All Forum Posts by: Colleen F.

Felicia, this is one where I would do it if I saw it was an issue for the property. For example a brick walkway where the weeds make your property look poorly maintained. You need to be careful that you let tenants know because some people are very sensitive when it comes to using chemicals.

@Matthew Paul , charging the tenants is an interesting way to go. How do you work this? Do you give them the option of self maintenance? We have a property for which we don't long term want to mow (i.e. avoiding kid toys). but at the moment there is no lawn mower storage so I think we are going to have to include the mowing.

I would say the same, the write-offs are not there when you have a day job not in real estate and a higher income. If you have other goals such as diversity of investment, cash flow or long term income then consider it. The tax man is going to take his bite regardless and he is hungrier every day. A CPA could advise more specifically.

Check the vacancy on since they are likely college student rentals you may have more turnover. Also if Colorado Springs publishes their police log you might look at it and see if there are citations at the address due to drinking etc. One or two big parties may make you more tired of landlording then you might be otherwise be and people may decide its not for them. If this area is known for partying it might explain the turnover (not saying you can't clean it up just that it might have been unexpected by previous landlords).

I would lease to them given the income. Think about it this way, if there was a couple with a baby and only one was working would you turn them down because one person did not qualify on income? The only thing I would be unsure about is putting the babysitters name on the lease, I wouldn't except where you list occupants but maybe someone who knows your local laws can comment. I would however verify that the eviction story holds true as being for non-payment and there were no other problems.

Here is the non-resident landlord information: http://sos.ri.gov/business/nonresident/. There is no charge for the state but sometimes you need to register with the town as well. Narragansett charges $50.00 for that but South Kingstown doesn't have a charge. You are supposed to notify the town of the rental aside from the state registration form regardless of whether they have a formal process.

RI also has some lead and fire laws that you need to pay attention to as a landlord although enforcement is not rigorous. (the town did not even know there was a fire alarm for a recent purchase but they require them in 3 families and above as well as requiring quarterly inspections.).

Ok, first, lead with what you are renting not the area. I think you would say something like house share (large master bedroom with walk-in closet) in 3 bedroom 1.5 bath home with large backyard. Furnished or unfurnished? Specify what else they need to pay (is internet included , is electric included)- if not do they pay half the electric or 1/3. add if you want a non-smoker, before no pets.

Then yourself since you will be living there. Leave out avid bar hopper - its more something for when you talk to someone. You might say something about how you like to have people over or how social you are, or if you keep late hours. You also might suggest your bar hopping personality by saying something when you describe the area as walkable to great local breweries or your favorite pub. Aside from the walking stuff I would leave the rest of the local are description out. Maybe say how far it is from downtown.

In the end Leave anything non-essential out for example you don't need to say "Continue reading below for more information about the property and me (Ian)."

For qualifications I would say: proof of monthly income >$1500, favorable credit check,-(some of your renters won't have much to check) , positive rental references.

I would also say :possible second room also available to qualified tenant. I think the less wordy the more people read. Hope that helps.

Since you will be in the house with this person you want to take a more personal approach when you get calls. I don't have to like my tenants to whom I rent an apartment but if you live in a house with someone even for 6 months it helps if you are compatible.

For those of you who use open houses what do you do regarding logistics. Do you advertise an open house like they doing for selling or do you take calls and tell the interested parties there is an open house on Saturday. What lead time do you use for an open house? a week ? a couple days?

@Angie W. I never thought twice about giving an address to someone interested or even listing it in the ad. Is there a reason you don't release the address (assuming the unit isn't vacant in a higher crime area).

@Dick Rosen that is good to know in the RI area it is higher (10-12%) but I have a multi-unit discount with my property manager that brings it down. We have thought of getting into other areas so its good to get a feel for how this fee varies.

Laveen, AZ I used to live there years ago. It is hard for me to imagine a lot of rentals there but I know it has grown as there was a lot of development when we were back 5 years ago. Curious is 8% a high management fee for that area? what would be typical?

In RI our lease says we can charge for excessive water use. We also can get the bill sent to the tenant but it has to stay in our name per the water company. It is a lien if they don't pay. It runs about $70.00 a quarter so I now just pay it and up the rent. I only once in 8 years had tenants that had double that use.