Two Months in the Life of Low Income Landlording
I would love to report that it has been a very quiet first two months of the year for Fischer Rentals. That is not quite the case. I can report, though, that it has been very manageable.
One tenant went off the deep end and hid from us and her father. Her dad is not only a co-signer, but is actually on the rental agreement, so he has the power to end tenancy and the responsibility to pay everything his daughter incurs. He ended up paying rent and $65 in late fees for February. We are both hopefully she will pay for March, she seems to have pulled herself back together.
One oven went out, $150 service bill. One tenant requested and got a new roommate approved. Another tenant wants to get a puppy so we are working through expectations and breeder appointments to meet/approve the pet. We spent part of Valentine’s Day volunteering at a community alley clean-up in the neighborhood, collecting mattresses and discarded furniture to beautify the area. We’re investigating local property managers to possible turn a few units over to see how it goes. We traded in our station wagon and trailer for a pick-up, which should make hauling rental stuff easier.
Comments (4)
I have a phd student living in one of my rentals. Her out of state Dad direct deposits her rent into my account about a week before it is due each month. She is neat, clean, and quiet. All is good... except through a neighbor I've heard she moved a boyfriend -or maybe just a guy roommate into the house a couple months ago. The neighbor didn't know I didn't know she just casually mentioned to me that since the new guy moved in the sidewalks were getting shoveled earlier and more often. When I showed this student and her family (yes both parents and her sister came to help her choose a place to live.) she mentioned wanting to get a roommate but it didn't occur to me that she wouldn't alert me at the time she found someone. What should I do? and why? -I think there are "reasons" you don't want someone in the house that isn't on the lease... yet I like the regularity of the current situation...
Wendy Brown, about 9 years ago
Wendy, does the lease or rental agreement address people moving in? Ours prohibits it, says we need to pre-approve, and that they need to pay the screening fees. At this point, I would try to get an application filled out and make sure they aren't a criminal or complete deadbeat. If they have assets or a good standing to protect, it is in your interest to get them on the lease. If they don't, you can make them an authorized occupant subject to all the rules if they pass your modified roommate screening. Hope this helps.
Michele Fischer, about 9 years ago
@Michele Fischer
You are out doing things to improve your neighbourhoods .... all I've been doing this past week is shovelling snow off roofs (we had >4' on two of them) and dealing with a new roof that leaked :-(
Our neighbourhood clean-up drive is not until late April ... I'll go park the dump trailer in the middle of the block and provide the invitation for our tenants and our neighbour's to bring out their bulky items ... last year it took two trips.
Roy N., about 9 years ago
Wow, ya'll are busy! Kept at it and one day your neighborhood won't need you so much. They sure do now.
Al Williamson, about 9 years ago