All Forum Posts by: Ben Lukes

Matthew Olszak Thanks for the excellent advice. This opportunity has likely passed by now, but I'll be better equipped next time something similar comes around.

Thanks @Bob B., that's what I decided to do.  They offered to pay everything up front after I told them someone else had already applied (as an incentive to me to move them to the front of the line).

Thanks @Justin Peila and @Patrick Britton, that is a relief to hear. I figured it should count as a SFR, but sometimes laws don't align with common sense...

Luckily there is no rental cap.

@Kim Meredith Hampton Thank you so much for your insight.  I knew there was something wrong with taking all the rent up front, but I couldn't come up with what it was exactly.  If I had done it I would have kept all the rent in an (interest bearing) account in case something like what you mentioned came up and I needed the money.  That is why I would prefer more money each month instead of all the money up front.  The benefit of all that money would just be a little more interest.  That said, I just won't take the money up front and avoid the problem as you suggest.

If I do the following things would that solve the issues you raise?:

1. Have the employee and the business owner (who I think is the person I was talking to) co-sign the lease as individuals, not as the business, and run credit and background checks on both of them.
2. Not take the rent up front, but charge more monthly rent instead.

If I were the employee I wouldn't want to put my name on a lease that says I'm responsible for the rent, so maybe they won't agree, but from my perspective I don't want someone living in my unit that isn't on the lease.

I have a condo for rent near a military base outside of Seattle in Washington State, and got a strange call today:

A man and woman called and asked about the condo.  I told them someone already applied and we were going through the approval process (in truth we already approved someone who hasn't yet provided a deposit to hold the unit, but I didn't say that). I said I could give them a call back if it falls through, but was happy to answer any questions in the meantime.

They told me that in order to get to the front of the line for approval they would be willing pay the entire year's rent in all cash (not necessarily all bills, probably a check).  I asked them a few questions and learned that they are a supplier for the military base and need a place to live for their employee, but they would be paying for it.

I said I would think about it and call them back.

Here are my thoughts:

1. Upfront rent means there is no credit risk in theory (as compared to currently approved tenant who has less-than-stellar credit).
2. Concerned about renting to a business, but probably could get them to cosign the lease, along with the employee, as individuals so I don't have to go into business credit analysis (plus they would be paying all cash).
3. Probably could write a lease that says if they default I will refund the remaining rent balance.  That way they can't say "but we already paid for the full year" if I ask them to leave early due to a default.
4. I would feel bad for the tenant we have already approved if we reversed our decision.  On the other hand, we approved her two days ago and she still hasn't provided us with a deposit to hold.  We also haven't signed any documents, so I technically could do it I think.
5. Concerned about renting to a business if my lease isn't 100% bombproof (because it sounds like they can afford good lawyers.

What do people think about this?  Are there major pitfalls I'm not thinking of?  My immediate reaction is to be suspicious, but on the other hand this could be a good opportunity.  Frankly the only value in getting all the rent upfront is the reduced risk and time value of money.  I would probably rather have them pay more for the unit each month instead (which they might be willing to do).

All thoughts and insights would be greatly, greatly appreciated.  Thank you!

I own a condo in Washington State with my wife that we are going to rent out, but I'm trying to figure out if a single condo unit counts as a single-family residence or not.  The reason I want to know is that if it isn't, then I am required by RCW 59.18.060(12) to provide very detailed fire safety and protection information (which I would like to avoid).

According to RCW 59.18.030(26):

I'm not sure what "direct access to a street" means, and I also am not clear on what counts as an "essential facility or service".  The unit doesn't share heating or not water facilities, but it does share a dumpster, for example...

Anyway, I'm wondering if any one has been in a similar situation before and has any knowledge on the subject.  Thanks in advance!

@Stephen White

Hi Stephen.  RentPrep and Fidelis Screen Solutions are the same company, aren't they?  Or maybe two companies owned by the same person?

I'm curious what the differences are between the two services.  It looks like Fidelis's Advanced + Credit package is essentially the same as RentPrep's Pro + Credit Add-on, but it's about $8 cheaper with Fidelis.

Thanks in advance!

@Rudy Manna I just purchased my first (ever) property in Bremerton.  We think it will cashflow well, but it's too early to say for certain.  Ours is a condo, but when we were looking we saw several 2-4plexes that looked promising.

I'm looking for a good painter who can paint the interior of a 3 bed, 1.75 bath condo (1,080 SF) in Bremerton. The smallest bedroom has already been painted, and we have all the paint they should need (as well as plenty of tape, brushes, and other supplies). Does anyone have any suggestions, or have a rough idea of what the cost should be? We initially thought we would paint the place ourselves, hence having all the paint, etc. Thanks and happy new year!

@Rudy Manna Those were with Movement Mortgage and Penrith Home Loans, which are both mortgage companies rather than banks.  I think you should be able to find better rates.  I had been told appraisals would cost me much more before I went through the process with both of these lenders.