All Forum Posts by: Anthony Wick

Open houses for rentals are mainly nonexistent here. Tried it. Not worth it. 

Rental ad (Craigslist, Zillow, Facebook) states; "application process for criminal, credit, and eviction history checked". That stops quite a few people right there. Phone screening of; "Are you willing to pay $40 for a criminal, credit, and eviction history if you like the property?" That stops more. If they no call no show once, they don't get to reschedule. 

Small talk at showing of who will live there, when they're looking to move in, why are they moving, ever been evicted, 3 times income to rents, do they have pets (no pets in ad, but people seem to not read very well), how long of a lease would they be looking for (I offer discounts for 2 year leases). I feel free to mention the entire process while showing if they appear at all interested, and maybe mention there has been a lot of showings the past couple days. Again, small talk.

After a showing, if they're interested, I do a hard copy application that they can take with them, wherein, for free, I call employer and past landlords (many questions for them), do a social media search of them (amazing the garbage people post on Facebook), and perform open source checks of criminal/eviction history (such as states online criminal courts, assessor to see if they own property and might be being foreclosed upon). IF they pass all this, I use BP's online Smart Move where the applicant pays the $40 for background, credit, nationwide eviction checks. Hopefully, unless prospective tenants flat out lie to me, they will pass this last check. If they are lying, I'll find out, and they are out $40. 

Credit score of 600, 3 times income to rents, zero evictions ever (ever is ever, it is not 5 years, 10 years, etc), zero felony convictions, no pets, no smoking.

I must have missed the sentence that stated these improvements are not good...

I have an excellent real estate agent from Keller Williams Realty in Ankeny (just north of Des Moines by 7-8 Miles). She sells the entire area, and has won awards for sales numbers. Found me a duplex and a SFH this year and the duplex wasn’t even on the market. I’ve referred her to other BP members, and they’ve been happy as well. Send me a PM if you want her contact info.

The landlord actually asked you to do this? Landlord should have said no to new tenant.

Shop around to your local credit unions and small banks. My guess is you’ll have to wait a bit. Not just because it’s only been 4 months, but because at a loan to value ratio of 75-80% on refinance, you simply don’t have enough equity yet.

My state law requires landlord to make good faith effort to rerent ASAP. If able to do so, no extra charges to tenant.

Why isn’t the husband still on the lease? Did you release him from lease? Call her and explain the grass has to be cut. I would not take the financial hit yourself. Divorce is tough, but it isn’t your divorce to deal with. It may be that you think Long and hard about finding a new tenant at the end of the lease. Some people need to be told they can’t afford their rental.

As with most questions, it depends. My duplex cash flows at 0.92%. However, the tenants pay all utilities/snow removal/ lawn care. And, the roof is 3 years old, plus the seller installed new furnaces, hot water heaters, and ac units as part of sale. In other words, not quite the 1% rule, but hopefully little capital expenditures for a while. Now, I’m searching for another multi unit. It’s in an area where Landlord usually pays water and sewage. And doubtful all new hvac again. So I’ll be needing at least 1.3% or more returns. Gotta run the numbers for every property and situation.

“she was very upfront with everything  and explained pretty thoroughly and it seems their situation is better now. “ ////// You sure about that? Tenants lie. It’s what they do. I would not rent to somebody who has been evicted. Also, I have a pre screening process to save the $$$ on a background check that I’m going to deny anyway.

Lived there 2003-2010 Got crushed in real estate on my SFH Recovering nicely in Midwest now. Took a pay cut of $6,000 and still doing way better.