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Message
Questions for the landlords and property managers of the OT
Posted on 1/16/18 at 8:08 am
Posted on 1/16/18 at 8:08 am
The SO other and I are looking to lease a property here in Shelby County Alabama. We intentionally waited for this time of year since there are fewer tenants looking to move in January.
We found a home that was bought by a property management company under the CEO's LLC. He got his LLC approved in August of 2016 and began buying foreclosure properties and fixing them up to rent and sale. In this specific home he bought it September of 2017, fixed it up, and put it back on the market November 10 2017. It has been vacant since then. They have lowered the price by approximately 3-4% since then.
What kind of negotiating power do I have seeing as though the property management company owns the property and it has been sitting vacant for almost five months? There are minor issues left by the contractor unfinished: electrical doesn't work in the master bedroom, outlet plates are missing, smoke detectors, wall plates, etc..
We are both great tenants and passed the background and credit checks with flying colors including strong references from past landlords. This home has everything but a privacy fence, which I figured up to be about $2,100 material cost. I could build the fence myself.
I am willing to up the lease from 12 months to 18-24 months and pay a quarter of the lump sum of the total lease. Is it possible I can negotiate to have a fence installed on his property? There is also a bonus room upstairs where the contractor did not finish installing fiberglass insulation which I am willing to do myself.
We found a home that was bought by a property management company under the CEO's LLC. He got his LLC approved in August of 2016 and began buying foreclosure properties and fixing them up to rent and sale. In this specific home he bought it September of 2017, fixed it up, and put it back on the market November 10 2017. It has been vacant since then. They have lowered the price by approximately 3-4% since then.
What kind of negotiating power do I have seeing as though the property management company owns the property and it has been sitting vacant for almost five months? There are minor issues left by the contractor unfinished: electrical doesn't work in the master bedroom, outlet plates are missing, smoke detectors, wall plates, etc..
We are both great tenants and passed the background and credit checks with flying colors including strong references from past landlords. This home has everything but a privacy fence, which I figured up to be about $2,100 material cost. I could build the fence myself.
I am willing to up the lease from 12 months to 18-24 months and pay a quarter of the lump sum of the total lease. Is it possible I can negotiate to have a fence installed on his property? There is also a bonus room upstairs where the contractor did not finish installing fiberglass insulation which I am willing to do myself.
11
Posted on 1/16/18 at 8:09 am to Flanders
TL, DR
Posted on 1/16/18 at 8:11 am to Flanders
You can negotiate anything you like...
Whether they accept or laugh at you is a different story. If you willing to do the work, I don't see them having a big issue with it.
Whether they accept or laugh at you is a different story. If you willing to do the work, I don't see them having a big issue with it.
Posted on 1/16/18 at 8:12 am to Flanders
Make a list of all the issues and try to negotiate a reduced rate lease with an agreement that you will fix the issues. This will work if they are a small company that doesn’t have their own maintenance people. On the other hand, if they are a company that has maintenance staff they will just take your list and fix the issues.
Posted on 1/16/18 at 8:15 am to Flanders
You are wanting to install a privacy fence on a home you rent?
No one truly knows how desperate they are, start low and go from there.
No one truly knows how desperate they are, start low and go from there.
Posted on 1/16/18 at 8:16 am to Flanders
quote:Anything's negotiable, especially if the property has been vacant for some time.
Is it possible I can negotiate to have a fence installed on his property?
Posted on 1/16/18 at 8:16 am to Flanders
quote:
SO other and I are looking to lease a property here in Shelby County Alabama
So happy for you and your sister.
Posted on 1/16/18 at 8:22 am to Flanders
Don't view renting the same as purchasing. I'd run from a house like that. You might get a lower price per month,but it won't be that much. Never offer to make repairs all on your own. This home likely has more issues than even the ones you are aware of. If you fix something yourself and a bigger problem occurs, you're opening Pandora's box with liability issues.
If you're dead set on this house request they make all necessary repairs to make the home safe and properly functioning. This is a rental that is an investment for someone else-not your investment.
If you're dead set on this house request they make all necessary repairs to make the home safe and properly functioning. This is a rental that is an investment for someone else-not your investment.
Posted on 1/16/18 at 8:26 am to Flanders
quote:
In this specific home he bought it September of 2017, fixed it up, and put it back on the market November 10 2017.
quote:
There are minor issues left by the contractor unfinished: electrical doesn't work in the master bedroom, outlet plates are missing, smoke detectors, wall plates, etc..
Red flags. They just finished fixing the house up and still have those issues? Sounds like half assing it would've been an improvement. I wouldn't want to rent from a property manager like that. If they didn't take care of minor things like outlet wall plates and smoke detectors, what other issues did they ignore or how difficult is it going to be to get them to make repairs when something comes up?
Posted on 1/16/18 at 8:33 am to Tiger Prawn
quote:I've taken almost two hours going over the house with a fine comb. It's minor issues that his contractor did not complete. When I toured the home the first time I thought it was brand new. I couldn't believe it was a ten year old property. I am not going to spend my money on the issues to be fixed. In regards to the fence, if I can get him to pay for the material I don't mind spending my time building it. I think that would be a good return on his investment and make the property more marketable for him in the future. 90% of the homes in the neighborhood have a privacy fence. This one happens to be on a corner lot by itself. They are still building new homes in the neighborhood fetching 225-240k. This property is valued at 165k after the renovations were completed.
Red flags. They just finished fixing the house up and still have those issues? Sounds like half assing it would've been an improvement. I wouldn't want to rent from a property manager like that. If they didn't take care of minor things like outlet wall plates and smoke detectors, what other issues did they ignore or how difficult is it going to be to get them to make repairs when something comes up?
Posted on 1/16/18 at 9:15 am to Flanders
quote:
I've taken almost two hours going over the house with a fine comb. It's minor issues that his contractor did not complete.
Yet the property has been sitting vacant for several months and the property manager/owner hasn't cared enough to have those minor issues addressed? To me, that's a bad sign. If they aren't attentive to something as simple and cheap to fix like missing wall plates or smoke detectors, how much confidence do you have that they'll be quick to respond to bigger and more expensive problems that may come up while you're renting from them...like if the AC/heater goes out or there's a plumbing issue?
Posted on 1/16/18 at 9:24 am to Flanders
Non-working electrical in the master is not a minor issue. Sounds like this guy is cash poor so I would assume that he isn't going to be the best landlord. You want to extend the lease, pay a lump sum, and build him a fence? Just rent another house. What is it about this particular house that would cause you to even still consider it?
Posted on 1/16/18 at 9:27 am to Tiger Prawn
I see what you're saying. I want to make note that the CEO was a Forbes Top 40 under 40 just five years ago. I would hope they had a lapse of quality control once the renovation was finished. Not many people have viewed the home being as there are not that many people moving this time of year.
I will be meeting with them hopefully tomorrow to discuss the issues I've found with the house and how we can move forward and resolve them. If I get an inkling that they do not care, I will move away from the property and look elsewhere.
I will be meeting with them hopefully tomorrow to discuss the issues I've found with the house and how we can move forward and resolve them. If I get an inkling that they do not care, I will move away from the property and look elsewhere.
Posted on 1/16/18 at 9:30 am to atxfan
quote:This is a house that anyone can enter using the "Rently" service. A lot of property management companies in the Birmingham area use this. It allows a potential tenant to unlock the door with their cell phone and view the home. All rently needs is a picture of your drivers license, a selfie, and a phone number. I found two windows unlocked when I entered the property last night. I wouldn't put it past someone to enter the home and steal whatever they can. I should make note that the master bed lighting was working when I viewed the property last Saturday.
Non-working electrical in the master is not a minor issue. Sounds like this guy is cash poor so I would assume that he isn't going to be the best landlord. You want to extend the lease, pay a lump sum, and build him a fence? Just rent another house. What is it about this particular house that would cause you to even still consider it?
At some point someone has tried to break into the property by bashing the back door lock but were unsuccessful.
This post was edited on 1/16/18 at 9:31 am
Posted on 1/16/18 at 9:38 am to Flanders
So, is that a selling point?
You sound like you've done your homework on the area and have at least some basic carpentry skills. Why don't you take that lump sum and fence money and buy yourself a foreclosure? Fix it up and rent it out later down the road. Have you checked into high LTV loan programs? It sounds like you have good credit.
I rented out a house recently and agreed to do some repairs prior to our tenant moving in. We even installed a door for him in an area that he wanted to close off. Everything is negotiable and, given the circumstances that you explained, you should approach it from a point of strength not weakness. But I still think you should punt on this one.
You sound like you've done your homework on the area and have at least some basic carpentry skills. Why don't you take that lump sum and fence money and buy yourself a foreclosure? Fix it up and rent it out later down the road. Have you checked into high LTV loan programs? It sounds like you have good credit.
I rented out a house recently and agreed to do some repairs prior to our tenant moving in. We even installed a door for him in an area that he wanted to close off. Everything is negotiable and, given the circumstances that you explained, you should approach it from a point of strength not weakness. But I still think you should punt on this one.
Posted on 1/16/18 at 9:40 am to Flanders
Money Board
Posted on 1/16/18 at 9:54 am to Flanders
From a landlord's perspective I don't know whether you can build a fence that isn't an eye sore. I'd be hesitant to buy the materials knowing I might have to pay someone to come behind you and fix it if your fence looks like a gap toothed smile.
Posted on 1/18/18 at 4:11 pm to atxfan
I met with the leasing manager today. She acted as a liaison between the property manager (owner) and myself. All issues I found with the house were documented and discussed. The contractor will be making the necessary repairs. Following those we will do a final walk through.
I was able to negotiate an extended 18 month lease. The owner will purchase and build the privacy fence. In exchange for the fence I pay and extra $50/month, $900 total. I got them to honor a special they ran during December of a month free of rent and a $200 visa gift card. So ultimately both parties I think get a victory in this.
He gets great tenants and extra $50/month. I get a month free, gift card, and privacy fence. My free month pays my portion of the fence and I still pocket $650.
Everything is negotiable.
I was able to negotiate an extended 18 month lease. The owner will purchase and build the privacy fence. In exchange for the fence I pay and extra $50/month, $900 total. I got them to honor a special they ran during December of a month free of rent and a $200 visa gift card. So ultimately both parties I think get a victory in this.
He gets great tenants and extra $50/month. I get a month free, gift card, and privacy fence. My free month pays my portion of the fence and I still pocket $650.
Everything is negotiable.
Posted on 1/18/18 at 4:12 pm to Flanders
just make sure you pay the rent on time, chiseler!
Posted on 1/18/18 at 4:35 pm to Flanders
Dude if you are going to rent I urge you not to go into a situation like that. You are going to end up getting burned or have a bigger head ache than you would want to deal with.
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