All Forum Posts by: Alissa Engel

@Cameron Riley

This is one reason I chose my niche. 900-1000 sf 2 bed/1 bath duplexes. 90% of applicants are single individuals or couples. I’ve had a couple single mom’s with one child. Overall, the wear-and-tear is limited due to fewer people in the home.

That said, I always ask that dogs and children accompany the adult(s) to the showing. And I watch. It’s soooo obvious who parents well and who is checked-out....letting the kids run all over and get into things that aren’t theirs. If you can’t parent your children well during a showing (when you are probably on your very best behavior)....I can’t imagine what it looks like when no one is watching. It will be a hard pass for me. I get plenty of applicants, so there will always be someone more qualified.

AND....my very best tenant in 16 years of LLing was a low income single mom. Seriously...my home was immaculate and my yard looked like a golf course.

@Svetlana Ivanova

The post sounds a bit “black-and-white.” Id go more for the “grey.”

You could get a catastrophic health insurance policy. Or increase your deductible even more, because you are used to paying cash for “normal” sickness anyways. But I would NOT put your family at risk by not having any insurance. One car wreck or other accident could bankrupt you. Also, look into some sort of HSA if you plan to just put the cash in an account and pay cash for most medical expenses. You will get an additional tax deduction. They also have these at the state level that get you a state tax deduction.

And life insurance: first, the purpose of life insurance is to maintain your current level of living if you or your wife should pass away. IT IS NEVER A SMART INVESTMENT STRATEGY. So, there’s no reason to have it on your child. They don’t earn an income. I’m betting an insurance agent sold you this as an “investment”. It’s a terrible investment. Get rid of that policy.

Now, it also sounds like you are over insured on both you and your wife. You only need to be able to replace the income of the person who dies. If either you or your wife is a stay at home parent, you would only need a very small policy because the only change would be that you would need to pay for child care and you might need to reduce your hours for a time to grieve. And only buy term life policies....never buy whole.

But please don’t discontinue all life insurance. Again, that really puts your family at risk.

@Kimberly M.

I’m a therapist with a private practice AND a landlord. So, I understand your compassion and concern for this person. That said, the biggest mistake to learn from is renting to someone because they have “sad eyes”. This is not coming from a judgmental place, but instead from a place of clinical experience. Addictions make people manipulative. Addicts will do anything to get what they want, which in this case is housing....but ultimately, it all leads to being able to obtain the chosen “fix”.

Part of my screening criteria is whether or not the person tried a sob story. Sob stories given to complete strangers are an attempt to emotionally manipulate to get what is desired. I will immediately pass (there’s always an officially more qualified applicant) and move on to the tenant who provides facts and doesn’t drag me into their personal drama...I am their LL not their therapist.

These are hard lessons. I’ve self-managed all my properties since I was 21....so, I also learned this the hard way. Looking back, every trouble tenant (luckily there are only a few) manipulated me somehow. This type of person is gifted in reading others, and senses your personal weakness. I no longer stick around to get the details of the manipulation, why it’s used, or their history. I sense it....and move on.

In your situation, I would continue to collect rent until the lease is up. I would not renew. Issue remedy or quit letters addressing all of the issues (dog, disturbance, damages). I would collect an additional pet deposit. I’d also have contractors come fix the damages and collect the bill from the tenant. Don’t wait to use the deposit at move-out, because there will most likely be more at that time. Send the letters certified with a firm due date, and start limiting you personal involvement with her. Just call the police the next time there’s a noise disturbance.

If you feel the need to help her; remind yourself that having firm boundaries is really the best way. Enabling behavior FEELS helpful, but it only allows her to continue in this path.

@Robert Painter

Do you have one of these? Do you know what the rate is? Will they allow you to use equity from an investment property rather than your primary?

@Jason James

Just drove this as the seller in a very hot MT market (Bozeman).

We knew it was a solid property and a hot market, and we weren’t willing to budge on price at all.

We had a home inspection done ourselves. Offered it to buyers, but clearly stated that there would be no further negotiation beyond original offer.

We received a full price offer without an inspection contingency at the first showing. Had many more, including 3 all cash and no inspection contingency, by the end of the first day on market.

@Nathan G.

This is exactly how I look at it! And in these situations, I ensure that I am adequately compensated for my time, efforts, and stress. I don’t take advantage with insane fees, but I do charge because I don’t work for free.

@Alexandra Hughes

Monsanto is losing cancer lawsuits left and right. BIG ones. It’s only a matter of time before we all wake up and realize how harmful those chemicals are. And newsflash...the EPA and FDA are corrupt.

I am the last person to give in to tenant “demands” but this company and product are legitimate health concerns. I would never want to risk an unhealthy environment for my tenants.

@Jason D.

I haven’t had that happen yet, but perhaps...

@Greg M

Exactly. I don’t like the government telling me how to manage my property.

@Hope Grant I wouldn’t automatically offer cash for keys. Have the seller give notice now. Let them know that “given the unique circumstances, you won’t penalize them for leaving earlier than their official lease end date.” This implies that you are doing them a favor...which you are (it just so happens that you also get what you want if they leave early). I’d only offer extra incentive as a last resort.

In the future, I recommend requiring the seller have them removed by closing date. It’s their tenant, so it should be their hassle. Congrats on your first property!