All Forum Posts by: Jay Yoo

Hi All.

Hope your holidays going well.

I have International students as tenants in my property. Of course they have no credit score or any but have bank checking account.

They want to open an account for the Internet service but they couldn’t because they dont have social numbers.

They asked me to open an account for them with their cards as monthly autowithdrawal.

They confirmed with Frontier and month to month service is available for them and the area. What kind of potential issues are there down the road, and how do I prevent any negative result from opening an account with my name and social number?

I could immediately think of additional security deposit to cover any unpaid service and cancel the account but what else do you suggest? Thank you all

@Kris L.

Thanks Kris for your inputs.

Yes this is in Snohomish county in WA. To answer your question about the rent going back to lower, they are students, and by having one more to move in, the rest three would save about $80 saving per month. If not going down and one moves out, then the three students would have to pay $60 more per month.

Im playing this safely so that they get to taste saving some more per month. This would give them to plan having another person to move in when one moves out to keep the same rent per month per person.

Just my theory, but they would be actually working for me to advertise themselves.

Market rent for the room is about $1600 so Im getting $250 more per month than other updated apartments. So my plan is to resign the lease with $1850, and will just tell them to lower it when one person has to move out. BUT, cannot go down lower than $1650 that all agree, which will be just by words, not on paper or addendums.

The thing is that renting in Winter season is brutal in WA. So I signed them for 6 months only and will change to either one year renewal or vacant the property be the end of term.

Thank you! Learning everyday from BP.

@Nathan G. Thank you Nathan.

Hi.

We signed the first contract with tenants for $1650 and 3 students for a 2 bed /2baths property, and $1650 for security deposit.

One of tenants asked me if they have one more tenant shortly after 2weeks.

After some thoughts, I gave a suggestion to them if they agree the below conditions;

-Increase $200 per month

-Additional $400 security deposit

-IF one of them have to move out before the maturity of the lease, the rent goes back to $1650

-IF the remaining tenants cannot pay the rent, the term will end the next end of following month, and everyone need to be vacant and meet the same conditions as before they move in, or security deposit shall be used for repairs and cleaning.

So the tenants agree to my offer since the original three would save and reasonable cost per month.

Of course, I run background check on everyone. And cosign with their parents.

So Should I recreate the rental agreement or should I just add addendums with these conditions?

Would you mind giving me any other advice from legal perspective or your experience?

Thank you so much

Hi All. Always time goes so fast in Dec, all of sudden, it’s January.

Hope all is well for RE investors here.

My tenants has asked me if her friend can move in. They are all college students and friends. Currently 3 tenants are there and they just signed the rental less than 2 weeks ago.

Now she said another friend wants to move in.

The rental agreement said no sub-leasing is allowed unless the lessor is notified and allowed.

So I was immediately thinking of increasing the rent for better cash flow since I only have $50 a month cash flow but is this idea morally correct?

Or since this is business, I should ask the increase and modify the rental agreement again?

My tenants are International students so they have money coming in from their parents as a proof of income. So I am not much worried about their credit although I will run the background check if the new person has lived in long time in the State.

Can you provide me some advice? Thank you

Hi. Everyone. My apology since this may be redundant post for tax purpose.

So my first condominium recently purchased was just signed for lease agreement. I can at least, for now sleep thru the night. Thank you for those who gave me all the advices. Huge help!

Btw, it’s the end of year but I have saved all the receipts to rehab and services. How should I start getting prepared for tax season in advance?

I would like to speak to some CPA who are specialized for real estate for tax purpose. How do I find the right source instead of random Yelp or Google search around the town in North Seattle?

Any help would be appreciated! Thanks

@Charley C. Yes Facebook is great. I got my property rent out during this difficult time to rent in Seattle. Thanks

@Charley C. Really appreciated. Hope you dont mind following your replies. Thank you Charley. Feel not alone. :)

@Charley C. Again Thank you Charley. Getting some leads finally. Im about to rent in a day or two. However, they are International college students. Two are 18 yr old and one is 17.

I think they can afford the rent but just to want to make sure what other addendums I need to add to rental agreement paperwork.

I was thinking one month equivalent deposit, Bank statement and passport. Anything would be appreciated!!

@Shain Ismailovski thank you Shain! So helpful!