All Forum Posts by: Michael Robbins

The best way to qualify a potential tenant before showing:

Move in date, any pets, special preferences in a home, lease term...... Next ask for contact information and inform that you will be emailing over the property brochure and qualification acknowledgment.  After the documents are reviewed see if the tenants would still like to visit the property.  The qualification acknowledgment should include minimum income requirements (ex 3x rental amount), minimum move in timeframe from when app is submitted, proof on income accepted, verifiable rental history, etc.... 

@Marita Jojo I guess it depends on the damage. If it’s cleaning and general handyman stuff I would still have estimates from at least handyman company. This shows it is third-party estimate and not some number the landlord comes up with.

@Sara W. the first step is to read the lease and let that be the guide.  Assuming that the lease states you can charge the difference from damages, cleaning, etc... that exceed the security deposit (which I would be surprised if it didn't) then my suggestion is to proceed as follows:

1.  Take a lot of pictures and video of the state of the property upon taking possession

2.  Have professional and licensed vendors provide estimates and when repairs are completed then keep copy of the invoices

3.  Send balance due letter to former tenants within the 30 days of move out and be clear on the next steps.  

My suggestion is the letter provide options and timelines.  For example, be clear on the balance due (provide itemized statement), be clear on when the balance is due (specify the date it must be received).  Sometimes it pays off to offer some flexibility.  Consider offering a payment plan at no interest to payoff the balance.  The payment plan option shows you being reasonable as a landlord (in case you later go to court) and you end up collecting more of the balance vs sending to collections... Also, be clear that if the balance is not paid by certain date or payment plan is not entered into (with first installment payment) by specified date, then balance will automatically go to collections and could impact credit.... 

@Kristian L. I would focus on paying down debt and rent growth.  In particular, determine if there are any small rental property improvements that will give you the opportunity to ask for more rent.  For example, Invest $3,000 in new interior paint and maybe you get $75 more per month.  In my opinion that extra $75 per month is a good return on the $3,000.  

@Dan Trinh my opinion is the resale value will go up in this situation. It is good that you are grandfathered in. In order to get best of both worlds I would make a suggestion to the HOA board that if a rental property owner sells the home can still be rented out. So the rental exemption passes through to each owner. The justification would be when the original investor purchased it was with the understanding that the home could be sold to other investors....

I would refer back to your original purchase agreement with the seller.  Was there any requirement of the house being vacant before close of escrow?  When I am representing Las Vegas rental property investors making a purchase I always include a provision that the home must be vacant before close of escrow.  We also inspect the home to confirm a day or two before we close.  You might also check the sellers real property disclosure.  Did they disclose that the home is tenant occupied?  Best of luck. 

@Jeffrey Chang I would charge the tenant if you are certain there was not other way for the cap to have come off besides the tenants actions.  If the cap was not secured property to begin with then that would be a different story. 

@Marianthi Kyritsi There are several options.  I would consider reaching out to Corina Jacques at Noble Title.  Its good to interview at least three companies.  When I have assisted buyers and sellers my experience with Noble Title has been good so far.  Regards. 

@Chilly Nathan well to offer one example of Las Vegas/Henderson NV. I was recently assisting an investor in purchasing a Las Vegas townhouse. The townhouse is an A property, gated community, two bed, about 1200 sf, one car attached garage, with only about $3,000 in upgrades needed. The listing price is in the $270,000s, HOA $150, and will rent for $1,600-1,650.

@Peter Morgan I would stick with your minimum rental qualifications.  If the applicant does not meet the 3x the rent then double check the income.  If income is still not met then I would follow the qualifications.