All Forum Posts by: Jennifer T.

10X this.  I don't hold anything until I have both the lease signed and a deposit.  Way too easy for people, like this woman, to say, "Whatever, I changed my mind," when they don't have any skin in the game.  I'm sorry you had to learn this lesson on your first foray, but it (should) get better from here.

And, assuming you have a longer lease than a month-to-month, you could also sue her for more than January if it takes longer than that to rent.  Not necessarily saying you should sue her (though I would), but at least try to use that as a bargaining chip.  Like, "Ms. Soldier, I realize you would like to breach the legal agreement we signed.  I am willing to agree to this if you pay the first month's rent, because it will take me at least that long to rent to someone else.  In exchange, I will put in writing that I hold you harmless for any rent beyond that, even if it takes me substantially longer to find a new tenant."  Or something to that effect.

Not legal advice, but merely something I would do.  At least it might get her thinking/worrying that she can't just saunter away from her responsibilities without repercussions.

I bought a 100-year-old house (foreclosure) that had been vacate for 1 year before I bought it.  There were a few big projects that needed to be done right away and a long list of big projects that I knew would need to be done over time.

Long story short, I knew I was way too short on cash reserves and bought it anyway.  I definitely don't regret it, but I also got a bit lucky in that nothing I wasn't expecting fell apart in those first couple years while I started saving for some of the deferred maintenance repairs.  Though I did have to take out a crazy HIGH interest line when I first bought it...yeah like 36%...to put new flooring on the tenant side so I could start to rent that side out.

I did have to replace the gutters sooner than expected...but that fortunately happened after I already had a bit of a reserve stashed away.  For the rest of the deferred maintenance repairs (finally done!) and upgrades, I got/get them done as I saved up the money for them.

I also now have a HELOC for the property, which is a huge sense of relief. It makes me more comfortable aggressively setting aside money to buy my next rental because I know that if catastrophe happens, I can tap into that. Plus at this point, it is almost a brand new house, lol. The only thing I haven't replaced is the roof and it still has a number of years left.

I've done this to a very minor extent, but not as a regular and monthly reduction in rent.  For example, I needed a water softener installed and it just so happened my tenant had previously worked for a company doing exactly that.  We agreed on a price for him to do the work and then he subtracted that amount from the next month's rent.  I also followed up about the agreement in an e-mail, just so we both had documentation.  It was a nice win-win.

For me, I like to keep any additional agreements like that as a set price for a set job...just like I would for any trades person.  For example, I've been looking at purchasing another rental property and I saw a listing earlier today talking about the house had a renter paying $200/month in exchange for fixing up the house.  Um...yeeaaahhh.  That house looked like it was in bad condition and I was wondering how long that "arrangement" had been going on, lol.  Sounds like a great way to drag out repairs forever. 

And definitely your best bet would be to make this kind of offer to a person/company who owns many rental properties and would be more likely to need skilled work on a semi-regular basis.   

I've had an opposite experience from most of you.  I do not allow smoking inside the unit, but they can smoke outside of it.  Three out of my last four sets of tenants have been smokers and I have had no problems from it or any signs that they smoked inside the unit.

My husband is also a smoker and is not allowed to smoke in our house either, lol.  And he never does.  Of course, I realize that's different.

However, I do live in the South plus there is a covered front porch, so it is fairly pleasant outside most of the year.

Anecdotal, because I only own one rental and that for only 3 years.  But the worst (almost) tenant experience I had was exactly what you are talking about.  They asked a lot of questions at the showing...some of which was odd and minor.  But then only did a very cursory glance and quick walk through of the apartment.

I had a bad vibe for nothing I could quite put my finger on, so I regrettably tamped it down.  We all signed a lease.  And then the nightmare started.  Their move-in date was 10 days later, though they expressed they wanted to move in earlier.  Problem was, I had tenants already living there who thought, but weren't sure,they would be able to move out early.

The "new" tenants would call/text/e-mail at least once a day...if not multiple times/day.  Primarily asking about the move-in date, but with other questions as well.  And they would ask the same questions over and over again, even though I had already given them the answers multiple times.  It was just surreal.

I realized I had made a huge mistake, but what was I going to do?  I'm a woman who lives by her word.  Their employment verification was fine and we had signed a lease.  I put on a happy face and squared away to make the best of it.  On their move-in date, as opposed to the showing, they practically took out magnifying glasses.  I think what happened is they were (needlessly) worried my tenants would not move out in time and had already made a deal with their current landlord to stay for two more months.  They said the place was uninhabitable...you know, the very same place in the very same condition they saw 10 days earlier...and demanded their deposit back.

It goes on to be another long, horrible story.  But, bottom line, they didn't move in which was the best thing to happen by that point in time.  Big PHEW!  Moral of the story.  I learned the importance of better due diligence and to listen when those alarm bells in your head start going off!

Don't get me wrong, I welcome it when prospective tenants ask questions.  It shows thought and interest.  But at some point it can cross a line from "good tenant asking good questions" to "this person might be a big complainer and a problem".       

@Chace Mott - Welcome to BP. I live in NOLA also. I got my feet wet buying a shotgun double, living on one side and renting out the other.

Best financial decision I have ever made and it got me very interested in REI. So far, I just own the one house, but am hoping to buy my next rental home mid next year.

@Braden Smith, thanks for the link to New Orleans REIA. I keep reading on BP the importance of attending those kind of groups, but I just hand not looked one up yet. Spoon feeding me the info just makes it that much easier, lol ;).

Hi @H. Duplechain--

Fellow New Orleanian here! Welcome to the site.

I sympathize, but it is going to be tough in a hot rental market. Your best bet will be emphasizing what a strong, long-term tenant you will be. For example, if your rental history demonstrates this, let them know you stayed at X place for X # of years then Y place for X # of years. Perhaps be willing to sign a 2-year lease in exchange for them holding the unit a month or two?

I also live in a hot rental market. For a STRONG applicant, about the best I would do is hold my place for a month...with them paying half the rent for that "empty" month plus a one month holding fee which would become their security deposit on move-in. Of course, they would also need to pay the first full month's rent on move-in as well.

I did this once for tenants who were moving in from out of state. They signed the lease around mid August...even though they wouldn't be moving in until the very end of September. Per our mutual agreement, I set up the lease date starting on Sept. 15th with rent being due starting from there.

I occassionally have had potential tenants contact me from my ads saying they plan to move in 2-4 months in the future. I'm honest and tell them my place usually rents out in 2-3 weeks but, if it is still available closer to their move-in date, I will keep their contact information on file.

Good luck! I hope you find a great place without having to pay "double" rent.

Something else to consider for the future or anyone else finding themself in this situation is, looking back, it probably would have been kinder to have evicted them as soon as they fell behind. Especially since it sounds like their ability to pay was compromised...not just for one month...but ongoing.

The fact is, they could no longer afford the rent after the man's injury. It would have been in everyone's best interest, including theirs, for them to move out of a place they could no longer afford. Unfortunately, now they are thousands in debt and you are owed those thousands. I hope everything works out well and smoothly for you, all considered.

Me :). My RE Agent was my previous landlady. I rented her house for five years and then decided it was time to start looking for my own house. She was also my inspiration to buy a duplex and rent out part of the house. That was how she started out and now owns a number of real estate properties.

I was a little concerned at first about using her as my agent, since we already had an important professional relationship and I didn't want that to muddy the waters. But everything worked out well. She did a great job looking out for my interests and she did earn a commission from the seller when my home closed.

Though then she "half jokingly" told me I should rent out both sides of my new duplex and keep renting from her, lol.