All Forum Posts by: Mike Franco

Had a similar story.

Applicant said "I just bought a $30,000 car. You think I can't pay you rent?"

I don't care. I still need to see your financials, bozo.

Some people just don't want me to see how little they have in their bank account. They think it's personal.
Well, I don't care about your transactions. Just the average daily balance.

yes, lesson learned.

You usually can keep part of the holding deposit, equivalent to how much rent you'd lose for the delay.

well, you're doing something right-
I like to ask prospects what they don't like about my house. I really pressure them into giving me an answer, as most people don't feel comfortable being mean.
One couple said my backyard is too barren and unappealing.
(I do that to save you water, dummy. Watering the big backyard is expensive, and you don't have enough money to pay the bills.)

I ignore compliments, because usually they're just trying to be nice about wasting your time.

If your competitors are dropping prices, then you can try that too. But it sounds like it's just not moving season, and people are still shopping around, with targeted move-in in June.

If you haven't done so, post better pictures of the kitchen so people don't waste your time. Either use wide angle lens, or photo-stitch a panorama photo.

I have a simple canned response to people like this

"It's my policy. Lots of things can go wrong, and I need to cover my ***."

They usually understand it's all business, not personal.

maybe you can bribe someone. pay an extra fee. something.

lease is over = proceed directly to unlawful detainer.

no pay or quit notice needed.

They are trash, and you may need to spend the money to haul them out.

since today is the last day, give it 2 more days after warning them unlawful detainer will be filed

I don't do late fees. Doesn't work in california either. A few attorneys say you can charge them, others say you can't.

3 day threat to evict is still the best way to get them to pay up.

I am going to try a new strategy against tenants and become a sort of financial advisor-
"You've got direcTv, a fancy iphone with a fancy cell phone plan, and other costly BS. You're a frequent customer of Starbucks. Maybe it's time to cut these things so you can pay my rent !"

Some people say it's none of my business. Oh, but it is. You're dumb with money, and my rent should be your highest priority.

If I know they're tight on money, sometimes I'll take a partial payment to cover the next X number of days.

Squeeze them for what they have. Then I bust out the 3day notice.

I have a tenant who tried to use security deposit to 'pay' me rent. I had to explain to him the severity of the consequences. i.e eviction going on his background and credit history, no decent landlord ever wanting to rent to him, no lender ever going to give him a home loan, etc. Some people just don't understand this and think they can get away unscathed.

I had another tenant who said she "just doesn't have the money".
Of course, she just didn't want to pay me and wanted to break the lease and move out.
I told her, give me half month's rent, and I'll let you move out in half a month.
Half month was better than nothing. I was lucky that time. It was summer, and I found another tenant.

Basically I try to squeeze everyone before I decide to go through costly eviction. I assess the situation, and never hesitate with the 3day notice.

I lined up another tenant for my presently occupied rental.

I reassured next tenant that the place would be clean by telling next tenant to come supervise the cleaning crew.

That way, next tenant can't complain about it being dirty.

does renters insurance cover stuff that's technically not in your house?