All Forum Posts by: Brandon Pearsons

Hello,

I was wondering if you guys tell the tenant everything that is wrong with the house, at the time they sign the lease. (non working outlets, automatic garage door openers, toilets that take an extra flush, closet doors that come off the track ect, fireplace not working...)

Or do you let them find out after the move in?

How do you handle this?

Thanks

I posted a similar topic, but I provided too much information. I hope this one gets more posts...

Option 1 - Longer term tenant medium wear on the property, possible flooring repair -pets and kids ( estimate 2-? years)

Option 2 Short term tenant - no to - little wear on the property- pets & no kids (estimate 1-2 years)

I appreciate any replies...

Hi Tamara R.

They said they keep them outside, but it gets cold where this is is located. It was 30F last night. I am not sure the gender of the cat or whether it de-clawed, but I believe they said it was an out. It seems like everyone says there cats are outdoor cats =D I am pretty confident that a rental price increase for a cat, would make them move on.

I am back and forth about this issue. I think I put too much info here in the beginning of this thread ( so its a lot to ready) , so I might make a little short topic on it thread on it.

Its basically damage vs more short term tenant.

Eddie Werner - Ok- Decent credit, amount of disposable income, good rental history, length of employment .. That one of the risks of tenants #2.. new jobs.. If screening was based on a quantitative number system if would be easy put you got to factory in qualitative factors which makes it hard!

Rob K, you kind of read my mind...

The place as new pergo, carpet, tile fridge and dishwasher. The place will definitely wear harder with them.. Carpet $1500/ Pergo $800/ porcelain tile $1100 What are your thoughts on damage costs?

Hello,

I have been fixing up a 3 bed 1.25 house with a bonus room for the past few months. After going screening 60 plus people, it has come down to two.

These are the best ones I have seen so far for this area, TRUST ME!!!! I have been very picky and renters have a decent selection of properties to rent. I have turned down many(The economy is not so great in this area + small town)

This is my first rental property and the first time I am renting it so I could use some advice!

I am asking $1095 an month plus $1095 Security Deposit + $600 Pet deposit
I am hoping to fill this rental next week!

Tenant A
-Married Couple Ages: late 30s. 2 kids 5 year old boy and a 3 year old Girl, 1 dog, 1 cat and 2 rabbits. kids has a alot of energy. They do seem like good people.
-The Husband has been has held the same job for 9.5 years, recently got a raise ( last month) to 46k year ( old wage 36k /year)
- This wife is a "nanny" for another couple the past 7 year and brings in $700 a month ( $8400 year) This employer gave her a good reference and said they were need and clean.
-They have owned a place for 8 years and are going to let it go. The value of it has dropped by 30% of when the purchased it in 2004 and they mentioned the septic tank as failed, which is expensive to fix.
- Based on their credit reports, they have been very good on paying their bills till recently.
Current house payment $1100
Current revolving debt is $1200 ( misc credit card bills & house equity line, until recently it they were paying on time)
He had one rental listed before owning this home and it was good!

Vs

Tenant B
Young couple been together 8 years not married but engaged ( 23 & 24)
credit scores 670/680
lived together for 4.5 years
lived at current place for 1.5 years ( an apartment) Needs a house with a large garage

Her - She is changing jobs. She has been at her current job for 4.5 years Grossing 2k per month She is going to be starting a new job in two weeks showing Gross 3200. She is an admin assistant and will be one at her new job

Him
Banker at local bank- 2 months of employment at this employeer Gross 2800
Old Job- Assistant manage at a jewelery store Gross 3100

They have 2 dogs, ( lab mix and chiwawa)

They dressed professional and don't seem like partiers

Each tenant has a risk, which is better and why? Or questions to ask...

Hello All,

I am just trying to get some input and suggestions.

A bank accepted a short sale offer that I submitted.

The owner still lives there and I want to see if they want to continue living there...

The part I obviously am worried about is that if they stay there during escrow and do not pay rent afterwards when escrow closes.

Anyone been in this situation?

Any suggestions or advice?

Escrow might open as soon as tomorrow

Thanks

Here is the break down on the numbers

(P&I) 492
Property Tax 117
Monthly Insurance 71
(Vancancy) 83
-----------------------------------------------
$863

Rental income $1000-1100

The above figure does not include the following Water, garbage nor landscaping

Hi Scott,

Thanks for the reply.

My primary goal is actually cash flow, secondary appreciation.

The Listing price was 135k, and I offered 10k, they countered at 120k, so I countered at 112k, and right now it stands at 119k. The property no longer shows on the MLS

http://www.realtor.com/realestateandhomes-search/Yuba-City_CA#/pg-6/sortby-1

My Realtor who is also my friend said there is going to be another offer coming in at 135k.

1) The town is Yuba City, CA. I did look future prediction of crime rates through some gov and other websites but I could not find any predictions

2) Good point. What I know of that this is a primarily blue collar city. working class. I am unsure of the age range who are renters in this area...

3) It is definitely not really kid or pet friendly. The nearest part is 1.3 miles. I just google mapped it.

4) The listed Vacancy rate is 5%( shown online)

Reg the HVAC.. Im thinking about getting a home warranty.

Any more input or suggestions would be appreciated.

Thanks

My interest rate is around 5-5.25%

Thanks