All Forum Posts by: Mike S.

I like the 5mm LVP from Lumber Liquidators.  1/2-1/3 the price of Allure, great quality. So easy to self install.  All you need is some kneepads and utility razor blade( maybe an undercut tool for doorways).

I understand some like to collect and select applications.  Personally it's bad faith taking an application without intent to rent it out to them.

My practice is: 1) Have concrete selection criteria 2) Process applications in the order they are received 3) First qualified applicant is accepted. 4) Stop processing apps 5) If accepted tenant puts in holding fee/deposit, refund application fee for any other tenant and tell them I accepted a previous application.

 Explain how they are not legal reasons.  You can reject applicants for reasons unrelated to protected classes.  Personality or attitude are not protected.

They're absolute garbage every single one of them.

You want new paint, $2000 deposit to return it as is. New cabinets $5000 deposit.  Ways to say no without saying no.

I had someone say they wanted me to re-pour the concrete in the garage.  Anybody that comes in and mentions changes should be shown the door.

Simply put, if your decision to not rent is based on their credit, you need to provide an adverse action letter. It needs to have credit score (if reason) or others factors (active collections, etc.) and name and contact info for the credit bureau used.  Google adverse action letter.

 Out your way is likely not legal.  Lease transfers to the estate. Unless your lease specifically addresses owner death(unlikely) the estate and heirs are bound to the terms of the lease. 

The lease is also legally binding on the tenant.  The estate and heirs can hold the tenant to the terms of the lease.

High School friend and brother in law are plumbers.  It means sometimes I get discounted rates (sometimes not).  If it's not a broken pipe, immediate fix needed, or requires special equipment, I do most of the work myself.

I like to think of it in terms of leveraging your money and where that money is best spent.  15-20 years of life span on asphalt and let your tenants pay for it over time or pay upfront and let someone else inherit the savings long after your gone. Instead, put as much towards your next property purchase and don't look to maximize expenses on existing properties. 

 No one says you have to make money or make the most money on your rentals.  My one and only point is that I've never experienced lack of tenant longevity due to raised rents.