All Forum Posts by: Noureen A S.

@Mike S. Okay. There's another solution. Thank you for that!

@Thomas S. I understand: no 'reduced' rent should be offered for holding period and they should be ready to pay in full.. Makes sense.

@Michael Craig I'd have offered her $200 off each of the first 2 mth's for which the property would remain unoccupied in order to hold it for her... But it sounds as though no reductions in rent (during hold period) should be offered, in general...

Thank you guys for your responses!

I have a section 8 prospect that wants to apply for my rental. She has to give her current landlord 60 days notice to move out. Before she bothers applying, she wants to know what it would take to hold the unit during the 60-day period if she qualifies...

Mthly rent on my prop is $950... If she cannot get into the unit for 2 mths, I've considered offering her $750/mth to hold the unit during the 2 months...

But I'm not sure what would happen with the security deposit? Would I collect that at the end of the 60 days along with first-mth's rent? And when would she actually sign the lease?

@Adam Gollatz Ah. Got it. Yes - I do live near a bunch a few universities.

Good - I'll offer the discount option for 6-mth term!

Thanks so much, @Adam Gollatz. That's a nice list of options!

I'm in the Raleigh-Durham area of NC. I've noticed a few available comparable rentals in my vicinity that have been on the market since October-ish... Unless the managers just haven't updated the status of those rentals, I'm thinking my rental market is not great during fall/winter...

I'll inform prospects of an initial 6-mth term and check for their reactions. I may have to adjust to 1-year lease term if that turns them off.

My fault! The property is vacant!

This would be for a brand new tenant...

I just read through a BP blog post about how to avoid potentially long vacancies for tenant leases that end in the fall/winter.

I'm closing on the rental property at the end of this week, in December. One amazing tip for owners closing on rental properties in the fall/winter was to have the first tenant's term end/renew in June, so I can take advantage of the peak moving season.

Therefore, it looks like I'll need to...

1. Modify the first tenant's lease agreement to state that the lease would end on May 31st (or 6 mths from the date of the agreement if, for instance, I find the tenant in the middle of January)...
2. ... and also inform all prospective tenants, in advance, that the first lease will be 6 mths long but every successive lease term would be 1 yr long.

Sound about right? Am I missing anything? I don't see any prospects taking issue with this as long as they have the option to renew their lease (provided we have a good landlord-tenant relationship during the first shortened term).

Thank you in advance!

Or, is the "utility allowance" mainly left up to the owner's 'discretion' and the local housing authority won't penalize or shut you down as long as your rent seems fair for the tenant's income?

I'm getting a sense that this is how it really works, depending on whether or not folks at the local housing authority are hard-@sses (please excuse my french).

I'm in the process of evaluating a low income housing tax credit property for potential investment. I'm having trouble estimating rent b/c its dependent on the utility allowance.

How do I found out the utility allowance for this property (or for my county/city??)? The prop is in Raleigh, North Carolina (Wake County). I'm not finding any info off Google. Or is the utility allowance dependent on the tenant's income? Would the housing authority set the utility allowance after receiving paperwork from me? Thanks in advance.

@Adam Schneider  Thank you!