All Forum Posts by: Amanda Janes

I’d explore with a tax professional some of your options. 

Thought - if you turn it into a rental now, then if you ever sell in the future, you’ll have to pay capital gains. 

Everything checks out with the exception of the lien? I’d say, it’s probably okay. Take a look at their paystubs to see if there is a garnishment, if not, then they probably are still in process of disputing and resolution. 

We typically keep it generic and if they call and ask, we explain the owner of the property is going a different direction with the property. 

There are some PM companies out there that only do PM (no buy/sell). Your best bet may be to go to one of those, so there’s no conflict. 

Or, if you find one that you really like, you can either talk them into removing the clause OR replace it with a payoff amount when the property is sold (i.e., $1,000 or whatever seems fair for your market). 

@Mike Gordon - we recommend blinds always for ground level and then upper levels are only recommend needed for bathrooms or bedrooms that are in close proximity to other buildings.

Installing curtain rods for windows you do not have blinds for is a great idea! This way the tenant does not do any drilling into the walls, potentially causing several drill holes - we all know they won’t get it right the first time! :)

@Marek Kucharski - in most cases, holes in wall due to mounting is considered normal wear and tear. I would be cautious charging for the anchor holes.

For cleaning, hire someone to clean and charge them for it. If you don’t want to charge them for the entire cleaning, request the cleaner to itemize per room or per specific items for you.

If it was in your lease they are responsible for landscaping and there’s no local law conflicting with this responsibility, then charge them what you are charged to take care of the issue.

We provide a standard move out turn over cost estimate sheet to tenants for things that are their responsibility.

For the lightbulbs, charge costs plus labor.

100% get estimates and/or invoices as backup. Document EVERYTHING before and after photos. Keep or ask for receipts for materials.

@Rebecca Webbe - If you have over 50 units, Appfolio is great; however, in order to use their screening and online payments feature you have to “apply” for access to this feature AFTER you sign their contract to use the database portion of the program. This “application” determines your credit worthiness for this feature (payments and screening).

If your main need is screening, I recommend NTN (National Tenant Network).

We've always recommended to owners to keep utilities on during vacancy, this will ensure climate control. This is super important long-term to maintain the integrity of the interior. It also helps with smell and stagnant air. You'll 100% want utilities on for the rehab/turn process. Nothing is worse for a cleaner that finds there's no water or electricity. 

Just make sure that your incoming resident provides you with service scheduled turn-on information (such as an order #, ticket #, or account #). This will give you more confidence that it will be out of your name upon their occupancy. 

We always list the minimum applicant criteria (3x amount of rent, no eviction actions/felonies in the last X years, etc.) in our ads.  

Even if you did include your screening criteria, you'd probably still get a fair amount of folks showing interest that still do not meet the criteria. People just don't read! 

If you aren't concerned about him being long/short-term, then he would qualify under your income requirements (as long as you accept employment agreements and if he was moving in in July). That's three months from now! His credit score is great though! 

I'm not sure how California handles security deposits, but in Ohio if anything over the normal monthly rent amount is collected, you have to pay interest on. In TN, this is not an issue and landlords sometimes will ask for additional in deposit for more questionable situations. Something to consider.

You could ask for security deposit and 2 months rent upfront to ensure you have funds in hand, while waiting for his pay increase.

(I was in the middle of replying when I saw you said the rental is in TN. Not sure where, but I'm located in Franklin, TN just south of Nashville. If it's close and you ever need anything, don't hesitate to reach out. Even if you just need someone to drive by and lay eyes.)