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This week we calmed things down a bit and did a shorty episode about gift giving to your tenants.

Our episode is primarily about the welcome gifts we leave as a surprise for tenants upon move-in.  But we do touch on other options for treating your tenants as well.

We let you know what we leave and what our thought process is behind each of the items.  If you know us well enough, you should know we do have a slight motive to some of the items we give to our new tenants.

Yea, we know that A LOT of landlords think this is a ridiculous idea.  We address that issue and much more.

So, give this quick episode a listen and let us know what gifts you leave for your new tenants!

LINKS

👉3M Claw Picture Hangers

We recommend these to all our tenants and have started to include them in our welcome basket. The tiny holes are much easier to repair on our textured walls, making the vacancy turnover much more tolerable.

👉 TouchUp Cup, Small Plastic Paint Storage Container

Touch-Up Cup is a clean, easy way to leave extra paint for your tenants to touch up scuffs and dings that are bound to happen as natural wear and tear.

👉Your Landlord Resource Podcast, Episode 2: Improving Tenant Retention and Renewals

In this episode, we discuss a multitude of ways you can make your tenant feel valued, important, and good about living in your unit and, ultimately, stay renting for years…even if you raise the rent.

👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!  

On ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.

On Spotify, please click the 5.0⭐ on our the front page of our podcast page.

Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!

▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links

Failed Signature Bank is in FDIC receivership, and tenants are seizing the opportunity to push for repairs and stronger regulations around lending.

Tenants in buildings with landlords that took out loans from the failed Signature Bank are demanding a say when the government sells off those loans this summer. For people in buildings with deteriorating conditions, many of whom have long accused Signature of being harmful with its lending, it’s a rare opportunity to push for repairs and stronger regulation of their landlords.   

Esther Acosta has lived in her current apartment at 638 160th Street in Washington Heights for over 10 years. When Hurricane Ida struck in 2021, a piece of the ceiling collapsed. There are still cracks, and water slowly leaks in when it rains, causing mold to grow, she said.

The building was owned by Sugar Hill Capital Partners, an uptown real estate firm that spent hundreds of millions of dollars in the late 2010s buying up multifamily apartment buildings. But Sugar Hill, which had purchased the buildings prior to statewide rent reforms in 2019 that made it harder to deregulate apartments, was reportedly falling behind mortgage payments in some of its buildings in 2022. 

In an email, Sugar Hill Capital managing partner Margaret Grossman said that she was not aware of cracks or mold beyond wear and tear. The building had facade issues that predated Hurricane Ida that caused interior leaks that it addressed during its ownership, she said. Grossman said that the building was “operationally distressed” when Sugar Hill purchased it, but because of 2019 reforms that made it harder to deregulate or raise rents on rent regulated units, “we were unable to execute our planned business plan at the building” because they would not be able to recoup money for repairs. Grossman said Sugar Hill spent six figures and remediated more than 200 pre-existing building violations.

In January, Sugar Hill sold Acosta’s building to a new landlord, Tyhum LLC. Acosta and other tenants in her building have been on a rent strike for months. But rather than focusing all their energy on the new landlord, Acosta and a group of tenants who have organized under the banner of the Upper Manhattan Tenants Union are taking their concerns to the federal government. 

That’s because the bank that lent Sugar Hill the loan, Signature, failed and was taken over by the Federal Deposit Insurance Corporation (FDIC) in March amid a banking crisis that saw several U.S. banks fail and enter federal receivership. As the FDIC prepares to sell off Signature’s assets, including its commercial real estate loans, tenants are hoping for a seat at the table. 

They assert that Signature Bank was irresponsible when it lent loans to corporate landlords, which they say can only pay back their loans by deregulating apartments and converting them to market rate, a point that tenant activists have been making about Signature for years. (Grossman said it is “categorically not true” that Sugar Hill couldn’t pay the mortgage on Acosta’s building when it took out a loan from Signature.)

Tenants are asking the FDIC to view what they say are the poor condition of their apartments and want influence in the decision-making process when the FDIC makes its sale. They want the new loan servicer to be more accountable for the behavior of its borrowers and to assure that they invest in the maintenance of units rather than allowing them to deteriorate. 

The Upper Manhattan Tenants Union organizes across a portfolio of buildings that are either currently or formerly owned by Sugar Hill capital. Each building within the larger tenant union has its own tenant association and has been encouraged to send letters detailing the conditions of units in their buildings. The entire Tenant Union also plans to send a joint letter to the FDIC requesting a say in the sale of their loans and the terms of any agreement between the FDIC and a new loan purchaser or borrower.

The group has been in touch with the office of Congressman Adriano Espaillat, whose district includes Harlem and Washington Heights, who they said is helping to coordinate a meeting between tenants and the FDIC. Congressman Espaillat’s office did not return a request for comment from Motherboard.

Adam Blazej is the co-founder of Upper Manhattan Tenants Union His building is still owned by Sugar Hill Capital with a mortgage serviced by Signature Bank. He says the tenant union’s demands are, at minimum, “asking that the terms of the mortgages be written in such a way that they don’t allow the current or new owner to continue their harmful practices” and to provide necessary repairs.

Blazej said tenants also want to have tenant-controlled housing, although this would likely require a nonprofit with enough cash to buy the building and turn leadership to tenants.

While his building is still owned by Sugar Hill, Blazej doesn’t feel that conditions would necessarily improve if it were sold to someone else, as he’s seen what tenants have experienced under new ownership. “Everyone I talked to said they didn’t think it could get worse. It’s gotten worse,” he said.  “I don’t want them to sell my building to some other vulture or slumlord,” he said.

Upper Manhattan Tenants Union is not the only tenant group organizing to have a say in the Signature sale. The nonprofit Association of Neighborhood & Housing Development (ANHD) is  also helping tenant groups across the city impacted by the Signature loan sale to draft letters to the FDIC. It is also working on its own letter to the FDIC on behalf of its member groups.

“When the collapse happened, I reached out to the FDIC. I want to ensure whatever the process is, the voices of the tenants don’t get left out,” said Will Depoo, senior campaign organizer at ANHD.

ANHD has been organizing to get Signature to reform its lending practices for years, and in 2018 tenants working with ANHD were able to get the bank to agree to set of best practices, including better vetting of its borrowers. which they say the bank did not follow through on. Depoo said that the FDIC has confirmed that they have read letters from tenants about the Signature Bank loan sale.

“The last time I heard from them, they did mention they are taking notice of the letters,” Depoo said. “I don’t know what exactly they’re going to do with it.”

When Motherboard reached out to the FDIC about whether they’re able to change the terms of Signature’s mortgages or mandate repairs, a spokesperson deferred to a press release that did not address these questions and said they had no additional information.

In its press release regarding the Signature sale, the federal agency said, “The FDIC has a statutory obligation, among other factors, to maximize the preservation of the availability and affordability of residential real property for low– and moderate–income individuals.” The agency said it is reviewing commercial real estate loans for rent stabilized multifamily housing. “For this portion of the portfolio, the FDIC plans to reach out to state and local government agencies, as well as community–based organizations, to inform them of the FDIC’s efforts and to seek their input as the FDIC develops its marketing and disposition strategy,” the release says.

Colin Kent-Daggett, community organizer with St. Nicks Alliance, a nonprofit community development organization, said he has been organizing letter-writing campaigns to the FDIC with a group of apartment buildings that have Signature Bank mortgages.

Some of the buildings are in Bushwick and are owned by Ink Property Group, a company that was sued by the state Attorney General last August for violating the law as it deregulated units. The attorney general also accused the company of lying on its loan application by claiming the buildings it purchased had more tenants and higher rents to reassure the bank of its profitability. (As the result of the settlement, Ink Property was ordered to pay $1.75 million to a state affordable housing fund and $400,000 directly to tenants; those who lived in hazardous conditions created by construction received $2,500 each.)

Kent-Daggett said that there’s hope among tenants that the Signature sale could lead to reforms of some of the industry’s lending practices. “I think the tenants I’ve been working with have been really excited about the chance to have a say in that process,” he said.

In a letter to the FDIC shared with Motherboard, the Bushwick-based 308 Covert Street Tenant Association, which is organizing with St. Nicks Alliance, requested to be “included in discussions about the future of the loan on our building” including the terms of any agreement between the FDIC and the borrower, Ink Property Group.

The tenants wrote that, after Ink Property purchased the building for $1.1 million in 2015 and took out a loan from Signature, the landlords did not use the funds for maintenance, instead engaging in the tenant harassment and buyouts detailed in the attorney general’s lawsuit. “Only two long-term tenants remained, and it took years for Ink to renovate and re-rent the other apartments. In the meantime the units sat empty and filled with garbage, and we eventually discovered that the debris once filling the apartments had simply been stuffed between the floors of the building during construction when a bathroom ceiling collapsed into an occupied,” the tenants wrote. 

When Motherboard reached Ink Property Group’s offices for comment by phone, an employee immediately hung up.

Source: Vice

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It’s a bit of a long one but we just had so much information to share we couldn’t stop talking!  This episode is all about how to handle vacant rental property showings.

We start off talking about the obvious and that’s how to prepare.  And where we definitely discuss it, when we say prepare, we don’t just mean getting the unit ready.  We are telling you ALL the things we need to do to get ourselves ready… and that’s even before we hit the market!

We could not discuss showings without addressing safety.  As Realtors ourselves, we have had a lot of training on what to do and what NOT to do when we show homes to prospective buyers.  Guess what?  The same principles apply to landlords and property managers.

The episode also takes a deep dive into the day of the showing, and we talk a lot about the information you want to try to get when walking and talking to your prospective tenant.

And you have to know it doesn’t end with the showing! So, we are giving you all the tips on what we do when we follow up and try to close the deal.

Grab a cool drink and pop this episode on when you have 40 minutes to really listen because this episode is packed with lots of juicy rental property showing tips.

LINKS

👉Move In/Move Out Inspection Checklist

Use this form to inspect your unit before a tenant moves in.  Make sure the appliances and smoke detectors are working, there’s a new air filter, the doors lock, and windows open properly, etc.  Tenants get a few days to verify it all and then sign off on the condition in which it was received.  
Why’s this important? Because at move out, they can’t say there was a dent in the dishwasher at moved in if they did not note it on this inspection sheet!  
But the best part about this form? IT’S FREE!

Click here to download.

👉 QR Code Generator website.  It’s as easy as entering a URL or link to what you want prospects to access.  Your application, ad, or a unit walkthrough video are all perfect for QR codes.

👉 Eviction Protections Gone, Landlords are Learning to Fight.  Literally.
Article about Landlords who are learning self defense moves to stay safe.

👉Your Landlord Resource Podcast, Episode 6: Creating Standard Operating Procedures for Your Business.

SOPs are where you lay out the who, what, where, when, and why of EVERY SINGLE PROCEDURE OR CRITERIA you have for your rental property business.

👉Your Landlord Resource blog: How and Why Landlords Want to Create Standard Operating Procedures for Their Rental Property Business

👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast!  

On ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.

On Spotify, please click the 5.0⭐ on our the front page of our podcast page.

Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!

▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links

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If you tuned in last week, you heard how we discussed how to market to your ideal tenant and to include your unit amenities as well as amenities that surround the area of your rental property.

We also talked about the importance of good photography in your ads and Kevin gave a lot of great tips on how to achieve a professional look by using your smartphone.  He also discussed how to create walkthrough videos using your smartphone as well.

This week in Part 2, we are getting down to business.    We focused on how to remain Fair Housing compliant when writing your ad copy.  So, what you can and what you cannot write in your ads.

We also discussed what time of year landlords get the best bang for their buck when placing your ads and the pros and cons for having vacancies in each season of the calendar year.

Finally, we talked about the most effective software companies to place your marketing ads with.  It’s crazy that we get our best results from one company we really prefer not to list with!

Please check this podcast episode out!

LINKS

👉Our Top 5 Prescreening Questions We Always Ask & Why

Time is money. Spending time meeting tenants just to find they don’t qualify to apply can be discouraging!  

Prescreening a tenant can eliminate this frustration. Find out 5 of the questions we ask all prospective tenants before we schedule a viewing or send an application and why we ask.

👉TurboTenant is a great option for landlords with just a few doors or for those who may be new to using rental property software. 

For the most part, TurboTenant’s software is free to use so they are perfect for those on a tight budget.

👉Avail is much like other rental property software companies where you can get a free account that give a landlord access to rental marketing, leases, tenant background checks, property accounting, and rent payment deposited to your bank account. 

When you upgrade to Avail’s  paid version for $7 per unit per month, you get A LOT of extra perks.   For instance, they wave ACH fees and expedite your rent deposits.  You can customize your application and your lease instead of using a standard one.  BUT the best thing about Avail is the fact that each property can have its own personal website.  Now that is a really cool and professional landlord perk!

Click our special link  to get $50 off your paid account!  Now, depending on how many units you have, that can be a savings that carries you pretty far! 

👉Hemlane is a software that is built to grow with your needs as a landlord.

For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on. 

It gets better!  If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.

👉Doorloop is relatively new to the landlord software space, but they are global and can handle any property in any country and with any currency.

Where their features are similar to the others, from a tech standpoint, Doorloop is extremely modern and intuitive.

There are help pop-ups all through Doorloop’s  dashboard, it’s fully customizable, there are reporting templates, and they’re optimized for mobile devices and tablets.

👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast! 

On ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.

On Spotify, please click the 5.0⭐ on our the front page of our podcast page.

Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!

▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links

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We knew we had a lot to cover, but we had no idea we had so much to talk about when it comes to marketing your rental property!  We decided to split this episode into two parts, so we don’t take up too much of your, likely overwhelmed, time.

In this episode we take a deep dive into understanding the amenities landlords want to promote for their rental property as well as the area or neighborhood around it.

We do not live in the same areas as our rental properties, so we really do not have a good understanding or feel for what their neighborhoods are like at different times of the day or week.

We also discuss the best ways to photograph your unit yourself and, if you’re adventurous, create video walkthroughs to show off your space to potential tenants.

There’s a lot of great information packed into this episode!  If you love it, would you do us a favor and leave a review so other landlords and rental property owners can understand the value we provide?

Follow or subscribe on your favorite podcast platform!  This helps push us up in the ratings and be seen and enjoyed by landlords near and far.

LINKS

👉We assembled and secured these 2X2 storage sheds to our multifamily complex for tenants to rent each month.  We charge a small amount each month that will have each of them paid off in less than a year and then we can enjoy full profit from that point on!

👉Kevin uses this tripod for all his rental property photos.  Having the camera stable and shooting from the exact same height for each photo makes the marketing pictures present clearly and more professionally. 

👉When creating quality walkthrough videos of your units, this gimbal allows you to present them with a smooth transition, without the shaking or bumpiness that is common if you hold the camera with your hands.  To see how it work, check out the sample video linked here.

👉Kapwing video editing software is great (and FREE) alternative to using Adobe Rush which has all the bells and whistles professionals enjoy.

👉To watch a sample of our rental property walkthrough videos, click here.

👉Help other DIY landlords discover what we have to say… Please leave us a review of our podcast! 

On ITunes, please scroll to the bottom of our main page (with our logo) and click “Write a Review”.

On Spotify, please click the 5.0⭐ on our the front page of our podcast page.

Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!

▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links

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Let me start by saying that we are pet lovers.  Kevin and I have owned a pet of some form for the better part of both of our lives.  However, we do not prefer pets in some (most) of our units.

There are good reasons why not to allow pets but the argument on why landlords should allow pets is much greater.   What it comes down to is personal choice.

How do you make this choice?  By weighing the pros and cons!  Take what you know about your rental units, your tenants, the state you live in, and how much work you are willing to do when you are faced with turning a unit that has housed a pet and use the information provided in this podcast to make an informed decision.

This episode gives you practical and actionable information about the good and bad of renting to pet owners.

We discuss:

▪️Landlords fears of renting to pet owners.

▪️What bad things can happen when pets reside in your rental property.

▪️The financial benefits to your income if you choose to rent to pet owners.

▪️What kind of tenants you likely will have if pets are allowed.

▪️Actionable tips on things to do when renting to pet owners.

▪️The differences between pets, service animals, and emotional support animals and why the differentiation is crucial to know.

This is a VERY informative 22 minutes!  So, grab your favorite drink of choice and settle in for a quick info session on why should or should not rent to pet owners!

LINKS

👉Our Pet Policy

Also known as Landlord Tech, this company provides portals for landlords to manage all the pets in their rental properties. 

For landlords, they offer ESA verifications, contract data management, documentation storage, applications for animal requests, etc.

Each tenant has their own portal where they upload pertinent information and will receive notices regarding updated forms or even violation notices.

Even if you only used their ESA verification service, this company offers peace of mind.

Learn more about Our Pet Policy today!

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▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links

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We had to split this subject into two podcasts so that our listeners wouldn’t get too overwhelmed with all the info we are throwing at them.

This week we are discussing everything we know about rental property insurance for all sized residential investment properties.

We talk about when you can and when you cannot use a traditional homeowner’s policy for your rentals, which kind of rental policy is best and what your decision should be based on. 

We couldn’t give you nuts and bolts about rental insurance without addressing umbrella policies and our varying thoughts on when those are best put to use.

Who doesn’t learn best by listening to stories of what other rental property owners have experienced?  We have a few juicy stories to share too!

Finally, we talk about a few other options that are available to enhance your coverage.

The bottom line about any insurance is it comes down to liability and risk assessment.

So, tune in and listen to our thoughts about rental property insurance policies!

NEXT WEEK: In Part 2, we do a Q & A with our insurance broker/agent who just so happens to be among the top insurance agents in the US. 

LINKS

👉Read our Blog: Why Landlords Should Require Renters Insurance

👉Read our Blog: The Who, What, When, and Why of Residential Vacancy Insurance

👉EZ Landlord Forms

At EZLandlordForms, the goal is to make it EZ for anyone to be a great Landlord, get the most out of their investment, and get the most out of their experience as a landlord. Whether you’re a large Landlord with 200 units or a mom-and-pop Landlord with 2 units, they’ve got the tools to make your life easier.

Because their team is made up of real estate investors and Landlords, they know that a landlord’s work isn’t over once you sign a Lease Agreement. That’s why they have over 400 property management forms covering every phase of the Landlord lifecycle, including over 200 Free Landlord Forms.

Make your life as a landlord easier today by Creating a ​Free Account​ to access their free tools or becoming a ​Pro Member​ to access their state-specific Lease Agreements and their entire library of Property Management forms for Landlords.

The cost for pro membership is $12 per month or $75 for the annual account.  They now offer a lifetime pro membership for $399!  That’s a killer deal!

With a rating of 4.8 from over 5,000 reviews, EZLandlord Forms is the perfect source for landlords!

👉Best Primer for smoke damage: Zinsser B-I-N Advanced Primer with ultimate stain blocker

Want the podcast link emailed to you weekly? Subscribe to our FREE newsletter, Landlord Weekly!

▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️Podcast Links