All Forum Posts by: Jane S.

It has never happened but what if it did. I have liability insurance how much do i need. Does my lease need a release from responsibility. Like for instance an exhusband breaking in etc.

Or am I protected because tenants are there because they want to be.

he paid cash for deposit & we will execute lease sat. Would be sooner only wife works. I dont like to leave a copy of lease with them ahead of time. Prefer to be with them when they have questions. I had a person back out when they read the lease without me there to explain & overcome objections. My policies are still in place and are working, each new tenant has a different schedule etc. flexibility is key. Once they are living there I will be free to find another. thanks for all your responses some of them ought to be in the education dept. they re so on point.

Nathan G, "with all due respect", when I hear that I know some "stuff" is on the way. You just summarized pretty much my procedures that have worked so far. This particular house is in a C+/C- city neighborhood with mostly older owned SF houses that are paid off therefore the rent/mortgage is low for the market and location, it's a walmart type of economy where the existing low rents pull us all down. The county taxes are also low. There are some strong market trends pulling rents lower in this tiny enclave, and it's extremely hard to fight this. My other properties in B/A locations rent fast. Lesson learned! In a year the numbers will be more favorable as houses turn over.

All great answers. The property was never off the market. There is little i can do if their numbers check out until they don't (time to sign). There must be someone out there coaching people in how to suck in landlords. 

I asked tenant 3x if he would have the cash for the deposit and prorated rent tomorrow, and he promised he would. Now he only has the security deposit and I don't have a signed lease. He says he gets paid this Friday so will have the funds Saturday (in 6 days) but has no other financial commitment to me. So he could just walk away and leave me with loss of a week. I think I should get a fairly large deposit from him which would be deducted from the total he owes on lease signing. The rent for the house is $2000, i think i should ask for $1000 deposit. Getting tired of chasing these people.

thanks, smart move looks good 

What are some good tenant screening apps that will provide complete reports? the one i am using seems to return less than helpful reports. (not going to name it)

thanks!

S8 is def not for me! I need to see the cash for full rent/sec dep immediately!

Ponzi is alive and well! I got sucked into an apt. investment at a very high interest rate payout but still hoping to get principal back now they are in receivership. The prop I invested in is coming up for auction soon but who knows. never had such a loss with SFR rentals. All the posts on this page should warn you away. No one can do it for you.

yah they like to teach. 

what happens in summer when students travel or leave? if they leave for the summer you have a golden opportunity to adjust rents and do some upgrades. i hope you are getting good cash flow. inform them soon that the rents in august when they come back will be a certain % higher due to upgrades and its first come first served. if they are not paying rent over the summer take a nonrefundable deposit to hold their unit and dont do upgrades, just upgrade the empty ones & put a sign out "brand new ...." whatever. It's almost impossible to raise rent on an unexpired lease unless you can work out a fee for a pet ...

seems like you are in a hurry. I would get every number relative to your 6x in perfect coordination with reality before acquiring another one and poll the tenants to see how much more they will pay before walking.