All Forum Posts by: Linda S.

@DJ Roshan,

Check your state laws, in VA it's illegal to accept more than 2 months rent. I can understand an extra month or so to get ahead, but a year? come on..

To quickly answer your question, you have to think like a human-- not a robot.   WHY would they want to pay a year upfront?  Would you ever ask your bank "can I pay a years mortgage now?"-- it's insane.  1000% NO.       

The only reason they do that because they do NOT want to see the landlord, likely for bad reasons to ensure privacy and be under the radar.      You have your money, zero reason to contact them, see them, bother them--  they can and will do whatever they want.  Also, remember one thing... you know your tenant-- you DO NOT KNOW THEIR FRIENDS.   You might have say 10 people planning to stay there, and they just pooled their money together, but put it under the one person with a clean background?      Think people aren't strategic?

I feel like if you rent a full year,  you'll likely be posting next year "never rent to anyone wanting to pay a year in advance"

I only do month to months, and love it because if anything happens-- it's a clean and easy exit.  My tenants are great, and everyone knows the rules!  

@Hilary Graves,

Personally,  copy/paste is my best friend!   I send the exact same basic paragraph to EVERYONE.   Takes me minutes, and I also know everyone has all the information, including the showing time!   

Why waste time reviewing applications, if maybe they won't even show up?     I'd say 90% of those who apply before seeing it and talking with us, aren't qualified.  I also won't ever rent to someone who doesn't at least reach out to me first, as it shows the type of relationship they want.

 I do the 2 large showings, and I print out flyers to pass out at the showing-- clearly stating all the qualifications,  what's included/not included, and basic questions.   This way people can take it home, think about it (they know if they meet it or not), and then they can apply.  I don't like wasting time on unqualified people, and I don't like them wasting money on application fees. 

Don't make this harder and more time consuming than it needs to be, copy paste, and focus on who shows up-- those are your only actual prospects IMO!     It's one thing to apply and spend $$, it's another thing to get in the car, see the place, and see if they are your type of tenants!

@Hilary Graves

We normally have 2 showings on the weekends, Saturday 1-2PM and Sunday 2-3PM-- we tell everyone this time.    

If there is a great tenant you want to ensure you have one on one with to see if it's a good fit and they've applied, you could tell them to come 15-mins early.    Hits on google mean nothing, sadly people applying, really doesn't mean much-- focus on those who you have personal contact with, whether they apply or not-- those people putting effort in will be worth it.  

Personally, if someone applies-- I always call them, and hope to talk, but there have definitely been times even after applying, people don't even call you back, which shows the interest level. 

I definitely wouldn't apply and spend $$ unless I saw it, and honestly if a rental place was charging me or saying I had to apply and spend $30 to look at it, I'd assume they'll be jerks and penny pinchers, and wouldn't want to rent there.      

@Christopher O'Brien,

Life is all about strategy-- and playing the cards you're given!     Make sure to get  a 3/2 or 4/2, bathrooms really matter!  

 I watched something last night on this, and all  I could think was... wow, we should be renting out rooms!  lol   Definitely opt for the multiple bathrooms, have specified food areas, NO PETS, month-to-month leases, no couples, no drama-- and absolutely hire a cleaner every week or two. I think roommates are best when cordial, but not friends, so stick to professionals!

@Maayan Cohen

It depends on what your goal is.   

If you want a family with 3 kids, and a dog, to probably stay there 5-15 years, school districts matter as once the kids are in school, they won't want to move-- yes, it matters.    People will pick a house based on schools, and will absolutely look the other way for cosmetic stuff if it's the right schools. 

That being said, everyone needs a home. There are a lot of great, non-family tenants! My houses are in one of the worst school systems in VA (it's getting better!), I only have a few families, most our tenants are older (50+) who really don't care about the schools and instead care the most about cheaper rent.

Focus on who your ideal tenant is, and the risk vs. reward of all the options.  

@Account Closed,

No tenant is better than a bad tenant, any day of the week.      As others have stated, lower the price and get more applications!   I also do a move-in special, it helps people and makes more interested! 

 If her income is questionable,  essentially you know she is lying, and you're taking a liar?  Anyone can come up with a good chunk of $$, especially around tax time, or it might just be the stimulus check.     Also, a lot of low income people will be going through an eviction, so they stop paying their current landlord to have enough to  throw at a new one.. either way, no thanks.   

If you rent to her, you'll soon realize why people say screening is the absolute most important part of rentals!

@Stephen Homes,

Another thing to add, is check the eviction amounts...   sometimes landlords/PMs are quick to file, and cases get dismissed, those i don't worry about as much, as obviously things got back on track.. 

On the flip side, if the judgement amount is for thousands, it showed this person will be a HUGE PITA and won't move unless legally forced.    I ALWAYS look at the amounts, it paints a picture.

Personally, if you have other options.. I'd go with pretty much ANYONE else,  why in the world would someone want to give up an entire year and huge sum of $$$... so many red flags. that's just sketchy!

It's normal,  we see normally 1 per year, and we're happy for them to reach home ownership.     I haven't seen an increase in home buyers, if anything I'd say I've seen less movement (unless we end the lease), due to rentals prices jumping up drastically!   We had one tenant say they wanted to move because of schools, and within a week they wanted to let us know--- nope, they aren't going anywhere!  lol

@Gabriel Bures,

Welcome to BP!   Everyone starts as a little fish, with no experience  at the beginning, so just writing the post is a good start!   If you can sell, without a doubt become a real estate agent!  

  Think about what you want to do, where you start risk vs. reward, and find people doing that here!     It's much better than recreating the wheel, but  instead  learning from someone  (ex: find a mentor!)  and figuring out how you can even help them in the meantime!     If you wanna do C/D low income rentals, PM me.   

@James York

Every time  I see a post like this, I say a secret prayer to the land lording fairy, that the poster gets a a real, hands on experience, to understand-- why others might be against it.    It's about understanding-- both sides. I say this, as  I am experiencing the downside of renting to a charity program like section 8, and the houses are TRASHED.  Double security deposit helped and rent got paid from the charity, but  trashed is an understatement to how badly these people abused our houses. 

1) In VA, when a section 8 tenant moves, they have to give 60-days notice to their current landlord, so as an example-- i have a move in ready place now, so if a section 8 comes to me, and wants to move in May 8th, you think I'm going to pick to miss out on 2 months rent?

2) Another reason I don't like it-- year leases.  You're locked down, it feels like rental jail.  I  LOVE M2M, as long as everything is good... it's  kind of like a forever lease IMO.    It keeps it like dating and as long as both are happy-- awesome, stay forever!  1 year can feel like eternity with a bad tenant!

I  have 1 section 8 tenant, really great older lady, love her.. but I also had another section 8 tenant,  that made me swear I'd never do the program again--  HORRIBLE experience, super stressful, high maintenance tenant-- she literately asked my maintenance guy if he thought she could sue us (ps. we did everything right).  It's all about the person, program is just how you get paid.