All Forum Posts by: Jennifer Bennett

The reality is that they will leave whenever they want, regardless of a 1 yr lease or month to month. Is this property in Texas? If so, you shouldn't have problems renting it out, even in fall/winter. It's just a little slower than the crazy months of May-August. I would bump them up to market rate (which in DFW area is quite high right now) and just allow them to go month to month.

That's funny! I actually added a make me move price on all of our properties on zillow bcs everything is for sale, at the right price. Originally, it was for significantly more than current market price, though I've noticed an increase in inquiries on a couple of properties. The Zestimate is now over my Make Me Move price. So, I either need to sell (1031 exchange) or decide I want to keep and raise my price higher.

For tax sales in Texas there is a right of redemption for homesteads (owner occupied). I believe it is 2 years. But, they have to come up with the full amount plus interest plus any amounts to make you whole (if you made improvements). Hope that helps. 

I currently use Bank of America. They have a deposit only card that I give to each tenant. Then tenant can deposit it at any branch or ATM. Takes time to setup, but then I can check online or on my phone that I've received payment. Local/regional banks also may have this as an option. Ask the business banker what options they have. Best of luck!

I buy local and I call the signs in neighborhood (ask about SF, #bed/bath/garage, rent, deposits & then mention my pit bull ;) ), search active listings on hotpads, zillow, Craigslist & realtor.com. I also have access to sold/leased comps from mls. I look for trends and days on market. Try for best product at best price. Greedy gets you bad tenants. 

Lol! Love your title! I have found that if I want to see the actual credit report, I would have to get a physical inspection of my office to determine everything is properly stored/secured etc. My screening company doesn't allow me to see the report, but they run it through my filters (no foreclosures, past dues over 60 days, or whatever criteria you choose) and they give me a 0-100 score as well as previous addresses shown on report & landlord contacts for addresses reported. It also checks criminal and eviction status & gives me the info on the evictions so I can confirm whether it is my applicant or not (they aren't filed by ssn here, & lots of john smiths ;) ).  Did your screening company give you any other info besides pass/fail?

Do you have a gun?? Really?!? In Texas? I know several of my tenants have guns (SFHs). It's not my place to ask. You just assume that all houses in Texas are armed. I'm also not talking about war zones either. 

I know odd questions can be entertaining, but really it's a matter of whether they can and will perform during their tenancy. Income requirements, consistency in employment, consistency in care of previous residences, and respectful, low drama personalities are what you're looking for. Whatever questions you need to ask to get that- that's your goal. 

Is the townhouse in an HOA? If so, the HOA may have restrictions on investors. The bank would therefore be required to sell to an owner occupied only. Just a thought.

We have 3-2-2 SFRs and allow no more than 2 pets. We do a pet interview (checking on tenant's ability to handle animal & whether it is highly aggressive or fearful). It also allows us to verify the dog is what they said and not on restricted breeds list. We love our big dogs, but not for our rentals. We do require updated shots & inquire on who their vet is. I always tell tenants we love pets, and if they didn't sign lease with pet agreement, we remind them to contact us when they decide to choose a pet. So far (5yrs) I've had 3 tenants add a pet afterwards. SFH tend to attract families and pet lovers. It's just a matter of vetting them as pet owners like we vet them as tenants.

when I was trying to learn the ropes of buying a distressed property & estimate rehab, I had a trusted contractor walk through the house and not just bid on it, but point out things to be aware of. After doing this on several houses, I could estimate what his bid was going to be before I had him walk through it :). Takes time and effort, but you're on the right track with the home inspectors. I still learn new things to look for when I walk through the inspection with my inspector. In addition to J Scott's books, I recommend a book called "Flip". I can't remember the author (sorry!). Good even for buy/hold rehabs.