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All Forum Posts by: Mindy Jensen

Mindy Jensen has started 475 posts and replied 6436 times.

Post: Bigger pockets help function? can't reach Submit button

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048

Hi @Tim S.

I'm sorry you're having this issue. I've alerted our developers and hope to be able to share a solution soon.

Post: Is This An Undercover Co-Signer Attempt

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048
Originally posted by @Iesha Padilla:


...

For me, red flags seem to be popping up all over the place. Are they attempting to use the father as an undercover co-signer and should I decline the application? and if so, on what grounds can I do this?

This is my husband and I's first time renting to people, as we are first time landlords. Any and all advise is welcome. Thanks

I love that you're recognizing the red flags. I see a lot of them as well.

I would sit down with your husband and write out criteria for who you will rent to.
Minimum credit score (650is a number I see frequently)
Minimum income (3X rent, verifiable by check stubs and a call to HR) 
Maximum number of tenants in the unit (most places state 2 per person, plus one additional person)
Pets (yes or no. Deposit or fee? A deposit is refundable, a fee is not)
Past Evictions? (some states do not allow you to screen for past evictions, learn your landlord tenant laws)
Criminal History? (Again, some states do not allow you to screen for criminal history.)
Landlord Referral (not the current landlord, the one before that. If they won't answer, that's an answer itself.)

Please note that you cannot discriminate against any number of reasons that are found in fair housing, including familial status, race, gender, sexual orientation among many others.

Write out your criteria and do not deviate from it. So many new landlords will let their criteria down a little for someone. Don't be tempted. It never ends well. I've heard countless stories of landlords who say "My worst experience with a tenant was when I made an exception.

Screen over the phone before giving the address and setting up a showing. If they don't meet your criteria, then they don't get the information. 

If you catch them in ANY lies, they are out. 

Get yourself a rock solid lease. 

Never accept partial rent payments or partial deposits. You want tenants who can easily afford the property, not excuses for why their rent is late.

Post: Finding pertinent information in forums?

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048

Hi @Roger Kelley. We're working on updating our search function. I hear you. 

Post: Looking for rental in Durango!

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048

Yep. She'll be the BEST tenant you ever have. 

Post: EV Chargers in Rentals

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048
Originally posted by @Tracy Streich:

We are a long way from needing this as a standard.   I would think if a tenant is really wanting one they can pay for it.   Saves you the money.   

*They can pay for YOUR electrician to install it and must agree to leave it with the home when they move.

I would be very clear with my wording to any tenant who wanted to have something installed in my home that I did not plan to install. They have to pay for it and leave it when they move out. 

I had a charger in my last rental, because it was my primary residence first. No tenant ever used it.

Post: SFH versus condo/apartment DENVER

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048
Originally posted by @Justin Kramp:

@Justin Hoggatt thanks so much, what are some other markets outside of Denver that are growing for SFH?

I’ve been eyeing Longmont as an option too.

I'm up in Longmont. I just checked the MLS. There are 17 Single Family homes on the market below $750,000 list price that are either Active or Coming Soon. We'll probably get up to 25 by EOD Friday. By Monday, there will be less than 15 and probably less than 10.

Longmont used to be affordable, but now it's just like everywhere else. Outside the manufactured home for $104, the 2 income restricted homes at $225 and the 3 houses listed at $350 but will sell for much more, prices start at $415,000 and rapidly rise.

Post: So what will all the broken pipes do to lending in Texas

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048
Originally posted by @Julee Felsman:

@Jay Hinrichs 

The UST was pretty simple to pass, although by the time I got around to taking it (a few years ago, when I wanted to start adding licenses to my long-time OR/WA), I had to redo the initial 20 hours.

A few states require the 20 hours within X years of requesting a license from them (3 is common).The hardest state is Utah. Because I'm the branch manager, I had to take a 40 hour PE before I could apply for my license AND take a proctored test on just Utah law. Got that one knocked out this winter.

Now I'm just waiting for NY to get around to processing an application I submitted 4 or 5 months ago and I'll have collected the whole set. I actually have an sticker map of the US at my office (you know the kind you see on RVs?). Just itching to put that NY sticker on there. :)

My annual CE for all states is about 29 hours for all the stages plus 8 hours for Federal. So it's a commitment. But I do keep up on all the regulations that way, so not a bad task to have to tackle. 

I have hives from just thinking about all your CE. I can barely get my annual Agent update coursework done before 12/31 every year...

Post: tenant is stealing electricity

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048

Can you install a locking cover on this outlet so that maintenance has access to the outlet but the tenant does not?

Post: Title Company, Commission and Closing Real Estate

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048

@Anthony Jones, ultimately, it is on you to read the contract. While the agent DID make a huge mistake here, you should have read the legal document you signed and are obligated to abide by.

I would reach out to the agent's employing broker. In almost every state, an agent is required to "hang their license" beneath a more experienced agent. Reach out to that more experienced agent, share your frustrations and concerns, and your solution. See what they say.

Post: Rehab tip of the day

Mindy Jensen
ModeratorPosted
  • BiggerPockets Money Podcast Host
  • Longmont, CO
  • Posts 7,341
  • Votes 10,048
Originally posted by @Steven Westlake:

@Marian Smith - absolutely- that house was new in 1983, normally the cut off year for all the bad issues is 1978

1978 is the cut off for lead paint. 1979 is the cutoff for asbestos, but you were allowed to finish up your supplies so you're seeing asbestos into late 80's builds. Popcorn should always be tested before scraping.

After pulling down the wallpaper in my daughter's room, I want to murder the person who invented it.