All Forum Posts by: Ben C

Max, thanks for the reply. I already rejected them last night. I am new to rental business and I guess part of it is to experience and define my selection critirias for tenants. now back to marketing the rental again. do have few other people looking, but I feel I may need to lower the price again as I am not getting enough inquiries from Craigslist.

I already start to doubt if this(rental) is the right strategy for me after 3 weeks of marketing and tanent screening. Do you all get that when you start? I guess like many things, we will find out right or wrong after we go through it.

Thanks

Ben

OK, so the first applicant's credit check comes back. I used mysmartmove.com. This kid had a CHARGE with underage drinking.

is this good enough of a reason for rejection?

Addresses
Other Address:
Address: SALISBURY, NC, 28146

Cases
Case Number:
Appealed From Lower Court: No
County: MECKLENBURG,,,,
Type: CRIMINAL DISTRICT COURT

Charges
Number:
Tracking Incident Suffix: ARRAIGNED
Description: CONSUME ALC BY 19/20
Number:
Tracking Incident Suffix: ARRAIGNED
Description: CONSUME ALC BY 19/20
Date: 2009-09-04
Number:
Tracking Incident Suffix: CHARGED
Description: CONSUME ALC BY 19/20
Citation Number:

Hi

I am new to BP and my first time to respond to a post :). so do wait for other replies for better answers.I had the similar questions couple weeks ago, so i can share.If you search in BP for "LLC", "Umbrella", you will likely find some good readings that may answer your questions.

There are different opinions regarding opening LLC. but Most will not form an LLC if for 1 property, unless you see yourself acquire more in the near future.

insurance is going to be different based how much asset you own and try to protect. umbrella policy is not too expensive and in my case, I am getting 1 million to get the extra protection.

a separate account is highly recommended for the reasons you listed, but you don't necessary need a business checking account.

Thanks everyone. will be calling the PM tomorrow to get whatever I can. J scott, as you suggested, I did a internet research on the P.O Box adress of the PM and was able to get more information, although the contact number on the site was different than the one they provided to me.

Mitch, All four of them are boys, althought I've read there is really not much difference between college boys and girls when it comes to keep a house clean :). I do plan to post instructions to operate major appliances. one thing I regretted is not asking for a non-refundable clean-up fee at the end of lease.

Hi,

After marketing my rental for 2 weeks, the only serious renter who submitted an application with $400 deposit is 4 college students ages from 21-23 years old.

I need to rent it out and cover my mortgage especially after putting a huge down payment for the new house. But I have to be honest that I am extremly nervous about renting to the kids after reading all the experiences from other LL. I already explained to them that everyone will need to sign lease and all parents to co-sign. they agreed to put 2 month rents down prior to move in and 1 month of security deposite. but still not feel safe :(. at this point,can I

1. increase the security deposit?(property in NC)
2. should I show them the lease first before I charge them and start the credit check? I plan to write a very strict lease to ensure more protection( any student lease sample will be greatly appreciately).

3. They lived together last year but only provided the landlord's first name and telephone number, mailing address is P.O Box. they told me it's a property management contact info and they only know the person by first name. I haven't call the PM yet, wondering what's the best way to contact them , email, mail, phone? will PM usually be helpful sharing the info.

I am ready to learn everything about being an LL and feel that renting to the students will be teaching me a ton :). just concerned that it will be too much and that they will turn my 2007 build well maintained home to an animal house :roll: .

Thanks in advance.

Ben

miexoxo,I am in the same situation and maybe we can share our experience as we go through it. currently have 4 students applying for the rental. I've told them
1. pulling a background check on everyone of them
2. they will be jointly and severally responsible for rent.
3. collect the first month and last month rent upfront with an additional 1 month security deposit
4. also mentioned their parents will need to sign the lease as co-signer.

my other question will be, do I do a background check on the parents? is it enough if they sign the lease? am I charging enough for the initial deposit?

Thanks

Ben

Chris, Congrats to you and your family !!!

I tried to PM you,but system kept saying can't send message

I am asking for $1395, my neighbor started with $1400 but rent out for $1300 last month. the house is in university city area and this is a 3 story townhome with 3 bed, 3 and half bath

Thanks

Ben

Thanks for your Reply Bryan, I have been doing all 3 so far.

1. Craigslist only seem to get me the spams.
2. have posted the office buildings,uncc charlotte compus,
3. Spend $20 with a yard sign, which was stolen on it's first day. very discouraging. we are in a good neighborhood, don't understand why people will take a rental sign.

Can you PM me the one I should avoid.

Thanks
Ben

Hi,

anyone have good Property Management company to recommend for Charlotte NC (we locate @ University Area). I am currently advertising and try to rent it out on my own, but doesn't seem to be working. would like to try other options.

Thanks in advance!
Ben