Using Tenant As On-site Mgr
Looking at a 12 -plex that is 1hr away. May use a current tenant as a sorta of on-site mgr in exchange for reduced or free rent. What kind of problems could this be in the future? Things such as if this person was punch a tenant, could I be liable or if this acting mgr went into someones apt and they claim he or she took something etc etc etc
Opinions on this
the person is an extendtion of you. you are liable for what he may or may not do. So you must explain in detail to the manager what they can and cannot do. then get it in writing and make him sign it. his duties and reponsibilities should be clear cut and anything outside of what you have discussed should be brought to your attention immediatly.at no time should he be in a position to say or do anything without your knowledge and consent concerning the other tenants. get to know him and his character. you should be comfortable knowing that this person will act as though you are standing by his side at all times. [ Edited by tmesa on Date 07/08/2005 ]
Just slightly larger buildings in CA (I believe 16 units) require an on site manager. I think it is not such a bad idea as long as you know the tenant. I know my tenants well enough to determine which might be OK as an on site and which would not. You probably know yours as well.
what part of the rent discount if considered compensation to the tenant and you have to pay employment taxes on.
whereas, as outside manager is a freelancer has insurance(hopefully) , and can be paid 1099 rather than w-2.
you can do either, all three on one Lease or individual leases.Any standard lease form on the back allows for "additional conditions" you must specify that each one is equally responsible for the full amount of rent as well as damages. If one moves out the other 2 have to pay the full rent till they find another person to share. This does not effect you in any way, No deposit is returned till all move out. I do this all the time, often they each pay their share of the rent and sometimes one issues a check for the full amount and they work it out between them. I do not think you have anything to worry about, never once had any problems with this arrangement, it works well especially with graduates.
[addsig]
It seems that $400/mo more could cover alot of wear and tear. You could probably retire the existing lease and write a new one now that includes the extra family members. Do you live in an area where owners are required to pay for heat and water? If not, could you have the tenants pay? You did not say why your business partner was objecting.
Guess my partner said we already let them have a pet (cat), so he thinks if we give an inch, they will take a yard. But i will rewrite the lease to show $400 more a month, if they take it ok, if not ok too.
I dunno. anyone?
lakotega,
Thanks for the reply. I ended up running background and credit on both of them. Both of them have clean credit and background.
a water feature is great.
esp. playing off the holistic component of healing.
Very cool if you could run it in the winter affordably via solar/batteries/heat pump.
Flowers help, but do increase the maint.
Great ideas, concrete!!
The outside of the building is somewhat stucco like in appearance so that might work well. The building is single story with an odd roofline that has a steeper slope on the side facing away from the countyard than the one nearest the courtyard. The building wraps around 3 sides of the courtyard and the 4th side is open to the parking lot. The planter is made of standard red brick and is surrounded by an area of the same brick set into the middle of the concrete walkway that surrounds the courtyard. The planter rises out of the courtyard about 3-4 feet and its sides mimic the roofline of the building (they are asymmetrically and steeply sloped vs. just being vertical). Right now it has a tree planted in it and a few scrubby plants below.
Thanks again!
What about a local landscape company that do the planting according to the season as well as looking after it. Ask them about some type of water movement inside the planter. So much a month and you know it will always look alive and beautiful to look at. Do not cut the tree if it is not sick.
T1150
burnout landlords = motivated sellers[ Edited by d_random on Date 07/11/2005 ]
Thank you for showing interest.
I will check out the county records online.
Carol
You can just target landlords in general by getting a list of non-owner occupied properties through a list marketing co (e.g. dataquick).
Alternatively you can spend time looking for eviction proceedings at the courthouse - these will take more time but will be more likley to be actual burnt-out landlords since they have just had a bad tenant experience.