All Forum Posts by: Mooko King

I have a potential renter lined up for when the current one leaves at the end of this month so I wouldn't have a vacancy for the upcoming year. Do I take the guaranteed income and wait to sell it next year? I'm afraid of putting it on the market for sale now and have it sit vacant since its going to be winter when the market is typically slower for sales. I'd also be getting some equity/principal of around $2500 a year from the mortgage payment on top of the $2000 profit.

I bought a condo in 2006 at the peak of property prices, the prices have just started to come back up this year to the price I paid in 2006.  Last year was the first year I rented it out since I had to move out of the condo for a job relocation.  Currently I am renting it out for $1850 a month which nets me a profit of $2000 a year after paying off the mortgage, realtor fee, and all other expenses.  The current tenant is moving out and I'm trying to decide if I should continue renting it out or selling it.  Is this too small of a profit to keep it as a rental property or should I try and sell it now and recoup what I paid.  I am worried about unexpected expenses or vacancies, I am also worried if the market goes down again that I would be stuck with this rental property.  The unit seems to be easy to rent out from what I can tell but I'm not sure what to do.

Here's the situation, my tenant in my condo property claimed there was water leaking in the ceiling above the shower.  Immediately I contacted the condo owner upstairs and told him to look into this issue asap.  He called the condo building's management company who sent out a plumber to take a look.  They find that there was no leak at all and the ceiling was bone dry with no signs of water damage.  They find that the water on the ceiling was either due to the moisture/humidity from taking a shower or from just water splashing.  The management company then sends me the plumbing bill for the service request because there was no issue at all.  I feel like I need to re-bill this to the tenant since she made an unnecessary service request and that I shouldn't have to pay for it.  The unit owner from upstairs talked to the tenant and said that the tenant claims her son splashed water on the ceiling was apologetic about it.  What should I do?

Ok so the mother is going to be an occupant now in the unit along with her son and sister so there's no defrauding the school district. The mother's credit score is 585 and has a bunch of collections and one judgment from a credit card company which is bad but does it matter since the other sister has a score of 732 and makes 4x the rent? The other sister has paid the rent on time in her current place for the last 5 years. Should I accept these people? 

Steve, at this point I'm more concerned about whether or not they would make good tenants.  Any thoughts on that?

Yes, the two sisters will both be named on the lease but only the sister making 4x rent will be paying the rent and living there. The other sister won't be living there, she is only being named on the lease because her son needs to go to school in the district and they require the guardian to be on the lease. Any advice?

New to being a landlord here.  So I am in the process of evaluating an application from 2 sisters who will be on the lease and living together.  One of them has good credit (730) and good income (4x rent), but the other person doesn't.  Would this raise red flags?  Would you require both renters to have good credit and good income?  Any advice would be appreciated.