All Forum Posts by: Charley F.

Hello Bill and Nicole:

Yes, I see the pattern and both of your comments are indisputable.

This is the first time I give her a break, at least of this caliber. I went over my options and decided to take this route because it gives me some peace of mind I was able to work a doable option for her. Yet I am ready to proceed the minute she does not comply with the agreement.

I offered her an option #2 which was to live last month rent on December and move by Jan. The offer included break the lease with no repercussion other than few minor things as agreed on the lease.

I will certainly let you know how it goes.

Greetings all:

Thank you for all your suggestions. I ended up combining some of your suggestions, the tenant agreed, and I hope helping her works out.

Here is what I did:

- Did not accept Last month rent as December payment.

- Offered to accept half of Decembers payment along with a late fee pending from last month (her first late payment) as well as a late free for December.

- The other half of the rent would be payed in two additional payments, one in January, the last one in February.

I am hopeful that she understand the flexibility we have applied to help her out and that she do her part as agreed.

Thank you for all your great comments and suggestions. Happy 2014 to all and that is a great year for your investing business! :)

Hello All:

Here is the story. I just go informed by our tenant that she didn't make enough money to cover the month of December. She is requesting to use the Last Month Deposit as payment for December.

There is no much options here, although I feel limited in seeing the bigger picture.

What would be the best possible option considering the circumstances?

This tenant hasn't been perfect, minimal problems but always got payed. Her lease was renewed for another 6 months.

Looking forward to hear your thoughts.

Hello All:

Here is the story. I just go informed by our tenant that she didn't make enough money to cover the month of December. She is requesting to use the Last Month Deposit as payment for December.

There is no much options here, although I feel limited in seeing the bigger picture.

What would be the best possible option considering the circumstances?

This tenant hasn't been perfect, minimal problems but always got payed. Her lease was renewed for another 6 months.

Looking forward to hear your thoughts.

Interesting observation Ryan. How would you approach it if you were to have a similar case?

Today I got contacted by my PM to tell me that our tenant wants to modify a portion of the landscape.

It seems that the bushes on the sides of the driveway is bothering the tenant, as she is unable to comfortably park two cars without having issues when opening the doors. Mind you, that the property has a one car garage and a driveway that allows for one big car and in the best of the scenarios, two small cars.

She says she will cover the expenses of the modification.

There are pros and cons as any other thing, but I am hesitant (as a new RE investor) as to what is the best outcome.

For one thing, I like the bushes she wants to remove. Also, in theory, she shouldn't park two cars in the drive way. Thirds, she wants to plan bush daisies which does not look as nice as the bushes.

On the plus side, she pays on time, minimal complaints. Although we have spent about $2K in repairs as per her request (damage dishwasher, old fence with visible nails) these were due fixes.

The way she sounds in her email is as if she is planning to stay long term, at least another year (he lease ends in 3 months). She refers to the property as HER home.

My question is, should I let her do it?
Wouldn't this open a pandora box for other requests?

I am leaning towards letting her do it. I don't think she would spend money (although her boyfriend will do the job, he is a landscaper) to a property she is planning to move from. Also, the cost of finding a new tenant is higher than letting her do it.

Nonetheless, I would like to hear your comments.

Thank you guys in advanced.

Thank you Daniel, Rob and Awe!

I am trying to see if the formula we are using at the moment is the most effective. My current PM works during the day and I wonder if the fact the the property cannot be shown during the week is against my interest.

My first property took about 2 months to rent, and this second one will be also 2 months in 10 days. Considering that many PM companies in the area suggest they can get tenants in the 3-4 weeks, it is not unwise to try to understand the whole panorama and adjust to maximize the potential.

Hello all:

If we were to segment the week in two, working days and the weekend, of those two, what would be the most relevant when it comes to possible tenant inquiries and interest in seeing a property for rent?

Are showings higher on the weekends?

I am interested in learning a bit more about this because what we have been doing so far is to schedule showings during the week (work days) to show them during the weekend due to the scheduling of our PM.

I wonder if this works against me or if this formula works, and if it works should be considered permanent and revisit from time to time or if it should be done on certain circumstances.

Your comments, as always, will be greatly appreciated.

Jeff S. Hi. I should have said "minimize" instead of "avoid some", much clearer. I do understand risk is part of the business, I am particularly interested in minimize them as much as possible.

Rob K Dave Ramsey seems to be a famous guy around here :)

When should a landlord require to see bank statements of the applicants to see their financial stability?

I was recently advised that is common practice in the industry NOT to ask for personal bank accounts UNLESS the applicant has a low credit score. This in order to help the applicant while the landlord see if the person can meet their financial obligations.

I wonder if this is common practice, how can landlords avoid some risk? For example, what if the applicant has a good credit and a job but a low bank balance, and then, all of the sudden the tenant losses his/her job?