All Forum Posts by: Michael Robbins

I do not allow guarantors.  In a situation like this I would let the applicants know that you do not accept guarantors but only leaseholders. So the person wanting to be a guarantor can instead be a leaseholder (but does not have to live there).  It will essentially work out the same for them.  The reason I like this is it makes crystal clear to the applicant wanting to be a "guarantor" that they are equally responsible in the lease (not just financially).  For example, if you have to proceed with an eviction then that eviction would also be on the "guarantors" record.  That being said I would make sure to still run credit and background on the applicant who is not providing the income. 

I might propose having the tenant pay a portion of the water bill for the high month.  For example, the tenant will pay a portion equal to the average of her last three months of water usage.  And then the landlord pays the remainder.  

I ask for one of the following for proof of income:  Job offer letter, last 3 months of bank statements (no business account bank statements), 2 recent pay stubs..

Of course make sure to still run credit.  In your situation I would accept the offer letter. 

look into "yardi breeze." 

I chose to invest in rental properties in "new Henderson."  In particular 89052 (Anthem area), 89044 (Inspirada), and 89072 (Green Valley). Those might be areas to consider. 

I would keep it simple and follow the lease and let them know you have no choice but to move forward with the eviction.  Its so difficult to predict what will happen.  Will the tenant even move out?  Will the tenant leave the place in good condition? With all the unknowns I say follow the process.  

I would move on to the next one.  Even if the seller is offering to make the repairs.  If they could not do it right the first time around then I would not trust them to make the repairs. 

I like including a "buyout addendum."  The buy out addendum states the tenant is responsible through a 60 days notice (rent responsible regardless if they move out early) and the buyout fee of $1,500.  

So basically, two months rent plus the buyout fee of $1,500.  

I selected an umbrella that will cover my assets.  I have updated it over the years to keep up.  

I would take a look at the signed escrow instructions as well.  I have seen it where the escrow instructions include a provision to release the earnest money to the buyer after 6 months.