All Forum Posts by: Richard F.

This TOTALLY depends on the local market where the property is located. Check the ads; check with the local MLS to see if they have any rental listings of that type.

Count on the fact it will take significantly longer to find a qualified tenant. Keep in mind that if they can afford to rent an executive home, they can probably just as easily buy something, so either they know they are only renting 1 - 3 years and just don't want to go through the hassle of buying/selling, or they don't believe a purchase in that market will appreciate in value over the short term. Of course there are SOME people that just don't want to own, but only a small percentage.

Another point to consider, is the fact that this type of tenant, although generally will take much better care of a home, also generally expect a higher level of response and quality of repairs and upkeep from the landlord. Many are extremely demanding, and they have the money and frequently the connections to make their point.

Roommate situations are not so great, especially for a larger home. It is rare to get 4 or more roommates that can get along for the term of the lease. Somebody moves out, and you get new tenants without proper screening etc. then when its time to evict, you don't know who to serve or where (if) they work! Oh, and of course there are the arguments over who paid what portion of the security deposit. They NEVER understand that they are ALL responsible for the total amount if someone can't pay or skips out. Add to that that (usually) you basically have a group of "children" or at best "new adults" that really don't "get" responsibility. It's always someone else's job to mow the lawn, clear the snow, take out the trash, clean the house, control the guests, etc. etc. Care to guess who ends up doing most of it? Or at least nagging them until they do?

Sure, this does not apply to all roommates...but why set yourself up? More bedrooms = more people, whether its kids or adults, no matter. More people = more wear and tear on the property; higher maintenance costs; more noise; more trash; more cars; more headaches of all kinds. Given a choice, I would not invest in a rental with more than 2 bedrooms.

Thanks for reading...

I have had good success with Craigslist for AVERAGE properties, but low end stuff gets nothing. High end properties work pretty well too, especially with the capability to upload pics. I also "pre-advertise" hard to rent units immediately when I know, or even suspect, they will be going vacant.

Another site that works well in my local market is the DODreferral.com housing site.

It covers all branches of service, all base locations, so families transferring in tend to check it first.

Other than those, for free, many hospitals and colleges have some type of online or at least a 3x5 card system board! Also, as another poster mentioned, your local Housing Authority and various Social Services organizations if you really want to deal with subsidized housing.

I limit paid advertising to the ONE local newspaper that has the largest readership and/or hands down the most rental ads.

When I was a PM in the Midwest, I managed several (old) buildings with hot water or steam heat. It was not uncommon for tenants to complain about the unit "Freezing" overnight, and threaten all sorts of actions via city officials. For less than $50, I bought a battery operated 24 hour "logger" from an electronics supplier, put it in their unit for a day, then plugged it into my computer to print a detailed graph showing the true temperature swings. (and no, of course it did not even approach freezing- in fact I never found a room that dropped below 69 degrees)
See Here:
http://www.onsetcomp.com/solutions/guides/classic.php5

Eliminate the carpet and drapes from your units- install commercial vinyl tile (NOT the cheap-assed peel and stick type!) and mini-blinds instead. If exposed surfaces cannot absorb the odors, a good Lysol wipedown should leave you good to go. Tenants can put down throw rugs if they want... Besides, you'll get 20+ years of service from tile vs maybe 7 good years from carpet. And, you won't be picking up (as many) butts from the yard and driveway.

In my experience, it doesn't matter a great deal what you put in the lease beyond the basics. The key is fair and equal ENFORCEMENT. And by enforcement, I mean make it COST the tenant. You see, regardless of the Nationality, IQ, or personality of your tenant, everyone understands money- THE universal language. You can have 50 house rules dictating what your tenant can or cannot do, they will ignore them and do what THEY want to do. It is, afterall, THEIR home (tenant point of view). You can ask, beg, yell, and send letters till your big vein bursts, it won't help. Send them a BILL and they will change their behavior. If they try to ignore the bill, on the day that it becomes past due, deliver an eviction notice. Don't make a deal, or change your mind and let them slide. Make them pay every penny, immediately, or move out.

A couple of important points: PRIOR to tenant signing the lease, sit down with them and detail your actual expectations for their housekeeping, noisemaking, and overall care. Explain YOUR definition of "normal wear and tear", and their responsibilities regarding needed repairs, and most especially your Late Payment Policy. Then follow through!

Secondly, ALWAYS do a THOROUGH interior inspection 45 - 60 days before every renewal, and at least annually. (Hint: a locked closet door with light shining under the door- could be a pot farm!)

My philosophy: There are FAR more GOOD tenants than bad, so I do not waste ANY time with the bad. Move'm OUT today, cause it will cost you FAR more tomorrow!

Good Luck!