All Forum Posts by: Aly W.

Thanks so much Henry, I should have added to my post that I am looking in the eastern area of Brevard County, FL. I just stared my research and am reviewing Crexi and Loopnet. I will follow your advice and see what is going on there. We have rentals in that area, and a realtor, handyman, etc. 

In FL, I imagine that climate control is essential, as is pest control. I have a friend who probably has more stuff in her storage unit 
than in her own condo. She would rent a larger unit if she could find one, and she's rented that unit for close to 20 years. 

Could you please explain this? I'm not sure what 5.8 is referring to

"Even without running the numbers this 5.28"

I'm very interested in this market, my husband and I have 13 years of experience as residential landlords, and would like to expand our portfolio. Thank you, @Henry Clark, for your informative post! 

Hi Paul, I just reached out with a message about your eBook, thanks in advance!

I shouldn't be laughing, but that's hysterical! Her response, not the situation.

It really depends on the rental market. Currently, any applicant in this market who asks that question is definitely a red flag to me, too. We've bought 2 properties in the last few months in this rapidly escalating market, and knew there was no way (other than a problem with the inspection) that the sellers would agree to any wiggle room or discount. The property we listed for rent last month generated over 500 responses. 

Years ago I discounted the rent for a property in a challenging area. I was glad to get a decent tenant who would actually pay the rent and take care of the place. These days, I've had potential tenants offer more than the asking rent, and have had them tell me they've been in bidding wars.

@Chris DeTreville, I had someone contact me today asking how large a dog is allowed in my condo rental. The listing says 50 pounds, but no one reads. I ask her what kind it is anyway, and of course "he's an American Staffordshire Terrier, a total sweetheart!". 

A pit bull...rebranded.

@Michael Plante, well, I consider it content for my future book :) 

The condo association has to approve all applicants, so I don't want anyone wasting their $100 if I already know they'll be declined. I don't charge an application fee for my app, which I explain to the tenants as to why I pre-screen. If they do get to fill out my application, they pay a third party for a background check as well. One of the condos has a tenant in it, and I'm not about to send a parade of unqualified people there. 

Once I qualify them on the phone or by email, they can see the place and decide if they want to fill out an application and pay the background check fee. I get a good sense of their personality if we have some kind of exchange, by phone or email. Nearly all applicants self-eliminate, which does save a bit of time!

This market is insane, I rarely needed to communicate with more than a few people before I got a qualified applicant for any of our properties. But now - insane for sure!

@Dave E., you certainly dodged a bullet! 

I just got off the phone with a woman who had 2 restaurant jobs, no credit score, no deposit, but as she said, "You have my word that I have support from my mother and grandmother, they'll help me out with whatever I need to move in ASAP".

@Mike Laurenzi, thanks, it happens every few years. With the current crazy market in Florida, more people are being forced to move, yet they are not remotely qualified to rent. I try to mitigate the risks as best I can, since there are never any guarantees.

@Mike Laurenzi, we did that for the tenant we just evicted. He'd gotten divorced, sold the house he and his wife owned. We gave him a chance and he gave us an eviction case that cost several thousands in lost rent, fees, and haul out.