All Forum Posts by: Malkia Ra

Yup, Furnished Finder and AirBNB.

Initially I received the most response via AirBNB; however after the opening of a new medical center within a 7-mile radius of my rental, I've noticed more traffic from Furnished Finder.

 Yup, this would be the best practice.

I've rented/listed my MTR via both third-party booking sites (they screen) and self advertisement (I screen).

For tenants that do not book through a site, my vetting process is no different from what I do for LTRs; application, background check, etc. and the tenant pays for the screening.

I encountered this when I started house hacking.  I had a conversation with the tenant.  

The experience prompted me to revise the lease template to include specific parameters for guests of new tenants going forward.

I started my real estate investment journey through house-hacking.  Here's what I've learned:

1. Don't rent to family or friends.

2. Landlording is a business.  If a tenant is under the impression you are or want to be their friend, things go downhill.  That said, if addressing issues and maintaining the relationship as strictly business is hard for you, hire a property manager.

3. The higher your screening standards, the better potential tenants you'll attract, even when HH.  I've received unfavorable feedback from unqualified tenants; from their perspective, my screening process is "over the top" (as one put it), because I was renting the basement "not a real apartment."  This type of feedback from my screening process is nothing more than "the trash taking itself out".  They're salty because they're counting on house hackers to be lenient with their screening parameters, and some HH are.  Don't be that HH.

4. Everyone signs a lease.  Whether a tenant wants to rent from you on a short term basis or an indefinite amount of time, make your tenant sign a lease.  Additionally, when starting out there's always a learning curve... that said, don't hesitate to revise your lease template as issues or concerns present themselves, so that you're covered going forward with the next tenant.

5. Put it in writing.  Verbal conversations hold no weight.  When an issue or concern arises, always put it in writing.  Any verbal conversations should be followed-up with an email or text of the conversation,  next steps, etc.

6. One of the advantages of HH is being present to keep a watchful eye on your property and the activities of your renter.  When you notice something, address it immediately.  The longer you allow anything to go on unaddressed is like giving the tenant the green light to continue.

More to come...

Agreed.

My lease template indicates criminal activity by any occupant will result in lease termination.

I completely agree with the previous commentor.

I also want to add by accepting the voucher you also agree to regular property inspections by the agency.  Count on them to find something for you to repair/replace during each visit.

Generally speaking, you will find Section 8 voucher holders are of a particular class/caliber.  This class of renter typically causes neighboring homeowners to become upset, and/or push solid, market rate rent-paying tenants to find housing elsewhere, as the propery's image and value will almost always decline.  

As a landlord, the immediate deal-breaker for me has always been the laundry-list of rules and regulations I'm required to abide by if I participate in the program; however, the agency is under absolutely no obligation to remedy debt or damage created by their voucher-holders.

I too have recently started adopting this practice.

 Yikes!  Duly noted.