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All Forum Posts by: Jeff Gates

Jeff Gates has started 23 posts and replied 479 times.

Post: Potential tenant and bankruptcy

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170
Originally posted by @Trey R.:

Good afternoon,

I was looking for some advice on a potential tenant involved in a bankruptcy.  I have searched the forums and done some reading on renting to people who have been involved in bankruptcy.  I personally don't mind renting to someone in bankruptcy as long as they meet the criteria for everything including income, good background etc etc.

I have a person who is interested in renting my property.  The rent would be $1650/mo and they make over $100k not including the wife's income once she finds a new job after relocating.  Background checks all look good, they have owned another home for 20+ years and had to foreclose. 

When asked about any debts I was told that if they can secure a rental their attorney would be able to chapter 7 any outstanding debts.  Just curious if anyone can lead me down the right path for what I should be looking for in regards to not getting screwed over by the bankruptcy.  I've tried to do plenty of reading but I'm definitely no expert on anything regarding bankruptcies.

Thanks!

 Send me a private message and I might have an answer for you. 

Post: Reserves vs. spending/enjoying cashflow

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

Reserve for vacancies, is important. However can you avoid vacancies altogether? A landlord friend of mine has avoided vacancies for 12 years with three properties. He prices his properties below market.

Post: First eviction situation

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

After I read all these things. It would be great to find a booklet which informed the inexperienced tenant how the bad things can happen during an eviction to them and how this scar would stick with them when they need new housing in the future. When you post the 3 days notice on the door you could drop this booklet on the doorstep. 

Post: Trespassing vs. Squatter. First Scary Encounter.

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

It is based on Police protocol. Each department may have different rules. But generally they want the courts to judge tenancy rights. 

Post: Unauthorized occupants -- vandalism and trespassing? Lockout?

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

Be careful with the police. They may have requirements to protect the humans tenancy rights. Many police departments have protocol about this situation. If they have been in the unit over night, the police will protect them. If there is no over night, you have burglars and you press charges. The tricky part about the overnight is the police treat this is a landlord tenant dispute. And this can be true if there is no lease as there can be verbal agreements. In this case the police want you to file for eviction and have a judge make the decision. Now every police department has their own protocol. If there is over night, then don't call the police. Just offer the swatters some money, and one night hotel room. As soon as they are down the street and out of the unit, then you change the locks and hire security folks.

Post: Can I give leads a pre qualification questionnaire?

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

You should do this over the phone. How many applicants do you get?

Post: Rental Property Management Software

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

I thought Tenant Cloud was $9 a month with $2 to verify identity? How does it work with ACH rent payments?

Here is what I do with the fridge. I place it in the garage. When I show applicants the home for the first time, I state that they are welcome to use this fridge, but no guarantees, as the last tenant left it behind. This way I won't get a call when it stops working. 

Post: Auto pay for rent payments? Good idea??

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

To pay online is great. To set up auto pay is asking for more NSF mistakes. Not all renters have enough money in their bank account the day the auto pay triggers the payment. When a renter makes the payment online without autopay, they know each month if they have enough money in their account at the very moment they make the rent payment. 

Post: How to Verify Past Landlord on application is not FAKE

Jeff GatesPosted
  • Investor
  • Cathedral City, CA
  • Posts 481
  • Votes 170

One way is to ask for a image of the front and back of a past rent check. Most folks get these from the bank. 

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