All Forum Posts by: Joyce Tavares

Afterthought:  I do like the applicants who keep in touch with me and immediately get all of their paperwork in, and more, ask questions and send photos of pets with all requested documents.  Applications are completely filled in, credit report fee is paid promptly, are not afraid to put down a hold deposit, and want to stay at least two years.  I rent to many people who often rent sight unseen and are moving from another state...

It is definitely unethical since you have three qualified people already.  During Covid, make sure they have enough stable income to cover rent and deposit and also has good rental history.  Good credit is a must, and the higher FICO is better (in my opinion).  (However, this is not always the case so use your best judgment).  Screen, screen, screen.  In your rental agreement, let them know that rent will be increased yearly by the amount allowed by law (usually between 3% and 10%) and at YOUR discretion.  That way if they are really good tenants who are taking care of your property, you may want to just increase it by the least amount.  However, always increase the rent at least $25 dollars so that you don't have to play catch up down the road and the tenants are shocked by an increase.  The next time it is vacant, make sure you check on www.rentometer.com to see what the market rents are.  If yours is in great condition and has extras, you can increase it to the rent the higher listed rents are paying.

In today's market I have found that housing is extremely competitive.  When buying older property, make sure the electrical is updated and not Knob and Tube...very tough getting insurance on these properties, especially with the insurance companies tightening up due to all the fires, floods, etc.  And make sure plumbing is solid.  Two very expensive repairs.  Always have a home inspection, even if you have to pay for it.  It will save you heartache in the future.

The extra income from the third unit will pay for itself within a few years.  I think it's a great idea.  Check with your zoning department first to make sure they will allow it.    With the need for housing it makes so much sense and now is the time with interest rates so low.  

Found another link of why renter's insurance is important:

https://www.nerdwallet.com/blo...

After having a similar issue and searching why it is important, I now require all tenants to have renter's insurance.  In a case like water leaks, mold, flooding, fire, etc., the renter's insurance would cover their damages, plus pay for them to stay at a hotel until repairs are completed.    There are also so many other good reasons for them to have it and the cost per month is usually between $10-$25/mo, depending on what coverage they choose.  

https://www.thesimpledollar.co...

Does she have renter's insurance?

Even though they all give you rental rates, they are assuming the units are basic with 2/1, 3/1, etc.  If you have other amenities, then you need to adjust the rent accordingly.  If you get a lot of attention to your ad, then maybe the rent is too low.  No attention, rent is too high.  You only need one qualified applicant, so don't despair and don't rent to someone just because it has been vacant a while.  Best to have it vacant then rent to tenants who may destroy your property or who cannot pay the rent.  Screen, screen, screen.  If you rent to people with pets, then you get more applicants.  All my units are pet friendly, just make sure to get renter's insurance w/pet addendum.  Happy landlording!!!

I really like www.rentometer.com   If you buy the pro, it also shows you market analysis, etc.  It is worth the money.  I use it all the time when I am thinking about raising rents.

I have 30 units and no property manager.  I am the property manager and I am 73 years old...have been doing this for 50 years because I love what I do and I spend the time and money to make sure it is done right.  I make mistakes, and learn from them.  I talk to a lot of real estate friends and get their input and am constantly researching better ways to manage.  The hardest part of property management is making sure you have good, reliable tenants.  I do extra things to keep them happy and have them stay longer.  If you own the property, why would  you need a broker or realtor?  You could easily manage 23 units yourself.  The longer you do it, the better you get.  You can do this!!!