All Forum Posts by: Shannon Slade

https://nmhealth.org/publication/view/guide/278/

New Mexico's rules on abandonment page 80.  Lawyers interpretation of the NM land lord laws.

Dana I see you are new to this site so get very familiar with bigger pockets.  This is a great site for advice.  I am certain that if you search on this site an issue you are having then I bet some else has had it and asked the questions and gotten answers.

Is the Phoenix market soft? How many calls/showings did you have for this home?  

Sounds like you could have weeded them out from the start, but now your stuck.  Listen to what the folks said above my post, they have great advice.  @Ralph R. has given you an out if you they try and change the terms.  If you post a home for rent you should have already figured out what you are willing to repair/replace, do not let tenants make you jump through hoops for their satisfaction.  Their satisfaction will be short lived, then they are on to the next problem with you and your home (see the loop).  

Also if the tenants have a problem with you trying to repair an issue, make note that you tried to fix it and move on.  This is a good way for you to loose your contractors. Get to know your state property code.  On my leases I or my representative can enter my homes during normal business hours.  This means that I may repair or replace anything I deem necessary especially if I have agreed with the tenants to fix something.  

In this business you must be firm.  I cannot stress enough how important it is that this is YOUR house and YOU rent it as YOU like, do NOT let the tenants dictate what you are to do with it!!  Never let tenants demand anything from you!  

Good luck and hang with it this will get easier how to deal with tenants.  Also you will make plenty of money while land lording.

Not necessarily.   I have had several tenants that are great, with low credit scores and have good paying jobs.   Divorce, deaths, can cause people to shirk their responsibilities for a while, then try to make it right.  Follow through with the other verification's (employment, last 3 yrs of living arrangements, deposits, etc) and if all check out then its a character judgement.  Not all of these work out, but I have had some of the best tenants on paper be some of the worst people I could have rented.  

What @Jim Adrian said!!!

During the lease you can charge them from their SD on a repair that was caused by the tenant or their visitors if your repair the problem.  Then have them pay the amount back to SD. Note you will have to put this in writing and get to know your states property code.

You may set yourself up for problems down the road with a $100 and below they are responsible to repair.  Once they move out you do not want to walk into they house and find they had a drip under the sink and ruined your cabinet.

Door being kicked in due to a burglary is not the tenants problem in my opinion, they had the door locked and someone wanted in. That is your responsibility to fix the door jamb.

High maintenance tenants sometimes can be spotted when meeting to show the home, if not then that is a part of being in this business. Sometimes it sucks!  What I have noticed is when showing a property and the potential tenants want to paint, add/repair a fence, add gutters or just have a ton of questions about changing the look you may have a high maintenance potential tenant.

If i have pictures that the problem was not present when tenant moved in and it looks deliberate then I charge their SD. Be careful to know the difference between wear and tear and tenant damage.

More than anything get to know your states property code so you do not violate the law.  Last thing you want is to wind up in court because of a charge you made on a tenants Security deposit and didnt send the proper letter or have proof of the charge.

Good Luck

Sounds like you have had good response to your ads, but only expect about 20% to meet your requirements.  Most likely some of those responses are from other landlords trying to get the skinny.

I generally stay just below market in my area, that way vacancy is at the very minimum.  I had two vacancies last week and had both filled in two days, with probably 20 different people contact us about the homes.  Seems like most of the time the homes are filling faster than I can have them ready to be back on the market.  Gotta love Texas in the market.

Good luck and I do like the bidding war @Brandon Battle mentioned.  Might have to try that one!!

You ask questions at application time and you verify all answers to approve them, so do not start the lease on being shady.

I know all my tenants and they know me as the owner.  You do not have to be the bad guy, just the honest guy. I am straight up front when lease is signed, here are the rules and this is what is expected.  If they enter into a lease with me they will follow or get the boot.  I also tell them do not hesitate to contact me with any questions and as long as rent is on time and no delinquency then I repair all problems quickly. 

Good luck on which ever way you choose to do business.  Also I do not have anything but old vehicles to drive to do the repairs.

Check out the podcasts and read read read!  The podcasts are usually entertaining and very informative.  Like many above have said do not be afraid to ask a question here no matter how simple the answer might be.  Folks here have a ton of knowledge and they don't mind sharing.  Good luck.

I got one of those back in November!  Surprised to hear it might be more common than I thought.  Save yourself some headache down the road cause it does not end well, we just got down in March evicting that couple.  Here is the timeline: 

November forged deposit slip and super late payment, december late pay, January paid at the end of the month, Feb and March nada. I expect this will happen to you if you let it get that far. Nip it in the bud early and do not lose as much money as I did.  Good Luck.

No lawn care here.  We pay for pest control services quarterly, which I think in the long term its worth the money.  Discount we offer is if the tenant has been with us longer than a year and no late pays without prior approval we give a Christmas discount on rent in December.  They have been with us for going on 7 years.  Great tenants!