All Forum Posts by: Rick Barker

1999 Dodge RAM 4x4 for Rehabs/Winter

2002 Ducati Monster as my daily commuter

It is the furnace filter. If it is not changed it will restrict the air flow and cause the furnace to work harder which will eventually require additional service=$$$.

I personally do it every three months. It gives me a chance to see the condition of the house/unit and also I know it was changed.

Here is an example. Please make sure it applies to your state laws and is verified by a lawyer before adding it to your lease:

Insurance. Owner does not insure Tenant, the members of Tenant’s household, Tenants guests, invitees, licensees, or any other Tenants or persons in or about the Premises, from any loss occurring in or about the Premises, whether from bodily injury or property damage of any kind whatsoever.
Owner strongly recommends that Tenant maintain, at Tenants sole expense, a standard type of Renters insurance policy or its equivalent, which provides limits of liability adequate to protect Owner’s and other Tenants property, as well as Tenants personal property from loss by fire, burglary, water and other perils. Without such insurance, Tenant could incur substantial financial burden in the event of fire or other perils outside of Owner’s control.
Tenant hereby releases Owner from any and all claims for damages or loss to Tenants personal property in, on, or about the Premises that are caused by or result from risks that are or would be insured under the insurance described above. Tenant hereby waives any and all rights of recovery and rights of subrogation against Owner in connection with any damage or claim that is or would be covered by such insurance, except for damage resulting from negligent acts of Owner.

It should be specified in your lease. Have your lawyer verify the wording.

Explain it and have them initial it. When you go to court take the lease and show the judge that the tenant was aware that they were encouraged to have Renters Insurance.

No but I strongly advise it. There is also a paragraph in the lease (that they initial) which explains what my insurance covers and does not cover (their stuff).

I only except the entire Security Deposit as the Holding Deposit (Nonrefundable) until the lease is signed and the full first months rent is paid.

I keep showing the property but I tell the applicants that someone has put a deposit down to move in on XX/XX/XXXX. I take the other applicants name and number and put it on a "Backup" list if they are interested. I also call them all on the expected move in date to tell them if it is now available or rented.

- I go a little less on the depost, Example: Rent is $995 and Deposit $950. Ohio has rules on paying interest if I charge more than one months rent for the deposit.

-Rent is due on the 1st, Late if not received on the 5th. Late fee is $50 flat. I used to have a $35 late fee and $5 a day after but always got into arguements with tenants about when I actually recieved it. They get an Unconditional Quit on the 10th.

-Everyone's credit is bad. Verify their payment history with their former LL. Check for evictions/criminal on the county's clerk of court website which is usually a free search. Verify their employment/salary. Make sure you have the tenant sign an "Information Release" form that you can send to their employer to get the information.

Part time investor, full time landlord.

I'm an electrical engineer for the DOD.

You can talk to anyone who is pertinent at the company to verify the application. Just be happy that they wrote a name of a person who actually works at the company! and for that matter the company actually exists!

I have the applicants fill out a consent form that I fax to the employer. When I call the employer I state that the applicant enter $3000 a month/gross for income: Can you tell me if that is high, low, or in the ball park. They will usually let me know what they make in these general terms.