. Are you talking about placement fees, start up fees, etc. ? As far as repair requests, would you be willing to pay a higher monthly premium if it meant there was no repair up charge? When you say to triage repair requests, how might one do that? The vacancy-fill fee. Spread it out.
Do you allow haggling on your rent?
So I’m finally moving and leasing out my current homes. It’s the most expensive one in our neighborhood right now, but we also put a ton of money into fixing it up. We’ve had two applicants now that said they’d sign a lease for $100 less a month. That’s below all the other houses that honestly the owners didn’t take care of or update. Do you normally allow haggling on rents? The numbers still work, but it’s obviously way tighter. Thank you!
Advice on a Sticking Point On A Deal
I agree with Joe. Regardless of the hangup, it still comes down to the numbers. Get the roof inspected and get a quote. I don't know where the property is located, but here in North Texas, 5-years is a long time for a roof, because a single hail event can wipe that roof out every year, and then it becomes the insurance company's issue. But, you should be accounting for CapEx repairs in your cash flow model. And, as a CapEx expense the roof would give you depreciation benefits on your taxes.
Can't raise rents, roofs leaking, people not paying rent -YIKES!
Hey BP friends! I'm looking for some advice on a property in our portfolio. It's 150+ units in Oklahoma. Built in the 70s. Flat roofs. C+ property. We purchased this property thinking we could reinvest all of its cash flow for the first few years into renovating apartments and bumping rents, eventually bringing it up to a B property or higher.
Ray Harrell, 83; service today
He was born July 26, 1934, to the late Johnnie and Mary Harrell of Hertford County. After a career as an instrumentation technician with Union Camp Paper Co., he moved to Morehead City to be near his children. He is survived by his two children, Ray Harrell Jr. of Atlantic Beach and Karen Harrell-Tosto of Morehead City; eight grandchildren; and four great-grandchildren. He was preceded in death by his parents and four siblings.
Ray Harrell, 83; incomplete
Posted: Wednesday, June 13, 2018 11:45 am Ray Harrell, 83; incomplete 0 comments Ray Harrell, 83, of Newport, died Wednesday, June 13, 2018, at the Carteret House in Newport. Arrangements will be announced by Noe Funeral Service Inc. of Beaufort. Electronic condolences and life tributes may be sent to the family at www.noefs.org. Posted in News, Obituaries, Obituaries, Tideland News, Obituaries on Wednesday, June 13, 2018 11:45 am.
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