All Forum Posts by: Thomas S.

Strong NO. The purpose of screening to eliminate applicants not find reasons or excuses to accept them. They live beyond their means otherwise they would not have lost the home due to losing only one source of income for less than a year. Set standards and hold too them, don't look for reasons to ignore risk. Believing in second chances is for social workers not landlords.

To be transparent...….. Don't let your tenants see you coming.

You can not be a investor unless you have something to invest. We can not help, you must help yourself. As Jay suggests if you have no money you must invest your time. While doing that you also must master money management and live a frugal life style so that you can save money. Without money to get started your chances of success, unless you are a business genius, are slim to none.

Check with your state codes. Most only allow rent increases annually. Is there a specific reason you are torturing them over time as opposed to simply raising it directly to full market. Doing it in one step is far less irritating.

The biggest mistake was in buying a personal home instead of a investment property. They are not the same and it is very rare that a personal SFH is a good investment as a income property. They do not cash flow. If you want to invest buy a purpose built multi unit property not a SFH.

Biggest issue may be actually collecting the tenants portion of the rent. If their portion is small may landlords don't bother. Tenants and their handlers are entirely area specific. Research the local government office and how they handle their wards and the landlords before venturing in. S8 tenants can be extremely difficult to handle. Most are welfare lifers and have a very high degree of entitlement. In my specific area landlords would be wise to not rent to them.

You need a reality check, stop worrying and imagining problems that do not exist. Fear is a disability you need to get under control. You have a PM, let them manage.

If tenants are easy to find I would pass on this guy. Accepting rent up front is intended as a bribe to cloud a landlords thinking. It prevents proper screening standards from being followed. If you take the bribe you must place it in a separate account from your business and withdraw the money monthly as a normal rental payment. It is not your money it is your tenants money until withdrawn monthly. Legally they can request it to be returned the day after they move in should they choose. This applicant may not live a year causing you to go through another tenant turnover, I would definatly pass.

Curious how hobby landlords seem they can either keep a "good tenant " or collect market rent. Professional landlords expect both although there definition of a "good tenant" is likely different.

Definatly will be an issue. If you can get out of the deal do so immediately. Tenant turn over will be very high, probably annually.