All Forum Posts by: Sara K.

You’ve had 100 phone calls, 30 showings, and no qualified renters?

I’m in the same area, no problem here. I always use Homebridge. PM me if you want a specific (great) contact. They do 15% down loan for investment properties as well.

If they want to pay ahead, as other posters have said, that’s not a problem.  I only accept electronic payments (Cozy.co), so it would make no difference to me.

But I’m not accepting half of August rent on August 1, and then waiting until August 15 to see if they’re going to pay the rest. I fail to see how that could ever be a good business practice. 

I use Cozy.co, and have no complaints.

Collect pro-rated rent with deposit

I don't think you have many options here, really. As a previous poster said, you've made some major mistakes! But, that doesn't mean all hope is lost. 

As you said, your best bet is to have everyone move out, fix everything that needs to be fixed, and then start leasing the units back out. How much are the utilities costing you? I would try to raise the rent as much as possible to cover the repairs and utilities. Not sure how much you can realistically raise the rent, is this something you have researched?

By the way, security deposits should have been transferred to you at closing. Although I'm not really sure what difference it makes this time, since it sounds like previous landlord wasn't keeping the units in good shape, and you would have a difficult time proving that a tenant caused any specific damage. 

We’ve owned our unit for over 2 years, but inherited a tenant that just recently moved out, so this is our first time signing a lease with a new tenant.

Is it standard procedure locally to ask for first, last and security? Or just first and security?

Property is in B area of 34787.

Hi Michael, 

Our first (and only, thus far), investment property was purchased in 2017 for $80k with 20% down (so only financed $64k). As far as I know, this lender is still making these loans. I'd be happy to give you the information of the person we used, we've actually gone through her to purchase 2 primary properties since 2012 as well. 

eta: I should add, this is with no other debt beside primary home and 1 car lease, good credit and a good income.

I agree with everyone else. Stay firm, remind them what the lease says, what the purpose of a security deposit is, etc.

When is their lease up? Do you plan on keeping these tenants?