All Forum Posts by: Derek Markowicz

Hi guys, this is more of a personal question rather than a investment question. I personally live in a condo above commercial units. There is a bar that is a major nuisance, open until 3 AM. Patrons pull into the parking lot with music blasting and hang outside the establishment talking/yelling very loud (loud enough to wake me up), along with multiple fights including chairs being thrown and vehicles running into other patrons (all on video that I have recorded). The local police have done minimal to close this establishment down even with me showing them these videos. Just curious if anyone here has any other routes I can pursue beside just the local police. Thanks in advance for any suggestions you may provide.

@Tyler Gibson, Lawn maintenance is also the tenants responsibility. Is it possible to calculate ROI or Cap rate? Having lived there and not really knowing how much I put into the property (probably 7-10k) I am having trouble understanding those numbers. Thanks.

I am having trouble understanding how to run my numbers on my personal home turned rental. I purchased the home in early 2014 for $111,000, currently worth 155,000. I currently owe 86,000 on the property. I lived there up until a year ago when I moved in with my girlfriend. Yes I let it sit for a year paying the the mortgage (you know just in case) I finally decided to see if I could rent it out. I was able to get a tenant in paying 1500 a month (about avg. market rent). My mortgage/taxes/insurance is 1045 a month. Tenant pay all utilities. Now this is definitely a better situation than just paying the mortgage. I am hoping someone would be able to help me understand if this is a good financial move or should I have just sold the property. Thank you for any and all help. If you need more information just ask.

I just upgraded to PRO. Where do I find all the landlord forms?

Simple question I already know the answer but looking for a little bit of support and wording how to approach this situation. Preliminary questions to prospective tenants I asked if they had any felonies, which they answered no. I showed them the property and they seemed like a really nice couple. They paid for their application fee and credit/background check and it came back with felonies. Am I allowed to deny due to a violent felony, and how do I express to them that they are denied. Thanks I know it's such a newbie problem.

Katie, to update the situation I have received their application. Now the prospective tenant claims Trans Union is not allowing their credit report to be released. They say they have called and talked to a representative at Trans Union. I feel like have done everything in my power to reach out to Turbo Tenant to help resolve the situation. I feel bad they paid for this service and did not get the full service I expressed to them. I worry that it hurts my reputation as a landlord since I trusted TurboTenant. Now this just could be user error on their part. I am just at a lose on how I personally can help them through the process any further. Any more advice would be greatly appreciated.

I am trying to run a background check on my first ever tenant. I google searched tenant screening companies and came across TurboTenant. But the prospective tenant is having trouble getting it to work. Claims the processes just keeps restarting. Does anyone have any other recommendations on other screening companies. Or is it user (tenant) error?

Thanks, Derek. 

Thank you for all the great advice.

Hi, I am moving out of my main residence (single family home) and plan on renting the property out. I have found prospective tenants and doing my screening process (thanks to the advice I have received from the forms). The question I have now is about all the behind the scenes things I would need to do like... 1. Do I need to change my insurance policy? 2. Should I open a separate bank account for all rental income and expenses that will occur? 2a. Do I then pay my mortgage from that account? 3. Where should I keep their security deposit? 4. Lawn care, is it the tenants responsibility? What if they don't take care of it, as I would like? 5. What else am I forgetting? Thank you in advance for all of your thoughts and advice.

Hello, simple question probably for most of you. I have a single family home that I want to rent out (I have moved out to live with my girlfriend). I have received alot of interest through posting an ad on Craigslist of people wanting a showing. Do I show the property before I screen the possible tenant? Thank you for any of your advice.