All Forum Posts by: Rob Harnden II

I agree. I certainly do not value the credit score as much as some of the other criteria. I also believe it is super important to see the complete picture instead of basing a decision on one factor. The only reason I am struggling with this, and will consult an attorney (thanks for the advice Christian) is that I once I make a decision, it needs to be used consistently with everyone no matter how unimportant a specific piece of criteria might be. So, whatever I decide needs to be VERY GOOD from the start! The few comments I've already gotten are very helpful. Thanks. 

 "Accepting all applicants, when one or more of them is not qualified, could pose a problem in the future if the applicant/tenant who is qualified leaves the property with the unqualified tenant(s) remaining (it happens!)."

I hadn't thought of this, thanks!!! This possibility will help me figure out what to do. Thanks again!

"It's important that no matter what you do you do it for everyone going forward"

This is my main concern. I need to devise a policy that I can use with everyone. But, there are many variables that make it difficult. I'm not going to be able to use a simple "cookie cutter" policy.

I really appreciate the feedback.

I just listed a 3br house for rent. Until now, I haven't thought about how to handle it if not all of the applicants meet my minimum credit score. Should I just deny them all? Or, should I accept with conditions if one or more applicants do not meet the minimum credit score? Or, is there some other alternative?

Here is something else to consider. EV fires. Coincidentally, after reading this thread in the afternoon, then watching the news the same night, I saw a story on EV fires. The segment started out with a video of a garage door being blown off because of a fire while someone's car was charging. The segment was about how the Colorado fire department has new equipment to deal with the specific problems with putting out EV fires. 

So, I also would wait until a tenant asks before presenting the charger addendum. AND, I would require that there be a smoke detector in the garage that is "connected" or "talks to" the smoke detectors in the house so that if a fire does break out in the garage, the tenants can get out out before the house burns down.

I would also make sure that there is a sufficient fire wall between the garage and the rest of the house. In the rental I just bought the home inspector cited lack of a fire wall between the house and the garage, so I had a contractor put a fire wall in even though EV charging wasn't even on my mind, but now I am glad I spent the money.

I am not against EV's. I plan to get one eventually, but fires are just something to prepare for. So, on top of the proper installation of the charger, please consider an "up to code" fire wall and interconnected smoke detectors.

This may not help now, but for future reference, I know landlords who will provide appliances and in writing inform the tenant that the appliances are simply for their convenience, and that THE TENANT is responsible for maintaining the appliance. If the tenant doesn't like that situation, they are free to obtain their own appliances. 

Jeremy, I just want to emphasize one of the replies.

"1. Hire a professional, CERTIFIED ARBORIST to examine the tree and the tenant-offending limbs and get a written evaluation."

The fact that they accepted the unit with the tree should be enough. But please don't let them talk you into cutting down a healthy tree. 

Here in Norther Illinois, we have TONS of Silver Maples. I did have to cut down one because a certified arborist confirmed that it was unhealthy and would eventually fall on my house. However, I still have 2 more that are confirmed to be healthy so I continue to trim them. Once I move out, and rent this house to someone else, I will not be removing any healthy trees. Period.

This Monday (November 12th, 2023) I am going to look at house with a seller who is willing to do owner financing. This is an off market deal. I plan to have the Illinois offer contract with me, filled out as much as possible, so that if things look good I can lock down the property immediately. I've never done owner financing before, so I'm not how the process should work. And, my attorney retired and I don't yet have a new one. So I don't have representation or advice from an agent or an attorney (yet). My plan is to have the seller sign the contract, and then after I find a new attorney, have him (or her) write up a note and mortgage if the seller doesn't already have one. My questions are: 1) Am I on the right track? 2) Is there anything I should be careful of? 3) Where can I find samples of loan an mortgage documents that are legal in Illinois? 

Thanks!! Northbrook is not too far. And loved your past appearances on the Real Estate podcast! Thanks again.