All Forum Posts by: Linda S.

@Christian Ryan,

We now use rentredi.com, it's been pretty good so far, but payments take a long time (4-5 business days) to transfer.  

  If I were you-- I would NOT rent to a subcontractor, just because-- what if something goes wrong a job?  He's still your tenant.   No--- would NOT let him fix anything, what if he does it wrong?   Trust me-- things go wrong.. they do!!!  I don't know where you are, but the rental market now is INSANE.   I would try  and find a new tenant, and start fresh.      There are a lot of laws, and not to mention DRAMA with self managing, so if you aren't up for it-- just bite the bullet and hire a PM! 

@ pal

@Pal Sa,

Copy/paste is your best friend when dealing with a ton of applicants/emails.   A very simple "Thank you for your interest, we appreciate you applying!   Unfortunately we have decided to go with another tenant.   We wish you the best in your home search!"   short, nice and vague.    This isn't a negotiation, so no conversation is needed

@Pal Sa,

Aggressive tenants are the most desperate ones, they are freaking out because they really need a place now and are stretching for anything. 

  How people act during the showing normally tells me everything I need to know.   Are they nitpicking, asking for something to be changed?  We just had a showing for a house (btw the cheapest house on the market) and told people it's oil heat, and it's an extra bill, and someone was like "that's horrible, you make your tenant pay that?"   If people are complaining at the showing-- they will complain as a tenant.   

Also, after the showing--- this is where I pay the most attention--- how are they with follow up-- that shows you how excited and interested someone really is!   If someone doesn't email me within I'd say a day of the showing, I throw them out. People who really want your place will be quick and easy to work with! 

Behavior, before the showing,  in the showing, after the showing-- that tells me everything I need to know, then of course check all the courts/social media/google-- you need to know everything you can before  picking someone!

@Ethan Griffel,

100% NO-- this is a horrible idea!

With the carpet idea, here is how it'd go.  They'd pick out some really nice, plush, $4-6/sq ft carpet, hire the first person they can find, will likely charge $2-4/sq ft, send you an enormous bill.   They technically did everything for you, right? Instead, you would have picked  the $1/carpet, and get it installed for $1.50?  Ohhh---  here's the flip side, they hire their buddy to do the labor, and the guy injures himself because he doesn't know what he's doing, and then sues you-- the landlord!   Aren't you glad you let the tenant pick the people?! 

 Huge difference....  I had a friend who refused to fix a toilet, since there was another working toilet, well-- the tenant hired a big company to come fix it for $300.   The friend got mad because she would have just replaced it for $90/toilet.     Scale this times multiple properties, and whew-- what a crapshoot!  Absolutely NOT!

@Aaron Cooper,

Sorry no, I'm in Richmond VA.

@Robert Godfrey,

Why make it harder and more expensive than it needs to be?   Hire someone to paint the cabinets and the subway tile, add fancy knobs, granite countertops, obviously new flooring and boom-- new kitchen!    Paint does AMAZING things!     

It's a rental, doesn't need to be a flip!

@Jewel Coleman,

As someone who does low income rentals, all I can say is welcome to the game.  If you don't have thick skin, you will-- because people can TRASH, and I mean TRASH YOUR HOUSE BEYOND YOUR WILDEST DREAMS. How do stains and damage even happen where it gets so bad?     Side note-- don't ever do a charity where they guarantee the rent for a year, learned the lesson the hard (and expensive!) way!  

That being said-- will everyone trash your place?  Absolutely not!   I've had some tenants leave the place better than when they moved in.     I'd say from my experience, it's about 10% of the time it will be trashed, but that means 90% of it will be normal/wear and tear from good tenants.  Don't let 1 bad apple make you think this is normal.

 If you can do M2M, absolutely only do M2M, it limits your losses, as if you see the place getting damaged-- you can immediately do a 30-day notice of nonrewal. No drama needed, no proving in court why-- it's simple.    We've only had to do like like 3x in 6 years, but each time-- boy was that a lifesaver!  It sucks feeling disrespected.

Another thing--- do a discount if they pay by the 1st of the month.   With some of ours, we offer $50 off if paid by the first, it's enough to help push people for a cheaper rate.   

Also-- minimize the items that can be damaged or that you're providing--- as an example-- microwaves, we prefer vent fans now, only provide the hookups,  we're starting to get rid of TP holders, for whatever reason  those always seem to be damaged.  So be strategic, less people can damage-- the  less you can possibly take off for the deposit, everyone is happy :)   Think about what matters most to low income-- cheap rent, and figure out how you can provide that in a win-win scenario! 

If you're self-managing, I'd say the showings are the absolute most crucial thing, because it shows how the potential tenants are-- will they be nitpicky?  Do they come across clean?  Focus on screening-- job stability.    Body language, communication, so much matters.      Pay attention.  If you're a good landlord, majority of people will appreciate you and try  and be a good tenant. 

My cheapest overall purchase price was $8,500-- but we had to re do everything and had to put about $15K into it, ARV is likely $75K, very cute but tiny house-- currently rented for $700/mo.

My cheapest/best total investment, and honestly probably our luckiest one-- was a 2bd 1 bath-- $10,000 at an in person auction in 2017, only had to put about $7K into it-- currently rented for $650, ARV is $100K.

We also got another one at an auction for $9500 in July 2020, tiny little 1bd, 1 bath cinderblock house last year, put $5K into it, rented for $625. I'd guess the ARV is around $60K No one wants the smaller ones, as the rent isn't as high, the ARV isn't as high, but they are solid long term rentals! I love small houses!

@Brian Rodriguez,

Of course he can sell the property, but  I'm 99% you can't evict a tenant when they applied and are waiting on rent relief.    It's in the tenant/landlord agreement you both have to sign when you apply. 

I'd suggest the do a cash for keys if they want them out ASAP.

@Denzel Faulken

" I am not planning on doing all the improvements my self planning on hiring contractors but just in case if something arises we wanted one."---- your answer is in the statement itself.    NO. Why in the world would you get a truck if  you don't plan on doing stuff yourself?     You can rent a truck from Home Depot if needed, or you  can get a small trailer, that's another great idea! 

Just an idea, find someone local who picks up scrap metal, so if you have to replace an appliance-- you have someone to happily come get the old one for free!