Be Wary of the Straw Lease!

2 Replies

Had an applicant who whizzed through with flying colors on online screening site. Perfect on the interview, paid fees/deposits in full...everything was great. For 9 days. He never stayed a night. Rented for a felon friend of his, who ran a drug business out of the newly renovated unit. To make a long story short, the cops were tipped off by an aquaintance of his, raided the unit (battering down the front door), and trashed the place during the ensuing search. I had a stripper pole mounted in the dining room, mounted safes, and an entire closed circuit video recording and alarm system (inside and out) placed by the tenants. Again, in 9 days.
The cops even kicked in interior doors. They were very professional and helpful when I arrived though, I must admit. There were four copies of my lease, all created for people I had never met. The person who was arrested was chased across the front lawn in his truck to boot. I used to love the little horror stories, wondering if I'd experience anything close. I've since changed my outlook.

Be wary of the straw lease.

I havent had that one, and I was pretty sure that I had seen them all. 

I do a first month inspection// meet up with new tenants and quarterly surprise inspections to keep my people from causing havoc.  I have it written into my lease so there is no argument, they know I am coming. 

In the neighborhood where I own most of my rentals, I occasionally stop in at the police station to see if any of my tenants are causing the police a problem.  I have an illegal activity clause that I can use to evict them as well. 

Sadly in today's world you need to keep you gaurd up

I hope this helps

Josh

Ps feel free to connect on BP

that's a great idea, another to incorporate. I dropped a copy of the lease off two days later...no answer. I saw the video cameras at the entrances, but thought that he was just concerned or had nicer things, or both. I think I was clouded by my desire to have an easy tenant.

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