All Forum Posts by: Jennifer A.

I have a tenant like that too! Love him! He actually has several OWIs and a domestic on him. I was really nervous about accepting him but his stories checked out and I've not regretted my decision since then.

Awesome! Congratulations!!

Absolutely. You said everything else checked out. This person sounds like they've learned from their experience and deserves another chance.

(1) Like Colleen, I get calls for people who can't remember what unit they are calling about.

(2) Right now I'm purchasing another unit and will be trying to rent it in winter in Wisconsin. I'm specifically going to do a shorter lease so that renewal comes up in spring/summer.

(3) I want more qualified buyers. That said, I specifically state in my ads that bankruptcy and foreclosure do not mean that I won't rent to someone. Most of my tenants have gone through one or the other and are great tenants. Bad things happen to good people.

(4) I do not include obnoxious words because they scream realtor, multiplex or desperate to me. I'm not sure why. Probably because most of the larger and poorer complexes in my area seem to use them. I also include language that says I am a landlord that manages my own units to show prospective tenants that they are getting something different.

(5) I say to email for more information and they must include the names of all prospective occupants. I do this so that I can do a preliminary screening and background check. It helps me have a bit more information in my pocket before I agree to meet anyone.

I have a 1400SF 3/2 sfh that rents for $1,700. I bought it at foreclosure for 150,600 in May of this year. It is about 12 years old. We had to replace the water softner, water heater and all appliances but otherwise it was in really good condition. Could probably sell it for approximately $200,000, but I have great renters in there that want to stay for an extended period of time. The market is starting to recover here so I anticipate the value continuing to increase.

The question is whether or not he's violating any lease provisions. Unless he's violating lease terms, you can't force him to move at this point. I'd just keep close tabs on the situation. If he's not violating lease terms, you can always mail him a letter indicating that you know he's lost his job and if he'd like to vacate, you are willing to let him out of his lease. Or offer him cash for keys. That would be another option.

The cheapest house in my town is around $80,000 which would require some fixes and probably section 8 tenants. Most of the county is this way. Of course, many might invest in other counties then but I like being close to home.

I bought the house for $125,000. Mortgage payments are $434.17 per month with no escrow. Taxes are $2,743.00 per year and insurance is around $500 per year. Tenant pays all utilities and does all lawn maintenance and snow removal.

While I've done no repairs at all except for a minor repair under $100, I have had one tenant turnover. I do have the furnace and a/c inspected yearly so that cost was $145. So far, I've had zero vacancy (my first tenant moved in the day I closed as the place was in awesome condition). The current tenant intends to stay for quite awhile as they lost their home to foreclosure and declared bankruptcy. He had difficulty finding any place that would rent to his family because of those issues. So far he has paid every month exactly when he is supposed to pay.

Yikes! I feel like I'm doing something wrong looking at those numbers. My lowest rent is $1,150 for a property I purchased for $125,000. I've put almost no work into it since I bought it in July of 2012 (maybe $100).

This happens from time to time. I suppose they could be blowing smoke, but they probably are not. Yes, it is a blatent attempt to get all the bidders to pony up more money. They cannot counter every offer as they would potentially get into multiple accepted counters. That would be a real problem for them. They could have also just picked the highest offer and negotiated with them. Instead, they are looking for bids and possibly bids going over the asking price (where that is really difficult to ask for over the asking price in a simple counter offer).

While it sucks, don't let it get to you personally. If you want to bid, do so. Just make sure your numbers still make sense. Otherwise it is time to walk.

Good luck!

Since you are a couple hours away and could do some of the travel yourself, what about a handyman instead of a PM? If the handyman can be called for any repairs or little things, could you handle the showings and rental yourself? Just a thought.