All Forum Posts by: Bill Fahmy

@Michele Fischer I don't know if I would say they are financing new appliances more so renting the appliances because they wouldn't own them. It would be similar to rent-a-center except rent-a-center charges 80 a month just for the fridge I would charge that for a refrigerator, range, microwave and dishwasher. Ahh that's a good point! So maybe I won't advertise the no security deposit fee. So people who applied would think they need a deposit then later on I can give them the option of no deposit. Yes I will try to be as upfront as possible.

@Jeff B. I feel like coin operated laundry would be weird in a single family home. Yeah that might be smart to consolidate some of the fees into the rent.

@Patrick Squires I'll definitely have to see what I can do if a tenant refuses to pay the security deposit fee. I think them not paying a pet fee can result in eviction. Maybe I can just consolidate these fees into the rent like Jeff B. suggested. That way not paying a fee is the same as not paying rent.

Thank you guys for responding with very helpful suggestions!

Hello everyone! I am new to the forum and real estate! We are in the process of purchasing our first single family townhouse (3 bed, 1.5 bath, 1,470 sq ft) which we are going to rent for $1,200 a month. I am trying to come up with as many feasible revenue sources as possible while writing the lease. 

The first revenue source is a pet fee: 

$50 for 1 pet

$75 for 2 pets

$100 for 3 pets - possible limit

$125 for 4 pets - possible limit

The second revenue source is an appliance fee:

The house has an old range and old washing machine that comes included. Houses in this area that are for rent have old appliances too. I'm thinking about giving the tenant an option to have newer refrigerator, range, microwave and dishwasher installed. 

So kitchen appliances would cost me new $1,200 no interest for 18 months

And I could charge the tenant an extra $75 per month

I could also do the same for washer and dryer. Maybe even TV? Is any of this a good idea?

The third revenue source is a optional no security deposit fee:

I'm going to be very thorough with the screening process to pick out the best of the best tenants. I was thinking of having an option for no security deposit with a NON-Refundable monthly fee of $120-$150 per month. I'm not sure yet if this would be a bad idea or not? 

If you guys have anymore ideas or think something is a bad idea let me know. Thanks!