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General Landlording & Rental Properties

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Craig S.
  • Rental Property Investor
  • Boca Raton, FL
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A Few Landlording Questions

Craig S.
  • Rental Property Investor
  • Boca Raton, FL
Posted Aug 17 2015, 15:17

Hello,

As a relatively new landlord, I have a few questions I am facing, and wondering what is the best way to handle each of these situations. Can some of the more experienced guys/gals give me some advice?

1) Roommates: How you do you view tenants requesting a roommate? Initially, I was hesitant about allowing roommate tenants, however after I thought about it--it is really the same as two separate tenants. After some thought, I think accepting roommates would be fine as long as I screen each of them separately and make sure each of them meet the requirements (income, etc.) on their own. If each of them have enough income, clean record, etc. and they seem like good honest people (not young punks who want to party and trash the place), I guess there should be no reason not to rent to them. Opinions?

2) Co-Signers: If I process an application for a potential tenant and everything looks good, except either A) they do not have enough income to quality, of B) their credit score is too low, I could allow a co-signer. What do you guys feel about having a co-signer? If their income is not high enough, should this be an auto-decline? What about credit score, should I allow someone with a low credit score if everything else checks out ok? What do you all feel is an acceptable minimum score anyways, 600? I would require a co-signer to complete an application just like a tenant too.

3) Boyfriend/Girlfriend: What do you allow in this situation? Do you treat these lovebirds as "roommates" and subject to "roommate" income requirements (as I mention above), etc.? Let's say the girlfriend doesn't work, or makes minimal income--do you allow them to move in as long as their total "household" income meets the minimum standards, or do you require them to both earn enough income on their own to quality?

4) Smoking: In my lease, I have a "no-smoking" policy. My lease goes so far as to say "no smoking anywhere on the premises" and that this is a smoke-free facility. I don't want to damage my property and have other tenants get injured/killed because of a house fire. It is simply not worth it to me. However, I have thought this may be too strict, and that maybe I should still "consider" a potential tenant--even if they smoke, as long as they understand the smoking policy and "promise" to only smoke outside. I am concerned though that if they smoke--they will eventually smoke indoors, especially in the 5 degree winters. I don't trust tenants not to smoke indoor, even if they "promise" they will. Thoughts?

5) Pets: In my lease I will allow pets, however with restrictions. I guess each landlord will have to determine their acceptable pet policy, but do you experienced landlords have any additional advice to my restrictions below? Should I be more restrictive (like cats) or maybe less strict on certain items?

  • 2 pet maximum
  • 40 pound maximum
  • Restrictions on breed for dogs
  • Cats and dogs both allowed
  • Non-refundable pet fee and additional pet rent (per pet) apply
  • Pet must be at least 1 year old and housebroken
  • Pet registration papers must be provided

Thanks in advance for your help/ideas!

Craig

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