All Forum Posts by: Chris Chisholm

What’s stopping him from setting up new leases with the tenants?  Not sure about your local laws and regulations but if they are not in a lease, with sufficient notice you should be able to get them in a lease at some point noting the changes in policy.  “I’m looking to standardize things across all my properties and make sure we are on the same page with processes/policies, so I’d like to get you in the same consistent lease agreement as the rest…”

I put in my lease agreement that it's a $150 "lock out" fee if I have to come let the tenants in for any reason, plus the cost of new keys if I need to replace them.  Paid up front before I let them back into the unit.  If they don't like it they can jump through the hoops of calling a locksmith on their own.

network, network, network. Start conversations outside your friends/business circles. Chat with old people...like your friends parents or aunts or uncles...typically outdated decor? Looking to downsize? Potential for seller financing? I was working out a deal on a duplex from a co-worker I have previously done business with. Others over heard our conversations and brought it up to me..."heard you are looking to buy a place from Rob...we are thinking about selling". I went from a casual conversation with Rob, to having 3 off market deals at below market value lined up in a couple weeks. Currently working through each to get them all closed over the next few months...buy one...BRRRR, suck the equity out to buy then next and repeat. The other 2 that came of it were people I would have never thought of approaching as I knew nothing about their personal situation, but both were older and downsizing life (one was getting out of rentals and will have more deals over the next couple years to do, the other just old and doesn't need a 1,000 sq ft 5 bed, 2 bath place anymore). A LOT of Baby Boomers are getting too old to maintain houses anymore.

I'm Canadian so different options for me, but I use the free version of Stessa for all my financial tracking and such.  For Tenant Screening a I use SingleKey (I think it's only Canadian) for credit checks, etc.  I make good use of Google forms for screening survey's...prescreen them with a short survey before they ever get a viewing to screen out tire kickers and bottom feeders that have no business renting from me.  During the viewing ask subtle but very targeted questions..."so what did you get up to this weekend?"  "I had a party and we got wasted man..."  Thanks for your time, here's an application if you want (flag the name as definite no).  Search applicants on social media or the internet...The application says they don't smoke and have no pets but they are posting pics with a dog and a smoke in their mouth?  Definite no.  When calling references purposely give them wrong information to see if they correct you..."So John rented 123 Main street from Jan 2020 until Feb 2024"  "no, it was 456 That Street from Feb 2021 until Feb 2024"  "My bad, I was looking at the wrong file..."  Good chance it's an honest reference.  If they don't correct you and agree to the incorrect information, chances are it's the tenants friend lying for them.  Ask the previous 2-3 landlords...the current one might lie to get rid of a crappy tenant.  Software will only get you so far.  Boots on the ground will give you a lot more info to screen tenants to get solid ones.

 What's the current status of the property?  Is it vacant?  Try to house hack it...

Where are the bathrooms?  If you have one on a main floor and one in the basement, can you convert it to a duplex?  Rent the whole place for $1500 vs renting each suite for $900 ($1,800 total)...

Is there an opportunity to rent it by the room?  Whole property for $1,500 vs renting each room for $500 ($2,000 total)...

Is the garage detached?  Temp controlled/insulated?  Powered?  Plumbing to it?  Can you rent it out separate to someone looking for storage or a back yard mechanic/hobby shop?  Could add an extra few hundred to your rent roll...

What is the land/yard situation?  Is there an opportunity to rent out space for seasonal storage of a vehicle (boat, RV, etc)?  Can bring in a few hundred a year...

Is there an opportunity for a "granny"/carriage suite on the property as a short term rental?  Can bring in a few thousand a year..

I bought a property in 2021 and did some of this.  It was already converted to a duplex with well under market rent, but had a massive garage that was used by previous owner as storage.  Discussed with the house tenants about renting out the garage to avoid potentially having to raise there rent more...currently renting the garage for $900/M (825 sq ft heated/insulated, 10 ft ceiling shop space).  Had an inquiry from a friend looking for a place to park his RV for the winter...talked to the tenants about renting out the back yard space (fire pit area that is unused in the winter months)...now have an additional $100/M of income for 5-6 months of the year there.  The property also has a LONG driveway and the downstairs tenant doesn't drive, the upstairs tenants only have 1 car.  Talked to the tenants 
about utilizing a spot on the driveway for long term storage since they don't use it to avoid larger rent increases.  Currently getting $75/month to store a boat there during the winter.  When I bought the place the gross rent was $1700 on the property.  Between small rent increases and the storage I'm bringing in $3,000-$3,200 a month.  I just closed on a property that I'll be doing the same thing with...5 bed, 2 bath with a garage...2 doors down from a college.  Rent by the rooms to students, rent the garage out separate, long driveway in the front that can rent unused parking spots to other students.  Takes a little more work to manage (coordinating who cleans shared spaces like laundry, etc) than just renting to one tenant, but it is very profitable.

I'm in Canada so a little different process on credit scores, etc. but I don't haggle.  I do my market analysis on a regular basis so asking price is very much inline with the market (typically set right at the average on comparable listings I find the month or so leading up to the vacancy).  

What's your tenant profile?  Is your place/area geared towards young professionals?  Small family?  Students?  An income verification and credit check will look VERY different for a student vs a small family vs a grown adult.  To set your target at 3x income on a $3000 rent and a 700 credit score on a property across the street from a college might miss a solid responsible student tenant for 4 years.

I do prescreening through a google form questionnaire to eliminate tire kickers or those that have no business looking at my place (3x is my gross income target) before a viewing.  After they've officially applied I search social media/internet for them to see what comes up.  Often criminal history will come up through a basic web search of someone name.  Get creative with your viewings...A simple small talk question like "what did you get up to this weekend?" can give you volumes on the lifestyle they lead and vetting references...Ask an incorrect question on purpose to see if they are lying "They lived at 123 Main Street, right?", etc and if they correct your just play if off that was the wrong file in front of you, if they don't correct you it's possible that it's just a friends name they gave rather than a previous landlord.  Ask for multiple previous landlords...current one might BS you to get rid of them.  Previous has no vested interested in lying to you.

Could be a few options to get her feet wet.

1- find local landlords, REI's, property management companies etc looking for "gopher" or helper. This could be like an assistant property manager running small errands, setting appointments, doing walkthroughs with tenants, etc. Would give her a chance to see the little things that go into being a property manager.

2- find work related to REI like a move in/move out cleaning business for tenants or landlords. Maybe a yard maintenance (gardening, snow removal, lawn maintenance, etc) service. If she's handy, maybe a handyman type service of some kind? Maybe an answering service type thing to take some phone calls off the landlords plates in the wee hours like a virtual assistant type service?

3 - If she's looking at buying her first property, dive in head first! See if there is an option of getting a duplex or something with multiple rooms that she can house hack. She can live in one room or unit and rent out anything else she doesn't want or need (garage, storage space, other rooms, etc). Would give her a chance to learn the ropes a bit on the role of a landlord/property manager and see what's involved. Maybe seek out a mentor (find a local REI that house hacks for student housing? One that focuses on duplex/triplex's?) to help getting her started and make sure the basics are there? That rent by the room can supplement whatever other job she might have (related or unrelated to REI)

While most of these would be self employed type ventures there should be some businesses around that already do these services that could get that stable income, or could be something negotiated with an REI/landlord to make it a salaried position? Maybe get on with a job at a campground, trailer park, condo management company? Would have similar duties to a property manager collecting rent, odd job calls, etc. with a variety different tenants. A chance to manage a "portfolio" before putting her own skin in the game.

If there is an inkling of what direction in REI she wants to go you can narrow your sights on that...house flipper could start with handyman type jobs to figure out renovation ideas/skills...a wholesaler could start with just any kind of sales/negotiation type job...a buy and hold landlord could be any kind of Jr Property Manager or assistant type job.

One thing I learned was that "No." is a complete sentence.  Unless your local rentalmans office or laws state otherwise you don't need to validate your reasons for a rent increase, especially one that is only $35.  If you do feel the need to explain just be direct.  The more you go on the more ammo you will give them to continuously debate and both you.  There is nothing impolite about responding to her request directly asserting your position.  "As previously discussed the new rent as of ____ 2025 will be $_____.  Please let me if you are still interested in renewing the lease when it expires or moving as soon as possible so we can proceed accordingly."

 Would need a ton of actual information about your situation to give you a proper response, but a great way to start is to house hack a place.  Find a place when a ton of space you won't use and rent it out.  Live in one room (share the kitchen/living room/bathrooms, etc), Rent out the garage, parking spaces, rent out the basement or each extra room.  This will generate a pile of extra income that you can utilize for the next one.  Piles of other routes to go like looking for partners or investors to help get your feet wet, flip a house to get some quick cash if you have the skill set, etc.

 I use the free version of Stessa which works great for my needs.  As a Canadian it has some restrictions like a lack of mobile browser/app support outside the US, but I'm sure for an American it would be great.