All Forum Posts by: Amy Beth

I would keep advertising until you find a non smoking tenant. Offering to pay money up front is also suspicious.

I would hire an agent to find a tenant. It is not worth your time and a plane fare to handle it yourself. You can then take over rent collection and other landlord responsibilities as you have been once the agent finds a tenant for you. I would make sure you pick the tenant from the applications that the agent collects versus having the agent select the tenant for you.

For a primary residence I would suggest a 15 yr loan. For a rental property I would suggest a 30 year mortgage. Then when profits are good you can make larger payments to pay it off faster than 30 years. When profits are less you then have more flexibility to pay less until your profits improve again.

Make sure that you completely eliminate the smell before putting down any new flooring. Then when you think the smell is gone invite someone over whom does not have a cat and ask them if they smell it to be sure. Sometimes when you have pets you can get used to animal smells and not even realize it. Once all odors are gone I would recommend vinyl.

I would suggest fixing the termite issue and putting it back on the market ASAP. Since you turned down showings there should still be a lot of interest in the property.

I would suggest telling the tenant that you are sorry to hear that they are having financial problems. Then tell them that since they informed you of this ahead of time you are offering them the courtesy of not charging them any lease breaking fees and return their deposit if they move out by the end of the month and leave the rental in good condition. Also let them know that if they want to stay that the entire rent is due on the first and that you will be forced to file for eviction if the rent is not pain on time. Then follow through with whatever option the tenant chooses. It is especially important to rent it out before winter so if they can’t afford it anymore this is the time to move.

Is there a way that you can cut expenses so that you can live on either your salary or your fiancé’s salary and bank the other person’s salary to quickly save up your down payment? Also stop contributing to retirement and save up that money for the down payment. You can restart retirement after you move in and find a tenant.

Do not lower your standards if you are confident of the rent that you are proposing. If she can’t afford it you are only setting yourself up for problems.

Run far away. Considering her age the eviction could not of been too far back. They are friendly now because they want you to overlook the eviction. They will not be so friendly when you have to collect the rent. Do not allow yourself to be swindled by their friendly demeanor.

Perhaps you can cut down your expenses to the bare minimum and work on saving up for a down payment. The fact you are relying on a HELOC for a down payment is probably why you being denied. If you can't cut expenses enough to have extra for a down payment, pick up a side job to earn extra income. It will delay your move but by increasing your income and savings you will then be able to qualify. A higher income will also increase your chances of being approved. Also make sure to have cash reserves in case your tenant bails and you have to evict.