All Forum Posts by: Jennifer T.

Awesome, sounds like this got resolved!

But I still have to comment, "occupational therapy"?  (rolling eyes).  No doctor in their right mind is going to recommend a child use a trampoline.  In fact, most pediatricians rale against them.

I couldn't find a more current statistic, but in 2006, over 85,000 children under the age of 15 were injured in trampoline accidents.

Honestly, if I were a prospective tenant, I would no longer be interested in the place if I received a call like that...even if I would have been okay with the higher price to begin with.  I would think it was a "bait and switch" type of tactic and I wouldn't want to rent from someone I didn't trust.

Not saying you are a bad or untrustworthy person :)!  Just saying that is how I'd feel as a prospective tenant.

But, with all that said, I will emphasize that is how I would feel.  I wouldn't be surprised if most people would not feel that way.  It could potentially be a way to "thin the herd" and increase your cash flow. 

I currently only own one rental.  I don't know why...hot rental market?...but it is actually really rare I have a potential applicant just not show up at all.

I've even had people call me to cancel a showing because they already found a place or were no longer interested for whatever reason.

But, I also live on the other side of the duplex, so it isn't a big deal if someone doesn't show.

However, I am about to close on my first rental home (non owner occupied) and will DEFINILTELY confirm showings ahead of time for that one.  It's on the edge of town and a good 20-30 minutes one-way from where I live.  I am also planning to have rental open houses on Sat. afternoons/one weeknight...that kind of thing.

I agree with you.  To me, when a person rents a home from me, that home is THEIRS until the last day of their 30-day notice.  24-hour notice for repairs or immediate access for emergencies aside.

With that said, I will ask my tenant if I can do some showings with a 24-hour notice.  And I usually wait until the last 1-2 weeks of their residency.  But, if they aren't comfortable with that, I don't feel it is my right to insist on it and I will wait until they move out.  I only have one rental property but, for what its worth, the tenants I've had have always been very accommodating to allow me to show the house.

In fact, one tenant happened to come at the end of a showing and he raved to the applicants about what a great house and neighborhood it was.  He also talked about what a great landlady I was and that I was always prompt in fixing things and responding to them.  Haha, I wish he was still my tenant.  The only reason he and his wife moved is they bought a house that was literally around the corner.

I do something like this for my new tenants.  I make sure there is a full roll of toilet paper in each bathroom, a roll of paper towels on the kitchen counter, and a pack of bottled water in the fridge.  Because you know it is hot and tiring to move!  Everyone has always been surprised by the water and they seem to find it thoughtful.  A $4 investment for some immediate goodwill.

Even though it is your parent's house, it's not yours.  So the 10% property management fee you pay to yourself would also be an expense against the rental income.

Just don't forget to include that income in your own personal taxes.

Good luck!  Lots of great responses above.  If you haven't already, make a list of all of your accomplishments in your present experience.  Make a list of problems you encountered and how you solved them...or at least a few key words that will remind you of the incidents.  The night and/or morning before, read over your lists a few times.

It is a confidence boost and will put you in the right frame of mind for showing them why you are the best candidate for the position.

You will also be guided by the questions they ask you.  I'm sure you will find you have a lot more to tell them about your achievements, once you get going.  In addition, second interviews are often with different people, so it is not necessarily unusual to repeat some of the same information you have already given. 

Do you have insurance on the property? If so, that is another expense you can deduct. Any repairs and/or maintenance? Utilities you pay (not the tenant)? HOA fees (if applicable)?

I'm sure there are a list of other things, but those are the most typical expenses that popped into my head.

I've been doing my own taxes for my rental for the last few years, but I only have one.  I am purchasing more rental property this year and plan to bite the bullet and hire an accountant for next year.  I did use H&R Block software and it was pretty handy in guiding me through the process.

It may behoove you, for at least the first year, to have an accountant do the taxes for the rental.  Unless you are fairly savvy and feel comfortable with preparing tax returns.

So, let me get this straight.  The tenant who (my words) "oh yes, I definitely want the place, SO much.  Take it off the market.  No open houses.  Mine, mine, mine."  Then decided the bedrooms were too small and she really didn't want the place, lol.

And that is exactly why I keep advertising until a holding deposit, application, and lease are in my hands.

On a slightly different note, I briefly rented my rental unit as a vacation rental for Mardi Gras this last year.  Obviously, the Mardi Gras season is a very specific timeframe.  I had one person contact me all excited that she and her friends were coming down and they definitely wanted to stay at my place.  I asked gave her the option to give me her credit card number or send me a Paypal for the first night's non-refundable deposit.  She didn't even mention this, but I also offered to send her a copy of my utility bill to prove it was my residence, just in case she was worried it was a scam.

Then, all of a sudden, when she realized she would need to put her money where her mouth was (duh)...it turned into, "oh, well first she needed to talk to her friend to cement the travel dates and blah, blah, blah."  But assured me they definitely wanted to rent my place and asked me to remove my listing, she didn't want to lose it, she would call me with the cc number the next morning.  I told her a couple times I couldn't do that and I needed to book it with the first person who can give me the deposit for good faith.  I finally agreed to give her "first right of refusal" through 10AM the next morning, ie, would call her to book if someone else expressed interest.

I woke up the next morning to several voice mails from different people expressing interest, so I called her back to see if she was ready to book now.  If someone can have a "deer caught in the headlights" tone of voice, she did.  Supposedly they had changed their minds and were no longer coming down.  In the classic "sweet as pie" Southern style I replied, "Oh no!  Sorry to hear that.  You all are missing a good time.  But, no problem, I have people waiting.  Man, I'm just glad I didn't take that ad down.  Well, hopefully you all can make it to NOLA next year.  Bye!"  Translation:  So glad you didn't inconvenience me any further than you already have, jerk.  Next time, don't lie and make promises you might not be able to keep.

Words are ALWAYS easy.  Money in hand, although not 100%, is a much stronger show someone will be following through.

Yikes!  I'm sorry to hear this about your neighbor.  I had something similar happen to a good friend, except he got two weeks notice.  Though I can't remember the circumstances of how he found out about it.

There should really be better protections for tenants in these situations.  I mean, landlords have to give 30 or 60 days notice to tenants, why don't banks?  Other than banks choose to be as clueless as possible about their foreclosed properties.