 Long term guests (by Gary [IL]) Jul 29, 2011 1:54 PM
 Long term guests (by LL [AZ]) Jul 29, 2011 5:23 PM
Long term guests (by Reid [KS]) Jul 29, 2011 5:48 PM
Long term guests (by BRAD 20,000 [IN]) Jul 30, 2011 1:08 PM
Long term guests (by ctlandlord [CT]) Jul 31, 2011 10:20 AM
Long term guests (by Curious The George [NC]) Jul 31, 2011 7:22 PM
Long term guests (by Chris [CA]) Jul 31, 2011 7:52 PM
Long term guests (by Gary [IL]) Posted on: Jul 29, 2011 1:54 PM
Message:
State Specific Question About: ILLINOIS (IL)
About 5 years ago the wife and I bought an older motel. It is one of those 50's things with 5 little one bedroom cottages and a row house with 5 one bedrooms. It was a grand place in its day, now it is multi family in an industrial zone. My question is this. When we took over and for the first years, we always got the lone guy, usualy divorced. Or a lady in the same situtation. Almost all singles. Now with the job situtation the way it is, we are getting long term guests. The guy in number nine has what looks to be a collage age guy living with him. The divorced guy in eight, has picked up a girlfriend. The lady in number four has a boyfriend living with her. Now like I said, these are motel size rooms. Not much more than 350 to 400 sq. ft. I havent said any thing about all the new live in's , but they are using more water, elect. and gas, all of which I pay. Not to count double wear and tear on kitchens and baths. So, do I leave it go? Not say anything, or do I demand these new live in's go on a lease? And if I do that, do I raise the rent? Can I even do that? --98.223.xxx.xxx |
Long term guests (by LL [AZ]) Posted on: Jul 29, 2011 5:23 PM
Message:
Are you considered a residential hotel? As in do you pay hotel tax? If so I'd check the law, local and state regarding occupancy and rates.
If not, you need a guest policy, post it and include it in your leases. Extra people cost $$ extra. $100 a month sounds reasonable for utilities.
If not you are going to have 6 people in a 1 bedroom real soon.
If the people are on m2m - give them all a 30 day change of terms notice. --76.170.xxx.xxx |
Long term guests (by Reid [KS]) Posted on: Jul 29, 2011 5:48 PM
Message:
Yep, like LL Says --99.103.xxx.xx |
Long term guests (by BRAD 20,000 [IN]) Posted on: Jul 30, 2011 1:08 PM
Message:
Extra people can also mean more chance of getting your rent. I don't know of a way to eliminate guests, overnights. company...
Since you pay the utils, I think it;s OK to assess extra for long termers. But not sure how to manage it effectively.
Perhaps raise everyone a few bucks to cover the increases.
Does your place look like traffic cones, like in Cars? --50.129.xxx.xxx |
Long term guests (by ctlandlord [CT]) Posted on: Jul 31, 2011 10:20 AM
Message:
Do what you can to be energy efficent and If you can raise rents a little. even 15 dollars on 10 units for 12 months is almost 2 k with the increase so little move outs would be few. just include a general note and go with it , If they are long term and few vacancies maybe it is worth it so turn around is minimal --99.20.xx.xxx |
Long term guests (by Curious The George [NC]) Posted on: Jul 31, 2011 7:22 PM
Message:
Boy, if you ever rent to a Mexican you are in for one big shock! --24.136.xxx.xxx |
Long term guests (by Chris [CA]) Posted on: Jul 31, 2011 7:52 PM
Message:
The Wall Street Journal had a video about housing in Hong Kong. It showed a 140-150 ft apartment for 4. You got to charge more, any business would!! Are they all M2M? Join some LL Association!
--118.172.xxx.xxx |
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