All Forum Posts by: Ursula B.

@Jerry Poon I like condos despite the HOAs. I currently own two with plans to own more. I like condos because they're typically low maintenance like apartments, and most are conveniently located and therefore easy to rent out in my area. I don't have to worry about replacing the roof and other structural issues that go along with SFHs. Usually the HOA pays for a master insurance policy, so my individual policy is very inexpensive. The HOAs I bought into also cover the water, and offering a free utility to tenants doesn't hurt. When running numbers on units I'm interested in, I always factor the HOA dues as double what they are to see if the deal makes sense. I do this to be sure it's still a good deal even if the HOA dues go up unexpectedly.

Wow, congrats!

@Dawn Brenengen Please send me one.  Thanks!

@Brandon Sturgill Following this thread. I'm thinking about implementing a survey on a regular basis  (every 6 months or so) to current tenants to get feedback on communication, speed of repairs, etc. Thank you for asking the question.

Right. The key is to have a process and criteria in place, and fully disclose it.  The below average applicants will weed themselves out.

@Shane Matzen  We provide notification to everyone that turns in an application.  If we deny them for something and didn't run a credit/background check, we tell them so. For example, incomplete applications are denied without further consideration. So are prior evictions. I'd recommend providing notification to all applicants, and specifically telling them why they were denied. It's all part of the documentation process that is more for your protection than anything.  I believe the notification is a requirement if you deny based on a credit pull anyway.

Hi @Shane Matzen , welcome to BP!

I've found that if I don't get good vibes from someone it's usually because of something that is subsequently uncovered during the screening process.  The most important thing is to determine your criteria upfront, including your automatic disqualifiers, so that you are not accused of violating the Fair Housing Act.  And document, document, document your selection process.

Since we don't charge an application fee, we process applications in order received, one at a time, after denying incomplete applications and those that disclose automatic disqualifiers.  It saves time and money, and we're very upfront with all applicants about the process (and we put it in writing).

Completely agree with @Matt Devincenzo .  We stay just slightly lower than the going rate and offer a better product to entice long-term renters, so anyone asking to negotiate sends up an immediate red flag.

Bottom line is if they cannot afford my rental rate, I cannot afford to rent to them.

@Marvin Stewart Congrats on getting your first tenant!

Interested to see the feedback on allowing smoking inside the property. I'd imagine that would require a full seal/paint job and new carpet each time there was turnover.  Was there a difference in your insurance premiums?

Good luck to you!

@John Thedford Exactly what I would have done.  And added the late fee.