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All Forum Posts by: Michael Plante

Michael Plante has started 69 posts and replied 2369 times.

Post: Pets in a No Pet Lease

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875
Originally posted by @Nathan Gesner:

Mike, you shouldn't have to prove anything. When someone is on a month-to-month lease, you can terminate their lease by giving proper notice. Most states require you give 30 days notice in writing. Some states require longer based on how long the tenant has lived there or some other ridiculous rule.

This guy is bad news, even without the dog, so you need to get rid of him. Clean the place up, bump it up to market rate, and be more deliberate when screening in the future.

 Am i beating a dead horse by asking when you will be moving to FL to start a PM company?

We need you here.  :) 

Today is good 

Tomorrow is worse 

Yesterday is best 

SW wants to sell more paint.   If they say the trend is now green and blue etc they can get people to repaint their perfectly good grey walls

Post: 200k and a very low dti what would you buy and why

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875

You can have:

Good cashflow 

Good appreciation 

Stable rental situation

pick two of the above . 

Take a look at the cities you are considering 

how much appreciation has there been in the last 5 years?   10 years?

Post: Spending Rehab Dollars

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875
Originally posted by @Jeremy Dean:

I’m on my 3rd flip and I want to make sure that I am spending money on the right details.  So far each flip that I’ve done we completely started from scratch in the kitchen and bathrooms.  New texture, paint and flooring.  My question is, now important are the small details?  For example the faucets, bathroom hardware, tub/shower hardware, doorknobs, etc?  Will these items really make a difference for the appraisal?

 For the appraisal maybe maybe not 

Quickness and ease of selling.  Maybe, maybe not.   Where I am houses are going under contract with multiple full ask offers on 2 days.   So a changeout of faucets etc probably wouldn’t make a difference 

How much are the houses selling for?   $100k I probably would just clean them if they aren’t bad.    $150,000+ yes I would change them out 

Of course keep in mind a ‘simple’ faucet change out can get into a lot more of the pipes are old, Shutoffs break while changing it the faucet etc etc.   

on the other hand Door knob change out takes approx 1.5 hours (figuring 8 door knobs) and around $150 for the knobs I do that as there is not much in the way of unexpected things you run into. 

Post: Tenant Applicants say the dumbest things

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875

Ah another reason I don't do rentals with condo associations or properties with HOA

Post: Tenant Applicants say the dumbest things

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875
Originally posted by @Aly W.:

My husband and I have 2 condo rentals in FL available now; one tenant was just evicted (that story will be in another thread), and one bought a house. So I'm having twice the fun with potential tenants, especially in this market. In 1 week, I've had over 500 responses. The rental requirements are clearly listed on all the sites I've posted them on.

They're listed right at the top. No one reads. Of the 500+ responses, only 6 people have been qualified to see the condos, since I pre-screen. Thankfully, most applicants self-eliminate immediately.

Some gems:

Applicant: Yes, I meet the requirements

Me: What is your credit score?

Applicant: Why do you need to know all this?! I don't give no information to no condo association, you realtors is all RUDE AF!! (I'm not a realtor, but whatever)

Next Applicant

Me: Have you read and met all the requirements in the listing?

Applicant: Yes

Me: Is your credit score a minimum of 650? 

Applicant: No

Me: Ok, then you didn't read the requirements

Applicant: Not really

NEXT!

Next Applicant: Yes, I meet the requirements

Me: What is your gross monthly income? (the rent is $1650)

Applicant: I make $12 an hour and I work 40 hours a week

Me: So what is your gross monthly income? (I already know, but she isn't sure, so I tell her what it is)

Applicant: Yes, right (she has 2 kids)

Me: That leaves you with less than $300 a month for all other expenses, like utilities, food, gas, renter's insurance, phone, car repairs, medication, etc.

Applicant: Yes

NEXT!

Applicant: Yes, I meet all the requirements

Me: Do you have a verifiable rental history?

Applicant: Yes, I live with my mom (or grandmother, cousin, friend)

NEXT

Applicant: Yes, I meet the requirements

Me: Do you have any evictions, judgments or criminal activity?

Applicant: Yes, but it wasn't my fault. The landlord didn't fix anything, and I made some mistakes when I was younger, but now I have kids and we need a place ASAP.

Me: So you don't meet the requirements? 

Applicant: Yes I do

NEXT!

Applicant: Yes, I meet the requirements. I live in (name any other state besides FL, where the rental is), and I plan to get a job as soon as I have a place in Florida.

Me:  So you don't have verifiable income? 

Applicant: Not yet, but I will. 

Me: Any verifiable rental history? 

Applicant: After 2 divorces, I now live with my boyfriend but I don't trust him and I need to feel safe with my kids. My ex husbands owned our homes before, and I really want to have my own place. My boyfriend will tell you I live here, but I don't want him to know I'm leaving. He's not abusive, but...(and continues to talk)

Me: I'm sorry, good luck with your search.

NEXT!

Applicant: No, we didn't read the requirements

Me: What are your credit scores?

Applicant: I really don't know

Me: Do you have a rental history?

Applicant; Yes, we've been in this apartment for a year, the landlord is raising the rent to $1500, so we have to move.

Me: You understand this condo is $1650 a month plus utilities?

Applicant: Yes, but we make a combined income of $3000 a month....I think. I'm a server and he's a car salesman, so I'm not sure exactly what we make, it's different every month. 

NEXT!

Applicant: Yes, I read the requirements, but your security deposit is so high, is that negotiable? 

Me: No

Applicant: But in Illinois, our security deposit was only $400!

Me: Do you live in FL now?

Applicant: No, we'll be moving soon and getting jobs there.

Me: You might want to reconsider Illinois

NEXT!

Applicant: I meet all the requirements but the credit, I have a 630 right now, it went down due to Covid

Me: 650 is a listed requirement

NEXT!

Applicant: Yes I do meet all requirements. However I have no previous residential rental history. Is that an issue?

Me: Yes, that's a listed requirement

NEXT!

Applicant: I meet all the requirements. Is it OK to smoke medicinal marijuana outside the unit? (there is no smoking inside)

Me: That would be frowned upon by the neighbors and the association

Applicant: No problem, I can smoke in my car. And I had a few issues with the law, but that was years ago. My credit's not great, but I'll have a roommate to help with the rent. No, I don't know his credit score or how much he makes, I'll find out. 

NEXT!

Applicant: Yes, we meet all requirements with excellent credit scores, but I don't give out any more information without seeing the place.

Me: That's not how it works

Applicant: Why can't you show it to me??

NEXT! 


That would drive me insane

We don’t speak to anyone until they fill out the application as well as pay for a background check through a third party 

Which they receive a link to in a text message 

IF they qualify we text them the date and time to see the property.  Everyone gets the same appointment date and time 

First one with the cash gets the keys 



Post: Potential buyer with an FHA loan

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875

The way this is such a great sellers market I no longer accept any FHA offers

They are too much of a pain to me and the houses sell without them 

Post: Best short term rental management company?

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875
Originally posted by @John Underwood:
Originally posted by @Michael Plante:
Originally posted by @John Underwood:
Originally posted by @Michael Plante:
Originally posted by @John Underwood:

The person I'm the mirror.

Why - because no one has more incentive than you to outperform the  PM that is trying to fill 100 other properties too.

Plus, easy to self manage from your phone and save the 30% PM fee.

How do you handle the housekeeping for a long distance STR?

 Just share the schedule with the cleaners.

 Thank you 

I am looking at getting a vacation home approx 1200 miles from where I live 


How would you suggest finding cleaners for a couple times a month to start?

 Absolutely. That way you can vet them before you get busy.

 I am not being very clear

Say I buy a house for STR

How do I find someone to clean it?


thank you

Post: Best short term rental management company?

Michael PlantePosted
  • Deland, FL
  • Posts 2,434
  • Votes 1,875
Originally posted by @John Underwood:
Originally posted by @Michael Plante:
Originally posted by @John Underwood:

The person I'm the mirror.

Why - because no one has more incentive than you to outperform the  PM that is trying to fill 100 other properties too.

Plus, easy to self manage from your phone and save the 30% PM fee.

How do you handle the housekeeping for a long distance STR?

 Just share the schedule with the cleaners.

 Thank you 

I am looking at getting a vacation home approx 1200 miles from where I live 


How would you suggest finding cleaners for a couple times a month to start?