All Forum Posts by: Therese V.
Therese V. has started 61 posts and replied 253 times.
Post: Percentage of taxes or cash flow in analysis?
- Investor
- Midwest
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- Votes 34
Do you look at percentage of rent that is property taxes or cashflow as an indicator of a good deal? For example, let's say cash flow is 25% of rent, is there a percent you don't go below, etc?
Post: Tenant Applicants say the dumbest things
- Investor
- Midwest
- Posts 253
- Votes 34
Woman with daughter is looking at rental.
Manager: No pets.
Woman: We don't have any pets.
Daughter: What about the kitten?
__________________________________________________-
Deny applicant based on information in credit report/background check. SS# doesn't match name, 4 bankruptcy filings in 2 years, etc.
Call applicant to let them know (also send letter). On the phone:
Landlord: I'm sorry, but based on information in your credit report, we are going to have to deny your application to rent.
Applicant: Ok, no problem. Wow, so you did like a deep credit report. Whoa, trans-union and all. Ok.
(Not sure what other type there is, but yeah).
Post: Letter for denial to prospective tenant, phone call too?
- Investor
- Midwest
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Thank you guys for your answers.
I will do a brief call and mail the letter. That's what I figured I should do, but wanted to check here first.
Post: ?Question on declining a tenant
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Originally posted by @Steve Babiak:
@Kirk R. and @Yvette Dietrich - there are some sample letters used for declining a tenant application within the links in my earlier post. Read those and you should get a good idea of what you should do. These become a form letter for you.
Also, contact the se
Can that letter be sent through email or must it be sent through the mail? Do we also call the person to let them know their application has been denied due to information in the credit/background check?
Post: Letter for denial to prospective tenant, phone call too?
- Investor
- Midwest
- Posts 253
- Votes 34
Alternatively, can I just send the letter via email and that cover everything or does it need to be actually mailed? If Is end through email it will be instant and no need to call, right?
Post: Letter for denial to prospective tenant, phone call too?
- Investor
- Midwest
- Posts 253
- Votes 34
I am denying a prospective tenant based on information in the credit report, I know to send a letter and I have one to send. Do you also call them to let them know they have been denied the rental? How do you word it and how much information do you tell them?
I'm thinking to call and just say "Based on information contained in the background report, we are denying your rental application" and leaving it at that. Do I need to go into any more details?
Post: Diary of a PIG -- Fredericksburg, VA -- SFH
- Investor
- Midwest
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- Votes 34
Originally posted by @Eddy Dumire:
PITA Neighbors -- So apparently it hasn't gone unnoticed by the neighbors about the problem tenants that are in the house. Yesterday I received a complaint from code enforcement about overcrowding. There are only 2 bedrooms in the house, but apparently someone complained that 6 people were living there.
I honestly don't know how many people are/were living there at any given time. There was a constant stream of people flowing in and out of the house. It's pretty likely that if you went to the house twice you wouldn't see the same people there. I really don't know how many actually stayed there though.
This notice was in addition to two other notices I received from the city complaining about trash and weeds on the property. This has all been in the span of two months. All three times the complaints have been somewhat petty, but somewhat justified.
What I'm concerned about now is if the complaints are going to stop. What if I spend thousands more on rehab and get nice tenants to live there and this neighbor keeps making complaints? If I knew who it was, I'd go talk to them, but it could be any of a dozen neighbors that are causing the problems. I think I may just write a letter and send a copy to the whole street acknowledging the problems and letting them know I'll be fixing up the property soon.
Anyone else had similar problems with their rental properties?
You just can't be sure who is complaining, it might even be the people living there that you are trying to get rid of that are upset. I don't think sending a letter to all the neighbors is a good idea, especially if someone haven't even noticed anything. It will make them more suspicious that something is going on or more watchful to see what other problems there may be, if that makes sense.
Post: Winter eviction Indiana?
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- Midwest
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- Votes 34
Thank you all for your responses!
The person who told me is also a landlord and has a tenant that is just not paying on time and trying to do the weekly thing, blah blah. I will let them know they can evict anytime.
Post: Who's "first" for tenant priority?
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Originally posted by @Michael Boyer:
Therese--couple of things that are addressed some on the board already, mostly to help streamline this for the future...
For the future-- maybe clarify if you are using a first qualified applicant (gets it) screening method or if you are allowing a set/variable time to get a pool and then sifting it for best qualified applicant; this can help you from the outset... 2) Trouble shoot every procedure in the application, screening (and even from the showing through offer and signing process) to make sure it works without glitches. Perhaps because I run a small operation, I find the simplest solution is often the best. See what works for you because if it can go wrong, it often will.
Thank you for the idea of the "best qualified applicant from a pool" method. I had been under the impression that we are supposed to use the "first qualified applicant" model. This will make it easier in the future.
I have since found out I had one character incorrect in the email so that is why had still been waiting approval. Hopefully, the potential tenant will ok it soon so I can make sure they qualify.
Post: Who's "first" for tenant priority?
- Investor
- Midwest
- Posts 253
- Votes 34
Originally posted by @Randy E.:
No issues here. The first applicant that actually completes the application process becomes the first real applicant. If they don't complete, they are not first. I'd continue to show and vet, and never ever wait on an applicant to do anything. If they really want the place, they will come through.
Thank you. I did tell the potential applicant earlier today when they asked about taking the application with them that it is a first come situation. The one who gets everything back first will be first in line. I didn't qualify that with also being first to ok the email from the background check service though.