All Forum Posts by: Adam Martin

I'd say everything looks good but keep in mind that I am not familiar with the laws with Cook County but have heard on other posts that they are very specific so #1 should be learn the laws where you are renting, hopefully this was done before the purchase.  This has also caused some debate on another post but I would also switch 6&7 assuming that in Cook county you are not required to rent to the first qualified renter, if you do disregard.  I like to have a couple applications so I can select the best one and then really dive in on my due diligence, sure the first person may fit your qualifications but the 2nd may fit them plus some and I'm always looking to get the best candidate not just the one that meets my minimum qualifications.  That isn't to say I don't pre-qualify and try to weed out those that there is no chance since that isn't fair but usually I get several and filter it from there.  Again this may be specific for your area but I think most would advise against #8 I just send a simple text thanking them for their interest and saying that went with another applicant.  Less is more and the more you say the more can be used against you. 

I doubt you will collect anything and see this as a self inflicted problem since you let it go so long. I am all for sending it to a collection agency though, I think often we fail as a community when we don't report these events to give a fair warning to the next guy.  If we would all put in the extra effort there would be better data bases the credit agencies would be drawing from and we would have a better idea of who the tenant we are renting to really is.  While I doubt this is likely for a Sec 8 tenant there is bound to be a percent of people that will eventually pay when they want to buy a house or other large purpose so as long as there isn't a large cost it is a gamble I would take if nothing else just for principal.  

I use Zillow and no the application fee is not refundable.  One of the benefits of using Zillow for the renter though will be that they have access to their application and can re-use it assuming the next application uses Zillow and it is good for 30 days so its not completely sunk money.  If someone is worried about loosing their application fee and not getting accepted though I would explain that these are sunk costs however go over the screening criteria and if she doesn't pass verbally no sense paying.  I have also accepted applications and credit checks that the tenant supplied themselves from a previous application under the condition that if selected they will need to do my application as well just to verify and keep everyone under a level playing field.  They seem to appreciate me working with them up front and it would provide me the opportunity to double check that they aren't scamming on the initial report.  

Same I charge an extra 35/month/dog as well as an extra 600 security deposit.  If someone wants an animal they will bring them but this just increases the pool and makes them less likely to pull the support animal.  I have only had it come up once where they had an emotional support pit bull.  I talked to my insurance and they said no way and I would have to have a separate dog bite policy.  Luckily I had several qualified applicants and went with one with better credit so the dog did not have to play into my decision.  I am also curious how long it will be until this affects insurance companies.  I find it odd that we are forced to accept support animals and have to jump through hoops to avoid a discrimination complaint but they can come out with a blanket no.  

I invest in SF only and lack of maintenance on my part is one of the big reasons. I leave general lawn maintenance and snow removal to the tenants and would never consider it. If they don't want to or unable they can hire someone to do it just as I would do. This is standard for my area and I rarely see a post where it is included so If i had to add those costs the rent would go up which would keep me from being competitive. Also with snow removal who is to say when it needs to get done, do you plan on coming out for several inches sure but if it keeps snowing you have to keep shoveling, do you really plan to either do that or hire someone. Are you ready for constant calls to keep up with it and then the increased liability since it is something you are responsible for? I am not and this is one of the appeals of SFR for me, much more hands off. I do however state that I will come by once a year to trim the bushes since I would prefer to do that vs. rely on the hack job some of them would do or just let them grow wild. Any small limbs that fall I also have them responsible for but if it is something serious that they can't handle I'll come out, I just don't want to go out for small branches or sticks.

Unfortunately she is correct which is one of the biggest scams in housing and really makes it harder for people who actually need it.  Did she fill out an application because it sounds like she just prescreened herself out of a rental and made a decision on her pretty easy.  There is a long thread and a great read but people say dumb things.  

I wouldn’t do it this deposit is there to protect you not for the convenience  of the tenant to use as last months rent.  If she doesn’t move out or causes damage you are left with nothing to protect you as well as the tenant won’t have the same incentive to leave the place in good order.  Also if she is leaving and getting her deposit back have you collected additional for the other tenant who will be staying to make up for the return to the roommate.

I would wait to close or at least until you have the clear to close from the lender just in case it runs behind you don’t want to take money from someone and not be able to deliver.  I would also check your pricing 50 responses in 2 hours seems like way too many and leads me to believe you may be underpriced.  Good luck 

I would not take this too seriously but would still verify with the property manager if they maybe received it and see what accounting they have.  What is the basis they believe they should get it back after a year, and was this a non refundable holding deposit that they forfeited if they did not move in.  My thought is he is just out of money and fishing to see if he can get anything from you but hold firm on your stance and requesting him showing some sort of proof he paid the funds.  As previously stated if they can't show you they also can't show a judge and this should be a pretty easy case and I doubt I'd even bother with an attorney.  Good luck either way.

I would still go for the cash flow even if you don’t need it now with the 30 year.  Anything could happen and I would want to keep my payment as low as possible just in case I am out a job or have a tenant who is not paying.  With a 30 year you can always pay extra to get it paid off sooner but it is harder to refinance a 15 into a 30.  I would suggest taking some of the cash flow to build reserves and then decide if this is for you and you want to save the rest for another property and if not you can accelerate your payments.