All Forum Posts by: Justin C.

10%, 10%, and 10%. Some would even encourage another 10% capex fund. You could also drop vacancy to 8% which would give you 1 free month per 12 month lease.

Sounds good Marcia, thank you again : )

Originally posted by @Account Closed:

good luck, do update how it went!

 Hi Neil, just a quick update... it went well.  Really well.  This is a C class neighborhood with rents in the $650 range.  I posted the add on Tuesday for the Saturday open house with no pics.  Had about 10 people come by in a 2 hour window.  The place was spotless with all the lights and fans on.  Lavender plugins in the kitchen and bathroom.  And I had a few clipboards, pens, applications on hand.  Only one guys stayed and filled out the application... unfortunately not sure if he is the best fit for the home.  I showed it to another person Sunday afternoon.  Then about 10 more Mon through today.  Its Wed evening now and I have 3 applications and I'm expecting some to come via mail from the open house.  Mail here takes 3-4 days to come full circle - owell.  I'm at my rental before work, during lunch, and afterwork and I schedule all showings during those times.  Only 2-3 times did I have more than one person walking through the house.  I definitely works for me.  Oh ya, I posted a few pics to my ad this morning, and my phone blew up today!    I was shocked to see how significant the response was just because I added 3 pictures.

Thanks Neil

Originally posted by @Marcia Maynard:

If we denied them ONLY because we selected someone else, we return their application fee. We only fully process one application at a time. Once we offer to rent the unit to the winning candidate and they accept our offer, we notify the unsuccessful applicants and return their application fees.

Hello Marcia, Hope Im not splitting hairs here but could you please expand on the last sentence of "we notify the unsuccessful applicants and return their application fees."  I'm about to do this tomorrow and could use some guidance.  Do you call them, email them, or write them a letter containing a cashiers check?  

I'm thinking I will call and simply say "we have approved another application and will be refunding your fee via mail.  Thank you for your interest in our home."  Then send them a certified letter with their fee enclosed.  Thoughts?  Thanks again

Hello BP, I've had a busy week showing our SFH and accepting rental applications. I have 3 applications... 1 solid one that I would love to have and who would be perfect. The other two I honestly dont feel would be the best for the house. One guy has 2 German Shepherds; its a relatively small place with a small yard, he travels and would have a roomate stay with him, in a band and has a lot of musical equipment, etc... and the other couple asked me about house parties, smoking, and how many people I would allow to say in the house at any given time. Needless to say, I'm not thrilled with either of the last two. I am only going to run the 1st applicant as shes my primary candidate. Assuming she passes, do I need to run the other two in order to not discriminate or can I simply say I've found a tenant and the home is no longer available. Then return their money. Or do I even need to return their money? I'm probably over thinking this but if you could provide some guidance I would be very much appreciative.

Thanks in advance

Originally posted by @Boris Gutierrez:

Hey Justin,

When i hand a person an application packet i have them sign and date a quick form.  just says they took a packet with them for the property in question.   

Serves to cover you against potential accusations that you did not provide the interested party an application.   

Takes only a couple of seconds and everybody is happy to sign.  

 Great Point, Boris.  Thank you

Originally posted by @Kurt F.:

Level 5 finishes in rentals....hmm..

Solid Point, Kurt.  Thanks

Ask your attorney or older landlords to finance your projects. My attorney borrows $$ firm at 3% and charges us 8%. Great arrangement for us but took many years of relationship development to get here. Doesnt hurt to offer you as an opportunity.

Originally posted by @Dawn Anastasi:

 Thank you very much Dawn.  I was hoping you would chime in : )

Thank you for your thorough reply and recommendations. Since the open house is already scheduled and that I am expecting a pretty good turnout, I just need to focus on streamlining the process and making it more efficient.  Not double guessing myself at this point : )