All Forum Posts by: Justin Fox

My number is as much as I can get per month before I turn 47.  At that point I'll be retiring with 200% match from my job and really won't care what happens to the rentals.  If I can get management to take them over, cool, I'll refi all the equity out and have a blast and earn some income.  If not, I'll just sell and still have a blast.

It works as long as you can raise rents in the amount of the increase.  If you can't, you sell and capitalize on the appreciation.

47.

@Kimberly H.

To answer your question directly, I would copy/paste what i wrote previously into a message text or email and click the send button.  If they want to rent your place, they'll reach out to you and get all the information listed on A) your upfront criteria and B) on the application.  

Them dragging their feet isn't your problem.  

The dogs on FB and the criminal history aren't your problem until they successfully apply, and those issues are precisely what background checks and LL reference requirements are for.

You have to have both prospective tenants fully apply before processing the applications.  That means a completed application, all supporting documentation and payment for each adult over 18 wanting to lease the property.  

It's so easy a lawyer could do it.

@Account Closed

If I'm not mistaken, can't doing a quitclaim to an LLC (when dealing with residential) cause the full amount of the loan to be called due?

Computer Science.

If you place a pay/quit notice and inform them that after x days you will start the eviction process, they'll most likely pay.  If they don't, you take them to court and see if you can get paid and them a record.  Depending on your rent/deposit amount, you may want to start collecting the deposit as lease sign and the first AND last month's rent when you hand off the keys.  That way they have to provide an acceptable move-out condition in order to get any prorated rent/deposits after vacating.

I'm shocked that you actually get people to sign a lease at all.  What is the font size of this clause?
It's one thing to bundle the warranty payment into the rent, it's another to expect them to pay the service call fee when that's something the rent should cover.

Keep doing what you're doing though, it just drives people into the arms of angels like @Patrick M. and I.

Save the money for investments.