All Forum Posts by: Ryan B.

Applicant: What is that thing?

Me: The furnace!?!

Me: You would have to cut the grass.

Applicant: With a lawnmower?

Me: That would probably be the easiest way.

I can just hear the pickup lines now:

So you want to help me lay some hardwood?

Do you mind if I manage your assets?

I haven't figured a way around it yet, and I don't think there really is. Low income is a whole different animal.

I collect a security deposit instead of last months rent.

The problem I run into is that in my low income rentals, tenants will still use the security deposit as last month's rent even if the lease says it cannot be. What am I going to do, waste extra money trying to go after someone in court that doesn't give a crap about their credit or having a collection against them? No, I just realize it is part of the game with low income people, get the unit back up to par and get it rented again.

I have not had this problem yet with my nicer rentals, those tenants seem to understand the difference between a security deposit and rent.

I do like the idea that Tevis brought up about financing the security deposit.

Maybe a larger pet deposit like you mentioned, plus charge an extra $25/month. Doubt there are too many places that would consider taking a pig so you could probably get away with a bigger deposit and rent premium.

I don't charge a pet deposit because if there is no extra damage, then the tenant gets it back. I always advertise that pets are allowed and once I know they are really interested in the house I let them know there is no pet deposit, just an extra $25/month/pet.

The vacancy I just filled has 2 dogs so an extra $600 rent per year compared to a $200 deposit.

Yea, most of my low income tenants let their kids stay in the house. What would you like to know about them?

Send me the $200k and all your receipts, I will pay my CPA 50k for the headache and I will claim the other $150k as a consulting fee :)

http://www.huduser.org/portal/datasets/fmr.html

Might be a good place to find info.

I will make it short and sweet: get rid of it.