All Forum Posts by: Adam Martin

For the rental comps just look where the renters are looking and price yours accordingly.  In my area I get on Zillow and look what the competition is charging based on area, size, and amenities and adjust from there.  Make sure you are actually looking at houses though and not rely on the Zestimate, in my area a couple years ago for rentals it was pretty close but now is not even in the ballpark.  For collection I use Zillow at the moment due to being free for me and the renters ability to use a credit card if they get into a bind.  On the next one however I think I'm switching to Zelle so I don't have to wait for the money to post and there are no chargebacks.  

I would collect the deposit before lease signing and would want to ensure the funds were transferred in a way that was non reversible.  You could give them deposit info to transfer money directly into your bank either at the bank if they have a local branch where they live or through bank wire, our use Zelle.  If they were insistent on a cashiers check I would want it sent overnight at their expense.  While I haven't used it yet I plan on using Zillow at the end of the month for an electronic lease renewal to see how it works and avoid a trip.  

I have known I wanted to get into rentals since highschool, my boss at a swimming pool I worked at owned several and I worked on them on the side as well as for another family after they found out.  I mostly just did cleanup and painting but saw the opportunity and decided this is what I wanted.  My first home I bought in 2011 after college for my wife and I to live in.  After several years and a growing family it was time to move so we decided to buy a new one and rent out the first.  From there we have bought 2 more and intend to get another 7-10 in the next 13 years.  

Check your lease, I started with a generic one I drafted online and have added to it over time but mine states "if the premises become totally or partially destroyed during the term of this agreement so that the residents use is seriously impaired owner or resident may terminate immediately upon a 3 day notice.  Hopefully you have something similar and can use that to get out of the lease.  I also can't imagine someone wanting to stay in a flooded home so hopefully this will be a non issue.

If the rental started with a disposal and dryer I would think it would be reasonable to believe that they expected those items throughout the lease.  Neither of these items are that expensive, especially if you can install yourself so I would suggest just replacing to try to keep long term tenants happy.  I garbage disposal and dryer are much cheaper than turnover if they decided to leave.  You may be able to buy a used dryer though to save some money and once they move out you can sell your washer and dryer to avoid maintenance.  

I would check with your lender before you do this.  I just refinanced one and had to send in copies of all my loan statements 2 days before closing showing I had still be paying as well as sign a document at closing stating I was not in forbearance and was still working.  I can't imagine many lenders would be eager to lend to someone who had just requested a loan modification stating they were having difficulty paying their bills.  

That sucks that she is doing this to you, not only is she wasting your money but a ton of water as well.  One thing that hasn't been brought up is when is her lease up.  While things are rough now getting a problem tenant out things will get better with time.  You didn't mention she is not paying rent so I assume she is but if she is M2M as soon as eviction bans are lifted this is an obvious non renewal.  If she has a lease outside of making her uncomfortable with constant checking in which is unlikely to change her behavior but may just make it worse you may just have to wait this one out until the lease is up.  I'd also do some self reflection, you said she is now mad at the world but it seems she is taking it out on you, this implies that she was fine in the past.  If there is a sudden turn she is more likely mad at you for some reason maybe valid most likely not.  Really think about what may have upset her, if you can't think of anything just ask her, from her behavior she will probably tell you and you can try to work something out until you can get rid of her.  Best of luck either way, I had a toilet running in my basement which caused my bill to go from 30 to 125 for the month and that was an accident, I hate to think of what a tenant could turn it into if they were trying.  

After I get a message someone is interested I give them a call, introduce myself and thank them for their interest.  Before we even start talking about a showing I let them know that I have a few pre-qualification questions to see if we are a good fit for each other. All my listings specifically say no cats as I am very allergic and no dangerous breed dogs which are spelled out in my listing due to insurance.  If they pass I set up a showing, if not thank them for their interest and tell them to have a nice day but I wouldn't waste my time or theirs if I know I am going to say no.  I guess if they were insistent I may schedule a time where I will be there anyway but it would have to be 100% around my schedule and if they really wanted to pay for an application that is on them.  I have only had 1 person I told specifically not to apply and they won't be accepted bother to pay and once I saw it come through just sat on it until I had accepted someone else and texted them that I had found someone else.   

I currently self manage but as I scale will be hiring a property manager.  When I do it is because I would want to be hands off and that is something I expect they take care of for me.  I would however expect to know what guidelines they use up front and would be upset if they lowered them without my knowledge.

Agreed.  The difference in interest isn’t that much between a 30 and a 15 but that is a large difference in cash flow.  While you may not need it you can always save it for reserves or to buy another property.  If you truly don’t need it you can always pay down principal and get closer to 15 years or less.