All Forum Posts by: Dan Travieso

I use Qira (formally Rentigo)

It certainly wouldn't hurt! May be a good idea to target those listings that have been open for awhile as the owner may be more motivated to sell since there is probably a reason why it hadn't rented. Don't be afraid to make calls. Remember, it takes a hundred "No's" to get the "Yes".

Welcome to the community! I would recommend finding a couple REI meetups and attending. Great way to network and learn. Should be plenty in the Orlando area. Good luck!

Quote from @Sam Kemper:

Quote from @Nathan Gesner:

What is her motivation for paying a year up front? It's typically a red flag. Many applicants will offer to pay large sums up front so you'll get excited and skip the screening process. Be careful.

If they break the lease early or you have to terminate/evict them, you would have to pay back any unused portion (based on when new tenant takes over).

I let people pay up front, but only after I've screened / approved them, just like any other applicant.

 So she was concerned over an eviction that happened 4 years ago. Said it was an ex boyfriend who screwed her up and didn’t even know it was on her record until she did the Zillow application. But her credit score is a 704 she’s an older woman who’s looking to retire here in town. Single lady with cats. She seems like a good woman just wanted to prove to me that she was good for the money since the eviction came up. And she was up front about it after finding it. Said she reached out to the lawyer involved. Thoughts?

@Nathan Gesner

 Those things happen. But stick with your qualification criteria. If your criteria requires an applicant to have proof of income for the last 6 months that equal 3x the rent, then enforce that... even if she offers to pay for a year up front. You will also still want a security deposit to cover damages. Don't let the cash distract you from your selection criteria and property management processes.

Quote from @Sam Kemper:

Awesome so in the end it doesn’t really make a difference. If they violate the contract an eviction would/could happen either way. And then we could settle in the court what would be returned to the tenant depending on damage or whatever correct? The tenant only has as much power as the contract allows?

Yes... however, the landlord also only has as much power as the contract allows... In other words, you cannot evict them for a violation that was not specifically included in your rules. For example, if your lease does not state that the tenant is responsible for ensuring the lawn is kept cut and clean, then you can't evict for a messy lawn...

Shouldn't be an issue as long as your lease includes specific rules and expectations. If the tenant violates those rules you would still have the ability to start eviction proceedings, even if they had prepaid for the year. Obviously the court would expect you to return the prorated amount.

Yea, I have had several of those in Florida for one reason or another. I simply reach out to my insurance broker and find another carrier.

You can certainly give a letter of intent but being that it is a Sellers Market you may have a hard time finding a seller that is willing to accept it unless you make a substantial down payment. Ideally you would work both at the same time, finding investors and finding deals. You can market for deals while attending Meet-ups or advertising for cash buyers (Craigslist for example).

I would check with small community banks. They are much more lenient than the bigger banks. I have had them give me HELOCS on investment properties.

There are lots of good books out there that will step you thru the process. Also may be a good idea to go to local meetups to network and learn. You will need to learn about developing a Buyers List while also searching for motivated sellers.