Posted by ToolBar_SC on March 26, 2001 at 14:54:44:
Calm down!!! The most important thing to remember is that IT’S A BUSINESS. Treat it like one. Lets see if I can answer some of your questions:
Should I meet each person individually? even though they have all seen me? - I would but I’d do it when I colleted the rent and not just to say HI.
Should I raise the rent of the month to month right away? - That depends. Is the rent too low - then YES, Is the rent the same as a lease - then NO. You’ll have to decide what you want and need and make the decision as any other business decision is made.
Should I give them a phone number that rings me in my house or my job. I already have a text pager service that I planned to give out but is that enough? - I never give out my home or work number. Since you have a text service give that one out. If they have your home or work number they will call you at all hours. Using a text service or an answering service then your in controll.
Should I give them numbers for emergancy plumers and electricians that I want them to use? - Why not give them blank checks already signed. NEVER, NEVER, NEVER let a renter decide what repairs need to be done when. You need to validate all repairs and just what is going to be repaired before you get the bill. You are going to have a text service, they can contact you for emergancies that way.
What are the most important real estate laws that I have to abide by? - Depends on your state and local laws. Check with you Chamber of Commerce or local realtors board. They can direct you to the documents necessary to do it legally.
Should I lease the building to my LLC? - Again, depends on your individual situation. However, if you wanted it in an LLC you should have tried to get it there before you bought. You can still do some things to get it in an LLC without causing you too much trouble. See your RE Lawyer and he can advise.
I hope I’ve helped by answering these questions for you. I’m sure others will add or modify my answers as they see fit and even provide you more help.
Now I’d like to answer one question you may not have thought of yet. What do you do when you don’t get the rent on time, you go talk to the renters and they give you a heart tearing, eye watering sob story as to why they don’t have the money pay you? Do you know? Well if you don’t know then get prepaired to start supporting another family. The answer, by the way, is… provide them the legal notification that the eviction process has started and they have xx days (whatever your local laws require) to make good the rent or be evicted. As I stated this up above… this is a business treat it as one. That means be prepaired to evict a renter on December 24th, if you have too.
Best of LUCK and relax, it’ll all work out one way or the other.
ToolBar_SC