All Forum Posts by: Valerie Couch

 I find it is always best to try to settle out of court when at all possible, often less cost but there are a lot of variables that go along with that (condition of premises, is the tenant collectible, etc.)  Out of curiosity what city were you in?  Some municipalities are a little more lenient toward tenants than others.  

It's ultimately all about trial and error.  Best advice I can give is to screen thoroughly on the front end, if the house sits vacant for one or two extra weeks because you don't just take the first breathing person and hold out for the ideal applicant, well worth it in the long run.

Best of luck!

@Michael Herr

Granted I have not read every post on this topic (which is fantastic by the way) but your story about your tenant asking you to bail him out of jail absolutely wins hands down.  

@Johnathan Alesso

Congratulations on your purchase!  I  have been extremely careful with bulk purchases like that...unfortunately you typically end up with 1 or 2 producers and a bunch of dogs (basically what Matt said).  But that's not to say there aren't diamonds in the rough out there!  Keep us posted on progress, sounds like an interesting and exciting project! 

Hope all goes well - feel free to reach out with questions!  

@Matthew Voorhies

So great to see new investors in Cleveland!  Property Management is everything!  Do your due diligence, don't just settle for the first or least expensive.  

All the best,

Val

Looking forward to it!  Had a conflicting event in Feb so couldn't make it. 

Welcome to the club, @John Ashworth!

Cleveland is home to over 600 bio-medical facilities and over 60 hospitals!  It ranks in the top 10 across the nation for cities with the most healthcare jobs!

The industry has grown by over 60% over the past dozen years making it one of the fastest growing industries in Ohio

@Max James

I think the consensus, with which I agree, is that this is not good practice.  I would absolutely say that if it was a one time occurrence, prospective tenant can only see it at such and such day/time and you are not available, you trust the tenant enough to show, etc. (Keeping in mind the tenant showing the apartment cannot give ANY detail about the apartment nor negotiate any terms including price, etc.) that it would be alright.  (I also agree that FaceTiming is unnecessary and probably not a good idea).  

Just offering my two cents...

Hi @Charlie McVan.

We use a lease that was prepared by an attorney but I have seen a few Ohio standard leases that are very good and actually have some better language than the one we use.  PM me, I may be able to find a copy to send you as long as it's not proprietary. 

Regarding a longer term lease...clearly I don't know your situation but I'm in a similar living situation (Detroit Shoreway/Ohio City area) where I have someone in a building behind me but he has been thoroughly vetted so I'm comfortable with him.  I would just recommend if you plan to share a lot with someone you'll want to make sure it's an ideal situation all around, of course.  

Most of my leases are 2 years and I rarely if ever offer rent discounts for longer term. I'll usually find other incentives such as waiving a pet fee (if applicable), waiving an application fee if I am relatively certain they will be a good applicant, I also make some concessions with water payments (can explain in greater detail if you'd like).  But never rent, I think I only did it once and it was because there was enough margin and 3-year.  

Hope that helps - as I said, feel free to reach out!

$175,000 - (3) Fully Managed SFR with Long-Term Tenants in Place.  Cash Flow NOW!

3666 E. 131st St., Cleveland, OH

3 Beds, 1 Bath

1,122 Sq Ft

Recently updated roof and flooring

Tenant has been there 3 years and just signed 2-year renewal through 2/28/2018

Gross rent: $610

Annual taxes: $416

ROI: 31%

6209 Bonna Ave., Cleveland, OH

4/5 Beds, 2 Bath

1,248 Sq Ft

Recently updated interior (flooring, plumbing, kitchen, paint)

New mechanicals including furnace, hot water tank

Tenant through 12/31/2016

Gross rent: $695

Annual taxes: $264

ROI: 32%

3598 E. 108th St., Cleveland, OH

4 Beds, 1 Bath

1,234 Sq Ft

Completely remodeled

Tenant through 2/28/2018

Gross rent: $725

Annual taxes: $755

ROI: 35%

Close IMMEDIATELY!