All Forum Posts by: Linda S.

@Charles Walter,

Check zillow/hotpads/CL/FB market place, for similar houses, and see what they go for as a suggestion/starting point.   You should adjust for amenities, such as including a WD.     Check out the area/neighborhood-- should you be charging a premium or a discount?   It's a mix of it being an art and a science.

If you're trying for section 8, go to your local redevelopment/rehousing website, and see what their maxes are and price accordingly.  

@Cory Lucas,

We have done this before, and we dropped the supplies off and once it's done we gave the tenant $75.    I definitely wouldn't do it with all of our tenants, but if you know they will do a good job, it's a win-win IMO.    If they're putting their time/energy into it, it shows they are in it for the long run too.

@Xela Batchelder,

You pay a property manager so the owner doesn't have to deal with the tenant.     If I had a PM, and they gave the tenants my contact info, they'd be fired.  As the PM, you  just need to be firm, no-- you can't, I represent them.   Copy/paste your paragraphs/statements, it's a little passive aggressive, but it shows your statement isn't changing.

It sounds like they want to show them their dog and hope that they agree to an exception.   Let me say, I hate this for so many reasons.    I tell people we have x-restrictions on dog breeds from our insurance, and they say "well, what if it's a puppy?" and i immediately think they are idiots.  I hate people who try and push for exceptions, shows they don't respect the rules.    

@Kris Laku

If I were in your shoes, absolutely house hack a duplex first.   You'll get your feet wet as a landlord, live for free and see if it's a good fit.   You may be surprised at the costs of things, and you can then also learn how to do things yourself while living there.   This will be the absolute cheapest and easiest way to get your foot in the door. 

After you do that, you just have to narrow down what type of investing you want to do, buy and hold/flipping/wholesaling-- the more specific and narrow you can be, the more successful you will be at it.     As an example, I only do low income housing-- C/D buy/holds, no one is better at pinching a penny and being creative than I am, my numbers investors would drool over-- but on the flip side--I'd be a horrible flipper.  The perfection needed, race against the clock  and the stress-- no thanks.  Focus on what you're good at,  and double down on your strengths and see if you can find a partner who has the opposite.

@Scott Goulet,

I see a couple options.    What I'd do, 100% depends on the quality of tenant, but remember-- vacancy will cost you more money than a door!   If it was good tenant, I would probably do #3, that way they know they have consequences, but shows goodwill.

1)  Pay for the whole thing,  and plan to increase rent next year to recover the cost

2)  Offer to pay for it upfront, but bill the tenant  in payment options over the next 6 months

3)  Offer to split it,  what's  a couple hundred compared to a good paying tenant?   

4) Pay for it, eat it up as a cost of doing business?

If it's a bad tenant, and not the only door, you could just tell her it's not getting fixed as it's not necessary, and not renew--and plan to take the cost out of the deposit.   Make sure to document everything and be ready for court if this does happen.

@Corazon B.,

We use zillow.com, it's easy and cheap $10/week, and get TONS AND TONS OF LEADS.   That being said, majority are not qualified,   but that's going to be anywhere, you have to find out if the people are qualified first, that's a given.   To answer your question, you find good responsible tenants  by meeting them, you weed out by observing.   I watch everything.

Screening is a 50% art, 50% science IMO, first-- do they pass/exceed your qualifications on paper?   If yes, they should get a showing/open house invitation--- that's when you should be on high alert.   Are they on time?   How do they dress?   What do they drive ($$$ car payment)?  Are they nit picking or complaining now, if so-- you'll be in for a ride.  If there are kids, are they running around like crazy, or can you tell the mom has control?    Are they genuinely interested, or settling-- people who love and are happy with their homes take better care of it then someone who it's just okay.    Will they fit in the area,  could you  see them being friends with the neighbors?   I've had times when my front runner, the person I'm 99% sure of, turns out their significant other is a jerk and chose someone else,   or if the front runner is aloof,  I don't rent to them.. you learn a lot about a person by meeting them!   

 The intangibles of how they are in person, is the critical component  and why IMO I'd never just go off what they are like on paper.

@Mark Oliver,

So you want to grow, but you're limited on cash.  The best move IMO would be to buy another owner occupied home, this should only require 5% down,  and then you make your old home into a rental.   This will be the absolute easiest way to grow.

@Jeffrey McKee,

Reading your post, reminds me of a tenant we just got rid of-- I call them "Laura Lawyers" because they think they are much smarter, and will read the fine print to their advantage and disregard all the good things you did-- ie: not charging to break a lease.         You can be nice to them, waive  late fees, work  out payment plans to avoid evictions, etc... but when it boils down to money, it's jeckle and hyde and they will be after your throat, so trust me-- I understand!

That being said, cleaning is a normal part of vacancy, IMO you can't charge tenants for having to clean-- that's called turnover and is normal and expected.      The right thing to do is to give her and all the other tenants their full 1200 back.    You got it filled quickly, which is great-- the money was never yours.    If it was 4 people-- I'd think it'd be $300.     If it goes to court, you're spending more money/time/stress, it's not needed-- do the right thing and refund her the $$ ASAP IMO.

Nip this one in the butt and give her the money back, just be happy they moved out on their own and you didn't have to deal with a formal eviction!

@Ron Singh,

We just had a similar situation,  but ours was a young lady who couldn't pay, said she needed to go take care of her grandma.   She said it was her 30-day notice, I said if she could be out this weekend,  clean and we were able to confirm it was good, we'd give her the deposit back-rent.    IMO this is the best, most fair and correct way to handle it.    

Why try and force someone to stay that won't pay rent, doesn't want to be there?    Why pay a lawyer to go after someone for breaking a lease,  that won't likely get you any money either!  Focus on what will pay you-- getting a new tenant!

Tell them to clean and be out ASAP, and get someone who will pay!    If they say they'll be out Saturday, start advertising today and have a showing Sunday!

@Aaron M.,

There's always Trulia's crime map too!   What part of Richmond were you looking at?