BiggerPockets

Well almost anyway. Ok, so hubby is down working on finishing up some things on our second investment rental house. We made a deadline of the 1st of August to get the sign in the yard that it was for rent.

Meanwhile, I'm at home working on creating some info sheets to put in the box for prospective people to take with them. The sheets are similiar to a MLS listing that tell basic info on the house (ie; square feet, No. of bedrooms, etc.,). Anyway, so I give hubby a call to ask him a question about the sheet and he tells me nevermind we don't need it. I'm like what?

He said that an elderly lady came by with her daughter and is very interested in renting the house. She's moving from mid-michigan to be closer to her daughter and grandchildren. They saw the sign this morning and stopped to inquire. Hubby said she seemed very nice, about 70 or so, but in good physical shape. She would be the only tenant, no pets, etc., I said well wait a minute...you have to have her fill out an application. I mean even elderly people can pull the wool over your eyes! LOL! He said yes of course and he already told her it would be $25 application fee. So he got her email address to email it to her and all her other info. He told her it would be first, last and deposit and she was like "I'll take it!". LOL! I got a kick out of this because I think it's great that we have someone interested so quick but also that hubby was excited about it. He also said within the last hour of putting the sign out in the yard he received 4 more calls on the house. WHOA! Now, to be honest I did not expect this and am pleasantly surprised about it.

So I'll send this lady an application and see how it turns out. Hubby said it was very apparent that she had $$. He didn't get into details on how he knew that...he could just tell I guess. Said she didn't flinch at the cost of the rent.

Now before anyone goes and burst my bubble here...just let me enjoy this moment for what it is...and that being that we have immediate interest in our rental! WOO HOO! It would be nice though if she turned out to be the one to rent and turned out to be a great tenant. It's funny because I told hubby that I could picture an older couple in this house as the size is perfect, lower maintenance, nice quiet area, etc.,

Oh and also he traveled this past week and spent most of the time on the plane reading Armando Mentelongo's book Flip and Grow Rich. He's all excited, even moreso than before and ready to run out and buy the next house but this time to flip. OH lord, what have I created?? :mrgreen:

OK, I'm off to scramble to get an application together.

I had that moment. Sweating (in July 98) as I was replacing an outlet, racing to finish the rehab in the upper unit of our first duplex from HUD, wanting to get a tenant before the first payment was due. A lady in her late sixties with her 12ish grandaughter walked right in just minutes after I had placed the sign. She looked around a few minutes and proclaimed "I'll take it! It's mine" like I didn't have a say in the matter. Bertha stayed with us for six years. Good luck!

Originally posted by Kel S

Valerie,

Yeah, I've wondered that too. It's a small 2 bed/1bath with no basement and about 850 sq ft. Not a lot of storage either. But it does have a detached 1 car garage. We've researched rents in this area and houses around this size and I think we are right in the middle with our price of $595/mo. One thing I liked hearing about this prospective tenant is that she said she has lived in her current rental for the past 13 years. Boy that would be nice to get a long term tenant. She's moving to be closer to her daughter and her husband as well as her grandchildren. As her husband passed away a few months ago. The only thing I wonder is why someone of her age doesn't own a home already. Anyway, we'll see how her application pans out.

Ralph, isn't that great! I too got a giggle when hubby said she told him repeatedly "I'll take it!" :mrgreen: I guess she left really excited.

not everyone wants to be a homeowner

Congratulations Kel! It sounds like you're doing great!

One little trick I use when a good prospect says "I'll take it" is to get a desposit from them (right there on the spot). I have a form I call "Deposit to Reserve Rental Unit" and that form makes the desposit non-refundable if they change their mind (don't move in) and also makes it contingent on my approval of their screening. I think it's important to get that deposit because tenants only have an attention span of 5 minutes. If you don't get that money right away, many times they'll change their mind.

Mike

I have seen on other sites where you do not call it a deposit but a "non refundable holding fee." Seem the people think a deposit is refundable whereas a holding fee isn't. Just something for thought. And all states can be different.