All Forum Posts by: Nancy L.

@Nalo Coban Thanks, I'm sold! It is COLD! My puppy and I are huddled by a space heater as I type this... I don't know why Charlotte has stuck in my mind so much, but every winter I think, "After I do x, y, and z, I'm moving to a place like Charlotte NC and getting away from these winters!" I'm probably at least 2 or 3 yrs out from relocating, but I will PM you -- would be great to have a local contact there! I might visit in the meantime and do some window shopping... I have some family in NC, Chapel Hill I think. In the meantime, tell your local market to stay reasonable for me!!

@Kimberly T. Will do for sure! I don't accept it myself, though I only have the one property where it might make sense....

@George Paiva Thanks! Good idea about the handyman type, especially if one can be found who is willing to get out of bed at 2 am for an overflowing toilette. :) That really seems like the right solution to me. I'm sure one can be found even if at a bit of a premium for those inconvenient emergency situations. 

@Kimberly T. actually Section 8 might be an idea for him for the future.... Hadn't thought of that!

Another one I missed: An expense tracking system. I went about 2 years without a good system for this before I figured it out! lol

*knew

@Kimberly T. Thanks! I like that procedure. I typically try to collect everything as fast as possible, but of course not everyone can come up with that extra $$ to easily when still paying on their current place, so often end up taking things in installments. I think what you suggest is a great option as well that I will add to my possibilities for structuring things depending on the circumstances... I typically do take personal checks, but only if there is time for them to clear before giving keys!!! 

Also, THANK YOU for the reminders on what to do during the new tenant walk thru and about the lead paint pamphlet! I new I was forgetting something! I also take pics or video of condition during that walk thru and ask them to note any damage. 

Also, as @Kimberly T. points out, he may well end up with nothing but tenants with poor credit. Do people have any tips for differentiating between bad credit tenants who pay their rent on time and those who don't?? I know to call previous landlord, but my concern has always been that as Kimberly points out, they might not be honest about tenants who they're trying to get rid of. I do charge first month's rent, last month's rent, and security upfront for marginal credit cases (whereas I do not tend to collect last month's from those with good credit)... Any other tips on evaluating or mitigating risk on bad credit applicants?

I have a duplex that has gotten mostly poor credit applicants, but I have a long term renter in one unit, and was fortunate to find a tenant with reasonable credit (a fair amount of debt, but not a single missed payment) for the other unit. I don't know what I would have done otherwise, because I got several more application on the unit, but each had worse credit than the last. They seemed like they just don't pay anything on time ever! How could I rent to a tenant like that?

Thanks all! Will pass along the well wishes (and direct him to this thread). :)

Another question for you all on application procedures: I typically TRY to get a completed application, credit info, pay stubs, plus a check for security deposit at the time of the showing from any interested tenants. I then destroy the check if I can't approve the tenant. If I do approve them, I call them to congratulate them on approval, set up a time for lease signing and collection of remaining funds, and let them know their check will be deposited. I do things this way to "strike while the iron's hot", minimize the back and forth, and get the deal sealed asap. Is this in line with what others do, and anyone see an issue with collecting that deposit check prior to approval? I think it would make *me* a little nervous if I were a tenant to write any checks prior to lease signing, but no one has ever raised an eyebrow at all...

@Jonna Weber    I too would hope that he has at least some of this in place, but I really want to see this go well for him, so want to make sure I've got good actionable steps for him, all the bases covered, and that I give him the best possible guidance! Thx, for the book suggestion -- I will probably check it out myself... Also, will set him up with the PA Standard Residential Lease, which I've found to be very good and comprehensive.

@Kyle J.   and @Kimberly T.   Agreed! Thanks for going over that. I picked up the habit of taking self-generated credit reports during a stint as a real estate agent, but we were dealing mostly with high end renters with good credit/income and did this because the company found it efficient. I do think it would be hard for a tenant to have both the technical savvy to convincingly doctor a PDF and the financial savvy to know how to change the report and score in a way that would make sense. Nonetheless, now that I understand how, I will definitely set up to run credit myself (and advise my friend of the same)!

Thank you @Lelith Walker !

Thanks @Kevin Delaney ! Will do.