All Forum Posts by: Kar Sun

Kar Sun has started 20 posts and replied 364 times.

I always pre-screen first with a quationnaire first. With the pre-screening 90% of the people do not qualify. They either do not answer or their answers are good filters. Out of the total people that actually see the place only 1-3 individuals will actually be a good fit. You will have to talk with them and assess their answers and behaviors. Not unlike a job interview. My properties are A class so I do not need to get peole there that will cause a migraine. If they do not follow the instructions they are out. I do not need to be dealing with the problems later that I could see upfront.

6 Votes

Hello all,

How do you write that into your contract.

Let's say you wake up and now instead of paying $10 for lunch it costs you $100 or $1000. Want to make sure that the contract will be adjusted to appropriately. We cannot control the politics but I sure do not want to be renting to receive monthly payment worth 2 lunches. Thoughts?

0 Votes

Originally posted by @Steve Vaughan:

Originally posted by @Kar Sun:

Originally posted by @Steve Vaughan:

Originally posted by @Elisabeth Lernhardt:

It is time to revisit the Biden tax plan. It clearly states 1031 exchange is on the chopping block!

I'd just like to clarify that 'chopping block' is a proposal to cap deferred GAIN at $500k, like the 121 forgiveness of up to $500k of gain from the sale of a primary res.

As far as the $15/hr min wage, I think a lot of momentum would be assuaged if some states would raise their food service worker minimums above $3/hr. C'mon. Extremes bring out extremes.

if starting wages are too low, get a different job or protest. How have the restaurant owners gotten away with this for so long?

working as a server in a restaurant has never been about being a career choice. it is just a stepping stone. however, some waiters make plenty of money because of tips. an individual is the person who decides on their destiny. you chose if you will be a dishwasher for the rest of your life or if you will move onto to something else. we cannot save everyone because they make bad choices. choices have consequences.

Raising restaurant wages of the extremely low base of $2.85/hr or whatever where it exists would be an easy compromise both sides can get behind and save face or look good with. It should also take pressure off of the $15 for everyone stance.

While I agree people work in an employment at will 'leave and or better yourself if you desire more' environment, basic wages not subsidized by tips apparently needs to be adopted. Why restaurant owners get a pass is beyond me. Robber Barron industrial age stuff right there.

just letting you know that usually a percentage of tips per day is shared with the entire staff. so per hour wage is actually greater.

0 Votes

Originally posted by @Steve Vaughan:

Originally posted by @Elisabeth Lernhardt:

It is time to revisit the Biden tax plan. It clearly states 1031 exchange is on the chopping block!

I'd just like to clarify that 'chopping block' is a proposal to cap deferred GAIN at $500k, like the 121 forgiveness of up to $500k of gain from the sale of a primary res.

As far as the $15/hr min wage, I think a lot of momentum would be assuaged if some states would raise their food service worker minimums above $3/hr. C'mon. Extremes bring out extremes.

if starting wages are too low, get a different job or protest. How have the restaurant owners gotten away with this for so long?

1 Vote

Originally posted by @Joey Wharton:

Let me preface this by stating I am not a Republican. However it seems very clear to me that many Biden policies and legislation will be chopping the middle class at the knees. The 1031 exchange is primarily used by smaller, private investors (ie. middle class), removing it or severely capping it will remove an upward mobility tool. Instating taxation of unrealized capital gains at death will force hiers to liquidate assets in order to pay a massive tax bill. If you have 10 million in unrealized capital gains, would your hiers be able to pay a $4 million dollar tax bill in order to keep the assets? Raising minimum wage to $15 per hour is a direct hit to small business owners. I could go on...

it has been time to step away from the party lines and see that they are using this to keep you locked in identity politics. the current cabinet politics are anti american, anti middle class. they simply high jacked the democrat party and hiding in its shell within which they are fully evolving as a fascist dictatorship tyranny. middle class is what makes USA the USA and not some dictatorship. There are NO personal rights and freedoms without property rights and ownership.

2 Votes

Originally posted by @Quincy Lockett:

@Jay Garrison

One thing I noticed is that you followed up with previous “interested” applicants. I don’t do that. Genuinely interested applicants are demonstrably Interested. And those are the tenants I want. They usually prove to be the best and most appreciative. If I have to coerce the follow up communication then they probably are not for me. Same in relationships! 😂

completely agree. with the genuinely interested candidates most everything will go smooth and and according to landlord rules. there won't be any "gut feeling" moments in an addition to screening. another important thing to look for is the character of the tenants. even if they check out but their character does not work out I personally won't add them. it is the same as interviewing for a job. I do not know what business fair housing has to tell me who I need to have in my property.
No special status has to be given to anyone because it gives them an unfair advantage. I am surprised landlords are not putting these agencies out of business. .

0 Votes

I would say "intentional consequences". the goal is to make you destitute and dependent on a state. period.

6 Votes

Originally posted by @James Wise:

Originally posted by @Jay Garrison:

I am renting out a 3 bedroom apartment on Chicago's Southwest side. The steps in the tenancy process are:

1) application (personal info, current address, former, job, a personal reference) and last 2 paystubs

2) A Transunion Smartmove background check, which is $40 and the tenant pays. I tell them I don't want perfect credit or a certain credit score, I am looking for bankruptcies, repos, evictions.

3) first month + one month security deposit - I make sure to explain why I think a security deposit (as opposed to a non refundable move in fee) is beneficial for both parties and everyone assures me they don't have a problem with a security deposit

Potential tenants A took an application and texted me the next day, asking if they could email it in. I said sure. I never received it nor heard from them again, despite two days later texting them to see if they were still interested. When they came by they were in love with the place, assuring me they would be awesome tenants etc.

Potential tenant B was a leasing agent who promised to send me her credit score and said she could give me the move in fees within days. She told me the school nearby would be awesome for her daughter, she loved the patio and I promised to put in a washer dryer hookup for her. I texted her two days later asking when she would send the credit report, and she never replied back.

3 college students came in, filled out applications and expressed strong interest in moving in before the fall semester started. I contacted one two days later to tell her the place was available and ask her if they were still interested; if so could they sent their paystubs in. She said they were, and would send me paystubs ASAP. Days later, and I haven't received or heard anything.

Is this kind of thing common? Am I making an errors in my handling of the process? The neighborhood where the unit is has few rentals and even fewer that are newly renovated, and my rent is the going rate for 3 bedroom in this area. Thanks!

Flaking is the norm. What you want to do is have group showings. You need to schedule 1 apt say Friday at 5pm and anyone who's interested needs to show up to that showing. If they can't make it let them know to check online for the next group showing if it comes to that. From there everyone who wants an application will need to pay you an application fee. Screen the ones who apply and pick out the best. If you don't have a tenant who was approved and ready to pay a deposit repeat the process until you do.

There is no point to have group showings. If you do a pre screening questionnaire prior to showings you will see that 90% of those who contact you are not a good match. Why do showings for those who do not qualify initially? And out of those who you show a place 90% won't work out for various reasons. Again, maybe it is not the same for low end properties. But for me it sure works this way.

1 Vote

Originally posted by @Jill F.:

I have found that yard signs mostly brought us poor quality applicants or lookie-loos. Now we syndicate via buildium to the free services, zumper, apartmentlist and rentpath. zumper is the most active. Our rental market is tight and we have (much) nicer than average rentals that are priced near the top of each "market" (within a couple blocks) where we compete. In this situation, we have taken several actions that have vastly improved our tenant quality, including:
1) Making sure we have at least 10 great pictures of our unit in the advertisement
2) Our advertisements clearly lay out our requirements: One full year at current or previous job, weekly gross income > $xxx , Paying and approving email for a Transunion smartmove criminal, credit, and eviction checks, having no more than one eviction ever which must be disclosed, explained,and paid off. No landlord judgements or chargeoffs on credit. Credit report shows reasonable debt load for verifiable income.
3) making our application free and requiring tenants to complete the application before we will schedule a showing.

This process seems to cause unqualified tenants to self screen themselves out and has virtually eliminated no-shows and unqualified applicants but I don't think our screening process would fly if our units weren't extra, extra nice.

Thanks for sharing.

I do most of the same but I do not want them to apply.

I takes to much effort to review the app prior to pre screening.

Every potential tenant has to answer prequal questionnaire first.

Then the visit is scheduled for those that qualify.

Then the app, if they appear to be most qualified based on their answers and initial in person screening.

Just like a job interview.

0 Votes

Originally posted by @Patricia Steiner:

Rental demand in my market is off-the-chart. One property listed for rent drew 150 calls/texts/emails in the first two hours. Totally crashed us! The first thing to know is who is your ideal tenant, how do they look for properties, and what is important to them. That's how you'll attract the right prospects. Then market it specifically to that audience. Don't list it everywhere - again, target it to your audience. And, never forget the power of the sign. Put a For Rent swipe sign in front of the property...it's a great cheap date.

Best.

It might be a good thing to have 150 calls in the first two hours but I actually write the add in such a way that I will get many less. Too many tire kickers/unqualified people creating the buzz and needless busy work.

0 Votes

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All Forum Posts by: Kar Sun

Kar Sun has started 20 posts and replied 364 times.

Post: Screening first or showing first?

Post: Catastrophic inflation scenario

Post: 1031 exchange elimination and the unintentional consequences to

Post: 1031 exchange elimination and the unintentional consequences to

Post: 1031 exchange elimination and the unintentional consequences to

Post: common for applicants to flake?

Post: 1031 exchange elimination and the unintentional consequences to

Post: common for applicants to flake?

Post: Where are all the good renters?

Post: Where are all the good renters?