All Forum Posts by: Jack B.

 Does anyone know if banks and if so what banks will give you an equity line of credit on a rental?

I have a bunch of loans with CMG Finance. I see that AIM loan, at least on their web site has lower interest rates and very little closing costs. Has anyone found this to be accurate? I ask because I'm considering a cash out refinance and want to keep expenses to a minimum...

I'd fix the locks and do cheap blinds because good tenants will want them, but I'd focus on getting rid of these people as fast as possible. One of the reasons I LOVE only doing month to month leases. 

So, I have a couple of very educated MD's that filled out an application. They were worried about the mother in law, as she has no income, etc. 

Of course my application is only for two adults, so that's all the info I got, but I'm debating whether I want to go back and collect info on the mother. 

The Medical Doctors references came back great (from verified property management co.) and all their stuff looks good. 

At the end of the day if anything happens the Dr. and his wife (also a Dr.) are on the hook anyways.

This. I have found 99% of the time these people also have bad credit, bad references and low income.

OP, they signed a lease that clearly states that they lose the deposit if they break the lease, then 3 months later they break the lease because they bought a new house and they have now threatened you with small claims court and other deficiencies only AFTER you try to enforce the lease terms they signed and curiously they had no issues with the house until then?

I'd state it to them just like that and ask them what judge they think is going to rule in their favor? Then ask them if they think the judge would rule in the favor of your counter claim...

Seriously, with these kind of morons, you have to really lay out some critical thinking blue prints for them.

 I had a real genius who put down a holding deposit, signed a receipt stating he would lose it if he backed out, then not only backed out and demanded his money back, but tried to find a tenant for me. I declined his help repeatedly and finally had to tell him to go away as I don't want an unreliable person with no interest in my property picking new tenants for me. Some of these people really are idiots.

Show up to appointment only to find out three women who I suspected were not qualified based on their looks (trailer park trash). Mind you the listing and email to book tour go over the requirements in great detail. Yet these geniuses show up.

As I said I Immediately suspect they are section 8 tenants when I see them. At first by the way they dressed and acted, then by the way they were demanding and entitled. 

The leader told me her landlord ripped her off (landlord gave notice to move back in herself). She said she had rented from her for 14 years. Then brings up two large dogs. I explained to her per the listing AND the email only 15 lb or smaller dogs were allowed. I asked what breed they were and immediately the tap dancing began. I don't know, but the neighbors all know them, they are OK. 

I responded that whether the neighbors know her dogs or not is irrelevant and doesn't answer my question about  breed and that I had clearly listed in the top and bottom of the listing as well as the email that dogs larger than 15 lbs would not be accepted. She then asks if I can remove my washer and dryer as she just got new ones for her birthday....I decline.

Then she asks (wait for it) if I accept SECTION 8. I just looked at her and told her the time to have asked that question would have been when booking the appointment, and my email and listing clearly point out I'm not a participant. She then tries to talk me into getting into the section 8 program, citing how easy it is to get into it. I then told her the tour is over and walk her to the door. 

14 years on welfare, and I have no doubt she is breeding and votes for more handouts.

UGH!

I can't believe some of the advice in this thread. The power go shut off due to the tenants non payment. Now they are refusing to pay rent AND want 2x security deposit back on top of breaking their lease. 

These clowns have zero legal standing. I had the exact same situation with a tenant last summer and I not only kicked them out, but when I withheld 1/3 of their security deposit for the utilities they came up with all kinds of retarded stuff and sent me emails with subject lines such as "the evidence is clear". Yeah, the evidence was clear that they were lying through their teeth and changing their story from one email to another and that they knew what the address was. Long story short, these people were so dumb I literally stopped arguing with them hoping they would bring their ridiculous argument to court. They never did. A week later they cashed what was left of their deposit and were on to their next scam. 

I should note that I kept some damages for a counter claim in case they did file something. I'd offer to file a claim against them for non payment of utilities, etc. and muck up their credit. Remind them they will not find a decent place to live with that on their record but it's their call if they want to continue with the scam. DO NOT BEND TO THEM!!

Here is another option. Give them the money, then send them to collections. I had that thought after a bout with some real scammers last summer described above. I realized I could have just given them the deposit then sent them to collections for the damages. In WA I am considered their creditor and they'd have to take me to court to dispute it, which considering the mountains of evidence I had against them, they were unlikely to do.