All Forum Posts by: Chase T.

https://www.alarm.com/customer/for_builders.aspx

In many cases, even if your lease states that subletting is not allowed your tenants have a legal right sublet (as they do in my city). As long as the replacement meets your screening criteria, you should allow the replacement. Otherwise you risk angering all of the tenants and having a vacancy in January when your lease ends!

Ideally, I would push to have a new lease drafted that extends the lease end date sometime into the spring/summer. You would then treat this as a new lease, refund security deposits to the leaving tenant and accept security deposits from the new tenant. Otherwise you *could* do a lease addendum, but that's less ideal because it's messier.

Sell. Not worth your time or potential future tenants trashing it completely. Owning condos and renting them out rarely, if ever works out financially.

College students have more money than you give them credit for (Mommy, Daddy, and Uncle Sam). You can sometimes get bulk multifamily packages if you have enough units. College students pay for that type of convenience!

No... Federal loans must first be disbursed to schools, and then must be directly refunded into a bank account (no paper checks involved anymore). If they don't have a bank account, then either their parents are getting the refund, or their loan only covers tuition.

Let this be a lesson for the future! Always verify your income sources from students. Also, get guarantors or co-signers if there are college students in the household. If you had a guarantor, you could have a garnishment order on that money, and something on their credit report too.

If you have private loans on their credit report, you should also stay very far away! It means they are too stupid to get federal PLUS (parent loans) or don't have a parent who is credit worthy enough to get a loan (even worse!).

split duct heat pump systems... or baseboards (or both) These are great depending on your climate and your local laws! (Here, we have to provide estimated heat bills [!!!] ). Of course, go with gas if its more feasible.

I'm guessing that these people paid a 2 month security deposit, and figured they weren't getting it back. Heck, if I knew that they were foreclosing on the property and I had a security deposit that I knew I probably wasn't going to get back, I would have done the same thing.

"Let me send you my application documents." Those documents should have your screening criteria. Then charge an application fee.

This is an example I found on Google, although there are some things fair housing wise I would question under the cosigner portion, and I don't like the credit score part either.

http://www.marshproperties.com/images/pdf/Queens_ScreeningCriteria.pdf

Make sure it looks good, first off. Post on Postlets + Craigslist. Make sure you have good pictures. I firmly believe that most people do a poor job in marketing their units. Make sure you have a big sign with your phone # on it, and answer it! I'm guessing your house's price is fine. If someone thinks the price is high by $100 they would probably make an offer.

I've seen several systems. My favorite was actuality a master key system, but it had 5 masters. The master key would work on multiple doors, but not in the same building. I also have seen key binders. They take up much less space. They do make 300 key keyboxes too, so those always work.