All Forum Posts by: Sam Leon

I would need some proof of funds, not a statement of $12,000 in the bank today that might have been a loan from a friend for this purpose, but a bank letter saying how much average balance over last 3 months to reflect this isn't a sudden deposit.

Since she said "going back to school" and she is in her mid 30s I assume she has an employment history, so tax returns and prior employment is to verify her ability to earn, unless she's been a house wife and never worked and now is divorced and living on alimony so that would be "other income".

Escrow may be an answer.

I am asking 3 months to move in anyways (first, last, security) so it's higher up front cost to move in. She asked to repaint the interior to match her Tuscany furniture...I said no problem, we both go to Benjamin Moore and pick out & agree on a color, I go hire a contractor and get a quote. We then sign the lease and upon lease signing the first last security PLUS paint job is to be paid, then I get the painting done prior to the move in date, she doesn't have a problem with that.

This makes it a challenge as there is no income verification possible.

I am going to ask for tax returns last few years to see previous income levels.

But without income, applicant says she has enough funds saved up.

I am on the fence on this one.

I haven't check anything yet, I will - if I decide to not reject her based on no verifiable income - then there is no point checking the rest.

What would you accept as an alternative to income?

Proof of funds for 1 year lease term, say a bank letter saying she has this fund in her account and the average balance over a year?

LOL, just be aware not everyone will like a scented room, especially if its too feminint.

I am thinking closets because many people are not adversed to scented closets because most cedar lined closets are scented and many put moth balls too.

Could advertise "scent enhanced closets" and a good conversation starter. Another option is to buy all the same samples and have the tenant select the scent upon lease signing.

Ocean breeze, mint julep, wild berries or sweaty arm pits, your choice haha!

When it comes to improving a property I tend to do the opposite to the conventional wisdom.

I know you appeal to the most by staying neutral.

Yet if I repaint my interiors I always go with lime green.

...and sometimes I throw money into an unnecessary project just because I wanted to experiment with something. Last year I did a landscape project at one property because I have always wanted to do it, and the year before I put in a concrete countertop because I wanted to try a small one before I have one installed in my actual place of residence.

Things that don't always make business sense.

Nonetheless they do end up differentiating your offerings.

So, I noticed a product some time ago called Paint Sensations. It is an additive to paint that makes your house smell good. First I saw it I laughed, why would someone put a permanent scent in a home? Do you really want tropical strawberries 24/7/365? But I was at the paint counter at a Home Depot a few times lately and you know it has a line and you wait your turn. During the wait I kept seeing guys come get this stuff and I can't help but strike up conversations with a few and some were contractors whose female clients prescribed this, some were husbands told by wives to get this. Its way more popular than I thought.

Now I am thinking of repainting two closets with this. No reason, makes no business sense, may drive some applicant away even, but I am curious about this stuff.

Should I do it?

...and say in my ads that my wild berry scented closets beats those cedar lined closets! LOL.

What are some things as a landlord you did to your properties that were not strictly driven by "nbers"?

Thanks K. Marie Poe and James Wise. That makes sense.

In the MLS a property is being advertised by a realtor, but the description says "

Non representation listing please call owner direct". Does this mean the realtor does not have exclusive rights to sell the property and the owner is probably advertising the same property on one of those by owner sites?

I am curious when you say "group showing at 5:30".

Did you actually scheduled to have everyone show up at 5:30, or you meant one at 5:30, another one at 5:45, another one at 6 etc...?

I wonder how difficult it is to actually do a group showing for rental. Does it make it difficult to get a better read on an applicant with multiple people at the property and the dynamics is different?

Do you just let each one look around by themselves, or do you actually gather them and talk to the whole group once?

offer them a 10 year lease where the rent slightly decrease each year.

encourage them to customize the property such as built-ins, landscape, paint colors so they grow attached.

as they stay longer and longer you might feel more and more secured because they have demonstrated their reliability so you can start to return some of their security deposit...what's that car insurance company that offers the "vanishing deductable"?

established long term tenants get to participate in new tenant screening, in that they get a say who they want as their new neighbors.

established long term tenants are classified into gold, silver and bronze statuses with gold being 5 years or more. Depends on your status if u pay rent on time each month you may get a 1.5% cash back from your rent and I say "may" because the reward is a rotating category that changes month to month sometimes its cash back sometimes its a dozen of bagels sometimes its a 20 pack AA batteries.

Uhhhh...ok...I was joking, relax... :)

I also have a 2/1 in a very nice area that I have been struggling to fill...for 6 weeks months now.

I used Postlets, CL, onsite flyers...

I do get calls, mostly from desperate people who wants to move immediately. I got a call from someone from Pakistan on Thanksgiving Day and wanted to move THAT day.

Most do not pass pre-screening, I mean you don't even want to hand them the application.

But in my case, I know why. It is because I am asking three months to move in. First month's rent, last month's rent and a security deposit. I also ask for no smokers and no pets. But the big thing is no pets and 3 month move in.

Now, my other properties are SFR, and asking 3 months wasn't a big inhibitor. I figured if you can't put up 3 months, you may have problems meeting your obligations.

Checking around the same area, out of the 14 other similar properties for rent, only two other places asked for 3 months like I do, the rest are either "NO DEPOSIT" or "$499 MOVES YOU IN". Rent is competitively priced.

For me it's OK because it's a place I bought and I inherited a tenant, and this is really the first time I am able to do anything to it, so I have been fixing and upgrading a bit here and there. But now that I am done, I really need a tenant.

I am thinking of relaxing the 3 month rule, and may be allow cats. Not sure.

This is not my day job so I doubt I will get a license just so I can do searches on the MLS.

...and this is more than just searches, its also efficient navigation and organization with the results.

Once upon a time I did have an agent set up searches and emailed me daily. That didn't work, the email contained a list of drop down options with each property being one option, then he tried something else and got me another format which contained a list with each one that says "view". So a list of 28 properties came with 28 identical words saying "view" and you click each one to see details. I started looking for other ways. Besides, my searches are pretty specific, depending on areas and specific for each areas, and I tweak them from time to time, its just too much hassle to burden someone with that.

Some sites are behind. Zillow, Trulia, Movoto are late by multiple days.

FloridaMoves.com, Realtor.com are much more updated but their user interface seem to have been done with software contractors who have little experience with this domain.