All Forum Posts by: Ana Marie B.

Thanks @Account Closed!

What about canceling your ad and soon after, re-post?  Seems you haven't processed any apps yet.

Thanks all.  Appreciate the additional, valuable feedback!  I also prefer no pets, but it seems Seattle area is very animal friendly (no different than where I live - SF Bay Area).  Many of the applicants have pets (i.e. large great danes and all!).  @Michele Fischeris right though,  I need to develop that policy asap in stead of developing one on the fly. 

Thanks again everyone.  You all rock!

Thanks @Katrina Edwards for the excellent advice! Will put it to good use. 

Thanks all for the great tips!  Sorry for the typo - I meant to say "married" couple.  Our ad says we'll consider pets on a "case-by-case basis" to give us some leeway to add a monthly pet fee if needed. Also, I should've mentioned that this property is in the Seattle, WA area.  I'm an out-of-state investor.  

I'm now leaning towards the "pet rent" idea and perhaps charge an additional $50/mo.  I don't really want to ask for a higher deposit since, if at the end of their lease there isn't much wear and tear, I'd have to return that deposit.  

Hi BP Folks! Hoping for some feedback. My husband and I recently closed on a great turnkey SFR (new carpet and all). Our PM is now advertising our prop. and has gotten several good leads, one of which is an unmarried couple with 3 pets -- 2 small dogs and 1 cat.

Our PM seems to think this couple is a great contender as far as stable income goes, attitude, etc. Wondering what other landlords think of this scenario? Would you do it? Also, should we charge a monthly pet fee to compensate for wear and tear? 

Purchased my primary residence back in 2010 using FHA. My agent put me in touch with a mortgage broker who shopped around for the best FHA lender for my husband and I.

Worked great for us back then. However, not sure how "hot" the market is in your area now, but in my area (SF Bay Area) it's currently very difficult to secure homes using FHA lending, as sellers would much rather prefer to go with an all-cash buyer or someone with a conventional loan using 20-25% downpayment.

@Jeff Sprunger - Turnkey SFR in Lynnwood are currently going for avg. $300k (3 bd/1ba). Unless you want a fixer or foreclosure. Condos are a possibility for your price range of $150-225k (unless this is your downpayment? Then in that case you can afford a pricier home.).

How do I know this? I've been scouting that area for a few months now and am in the process of closing on an SFR. Very hot market in all areas within 20 miles of DT Seattle.

I agree with @John Santero's tip about scheduling a transition meeting.  If the tenant is a good long-term tenant (pays on time, etc.) but has a bit of a difficult personality, it may be worth the extra effort to have the meeting.  Also, maybe you need a property manager who is capable of handling more difficult personalities (with less rudeness)?  

I don't invest in MF, but do have a couple of rental properties out-of-state.  Here are some of the initial important steps I took:

1.) Research the preferred location (state/city, etc.) - People select their areas for a variety of reasons.  What was important for me is a booming economy and an attractive area that I wouldn't mind visiting a few times a year.  Also, I selected an area that my husband travels to quite often so he could check on our properties when he flies up for work.  Some folks choose locations where they may have family/friends in so they have trusted individuals who can check on their properties if need be.  

2.) See the area firsthand - After performing my research and narrowing down my preferred area, my husband and I actually flew out to the city and just played tourist for a few days.  This enabled us to get firsthand experience and insight into the area.  

3.) Build a team - Once I had my location selected, I began to build a team of professionals (i.e. realtor, mortgage broker; and later - property mgr., insurance agent, etc.).  I performed extensive research and interviewed several professionals before deciding on my team.  I can't stress enough how critical this step is to investing out-of-state.