All Forum Posts by: Account Closed

Hey Tyler! It's pretty typical to provide water for multi family homes, as that's always shared here. You can put your rental amount higher on units where these utilities are included, and recover the cost that way, just have a clause in your lease covering excessive usage, using previous years as examples for what the utility cost should be. I have electric included on one of the duplexes that I manage due to the same reason! 

Hey Deb!

They have some good points, but I'd have to disagree. I am actually showing a property right now that doesn't have its new floors yet! I have also shown properties that are just dry-walled before, and have been able to paint an accurate + attractive picture for the prospect of what they will look like finished, securing the deposits. Often I show properties before the current tenants move out, and if I know the flooring is going to be re-done or the paint will be all new, I showcase that in my description and at my showing. It can be a huge selling point having something brand new, so take advantage of it! Make sure to describe exactly what you'll be doing (e.g. Brand new hardwood floors being installed before move in day!). I would definitely list it now. 

@Jeffrey A. Rose, I get why you're asking, but it really is different on a case by case basis! I've had a crew do new paint, flooring, and appliances in two weeks, and take places from the studs to full rental in two months. It depends on what needs to be done and how much time you're spending doing it. Whatever you do though, don't get discouraged! It's fantastic that you're working hard on the side, and two months working after hours isn't bad at all! Congratulations on the rental.

Margaret, everything depends on what kind of property you're renting. If you're renting out a class C-D property, you'll want to market on Craigslist, and require first month's rent + security deposit equal to 1 month's rent or more (check your local restrictions for SD amounts allowed). Set your application fee to cover your costs and time to process them, and have applying be the first step. 

If you have a class A-B property (new build or renovated completely in the last five years), you're going to want to advertise on Hotpads, this is a rental friendly site owned by Zillow, and once posted on there it will automatically send your listing to Zillow and Trulia. Make sure your property is adequately priced, you should not be receiving thousands of inquiries, that is an indicator that you're priced too low for the market. With this rental, you'll still want to take first month's rent and a security deposit equal to one month's rent. I also charge a non-refundable cleaning fee from $350-$500 at move in so they aren't responsible for deep cleaning the unit at move out, I send a professional crew in. This does not include pet fees if you choose to accept pets. 

Receiving high rents and quality tenants start with your listing, so make sure it's professional, informative, and touches on all of the selling points of your rental. 

Good luck!

Shawn,  definitely check out your local laws first! Here, I'm allowed to charge non-refundable deposits plus up to one and a half month's rent as a security deposit. I do a mix of both refundable and non-refundable, taking a full month's rent as a security deposit, plus a non-refundable cleaning fee + pet fee (if they have pets). I've found this balance to work well for me, as when people move out they only need to take their personal belongings, and I send a professional crew to clean before new tenants arrive, the cost of this already covered at the beginning of the tenancy. If you provide utilities, I've known some people to collect a utility deposit as well. It really depends of who you're renting to and what your goal is. My goal is to recuperate as many turnover costs as I can for my investors, and the non-refundable fees definitely help with that! 

I do allow pets, I rent class A-B properties to a lot of young professionals who rent from me because I allow pets. Most people who can afford a higher end property tend to take care of their pets as well, so I haven't had many issues at all. I charge a one time non-refundable $200 pet fee at move in (per pet, max 2 pets). I also have them sign a pet addendum that clearly states the expectations for pet care. If the pets cause any damage at all to the home, I take it out of the tenant's security deposit.

Sada, the Security Deposit is to be used to restore the home to it's original move in condition, minus normal wear and tear. If she did not clean the unit to your standard (this should be written if it's the tenant's responsibility), then you are entitled to take the amount it takes to thoroughly clean it out of her deposit.  If you have a written policy in place that the tenant is responsible for giving their keys back within X amount of time after move out, and have said the consequences for not doing so are paying for the re-keying of the property, then yes, you can take that out of her deposit. Make sure to note any damage the cat has done as well, including smells/carpet stains/etc... and record this to take out of her deposit. 

@Account Closed

If they make five times the rent they should easily accept the asking rental price. I would stand firm.

Grayson, If the rental price you set is market standard for the updated home you're renting out, then wait for an applicant who can pay that amount. The prospects should not have had a showing at the property if they're not able to pay the rent. If you still haven't gotten a qualified applicant after 1-2 weeks I would consider lowering the price at that time. Good luck!

Hey Luke! I send notices on the 2nd each month, as I have a strict policy that rent is due on the 1st (unless the 1st falls on a weekend or a holiday, then it's due the following business day). I then file on them ten days later if the payment has not been received. If a tenant is consistently late, but doesn't mind paying the late fees, I certainly don't mind, as I collect the full late fee each month plus the full rental amount. As long as they keep paying before you file/before the court date, there's not much you can do, but at least they're paying!