All Forum Posts by: Michelle B.

Nick N. I currently have one tenant on S8. She has been with me (at multiple different properties) for a long time (6+ years). She pays her portion of the rent on time and takes very good care of the property. Most of my properties are on expensive side (for the area) and therefore I don't offer S8 on them. Over the years I have had a few S8 tenants in my duplex. Some were good and some were not so good. Which is really no different from my non S8 tenants. My properties are all in a B+ area. So, I really think that plays into it as well. I get a better class of tenant from the start (S8 or not). As someone else mentioned - it's all about the screening....and knowing going into it that if things go bad - you aren't likely to have good options for recovering monies owed (they likely won't be good candidates for wage garnishment). Good luck! Michelle

Chris Campbell You executed the lease without having the security deposit? Was your plan to waive the security deposit all together or were they supposed to pay it at a later date? I would not allow move in without the security deposit and first month's rent. This is a glimpse of your future. If they can't come up with the required move-in amount, they will likely never maintain the monthly rent going forward. Mike Cumbie has it right. Terminate the agreement and find someone else. Hopefully your lease indicates that they are required to pay the full move in amount before moving in... BTW - I love the area you live in. We used to vacation there every year when I was growing up! Good luck, Michelle

Tyrel Ferris Do you need her income to qualify? If not, just apply for the loan in your own name. You are not required to both be on the loan. Good luck! Michelle

Tony Castronovo I actually have them sign a completely separate document that outlines the holding fee agreement.

Tony Castronovo I collect the full deposit at lease signing of which at least 50% is considered a non-refundable holding fee. When they move in, it transfers to their security deposit. If they flake out - I keep it. Good luck! Michelle

Matt Shope I am by no means a DM expert. We recently started sending our own mailers out. We have not used any sources that require us to pay for the actual leads. Instead, we get listings of properties that are delinquent on their taxes, are in probate or have code violations. All free from our county. Our first deal was secured via a tax delinquent list. In that first mailer we sent ~500 letters (handwritten). In my limited experience I get more calls on new campaigns (not that they all lead to deals). I would probably send to a fresh list each time (until your initial budget is depleted and you close a deal) before remailing to the same customer. Once you increase your budget, go back and remain to the ones you already touched once. Good luck! Michelle

Raghav Haran Have you defined what you are looking for? If not, I would do that first. Determine what is most important to you and what assistance you will need throughout the process. Do you need help identifying a target area? Do you need help analyzing the deal? Do you need referrals for contractors, title companies, lenders, etc etc etc? Will you use this same agent to list properties (if your exit strategy is to resell)? Are you in a competitive market? Do you just need someone to open the door? Have you thought about just using the listing agents on properties that meet your criteria? Everyone's definition of a 'good' agent is different. Just need to outline your expectations so you can find a match. Good luck! Michelle

Flora Granter I will not rent to anyone with any prior evictions (or judgements from prior landlords). Doesn't matter what they claim the situation was or how long ago it was.... Good luck! Michelle

Irwin Haddox Most of my rentals are greater than $1000 a month, with my highest being $1400. Most of my renters are people that make plenty of income to afford it but have less than stellar credit and therefore can't (and likely never will) qualify for a mortgage. Cheers! Michelle

Jimmy Jamz I don't think your logic is faulty at all. Pride in ownership goes a LONG way. I have a duplex in an area surrounded by similar properties. I have shopped (and still do) all my competition and they are garbage. Their 2 bedroom units rent for around $500-600. I get $750 for mine. Their 3 bedrooms go for 600-700 and I get $900. I also have them rented within a couple days of putting them on the market. Heck, my pest control guy even comments about how nice my duplex is and how not so nice the other ones in the area are. Making those types of investments doesn't sound like the wrong decision to me. Good luck! Michelle