All Forum Posts by: Lyndsey Keller

When you have a couple with both names on a lease, and one person moves out, what is the procedure? Their name still stays on the lease, right?

I apologize if I'm putting this on the wrong board. Feel free to move it if need be.

How does one figure out if it's worth it to refinance a rental property? We have one mortgage, and that's on our rental property. What was once our home, we became accidental landlords when we were unable to the sell the property. While the rent income does cover the mortgage payment, there's not much profit. We are currently making extra payments on the mortgage, trying to get it paid off. We have no other debt, and we'd like to get rid of this mortgage as well. Refinancing would make our mortgage payment lower, meaning I could sock more toward the actual principle, right? But then with the costs involved in refinancing, I'm not sure it would be worth it. We are enjoying the rental aspect and no longer want to sell.

House was appraised for $80,000 in 2009.

Our current interest rate is 5.3% and there is $60,000 left on the loan.

If we do refinance, is it best to do so without tenants in the house? Does it matter? I'm assuming the house will have to be re-appraised, and I'm also assuming the value will go up, as the kitchen and bathroom and garage were all gutted and re-done in 2009/2010.

Just looking for a little insight. Thanks in advance.

That's what we were thinking. Just "afraid" of not doing it right.

First timer question:

In 2013, we went back and forth between trying to sell and thinking of renting out a property. In December 2013 we decided to officially rent it out. A deposit was paid on the property mid December, but first month's rent wasn't paid until occupants moved in on January 1, 2014. Question is, can we/should we claim this as rental property in 2013? I technically received the deposit then, but they weren't living there yet. Do I just add this to our 2014 tax info for next year?

I've opted to just use mysmartmove this time. I wasn't prepared to wait weeks to be approved to run credit checks. I understand the reasoning, just wish someone would have mentioned the lag time to me before I even advertised the place to rent.

I'm so noticeably new to this. It's been hammered in my head to screen and check for these things. When it comes time to do it, I thought I'd enter the info, pay the appropriate fees online and be done (yes, I have a signed app giving permission to do these checks). But I have to have a site inspection? Meaning a person is going to come to my home and check for things? Is this for real? Is there another way of doing this? I was hoping to run checks and let the prospective tenant know an answer by today or tomorrow.

Thank you! I hadn't even thought of this. Problem is that THIS couple is my gut instinct best candidate (without processing). I REALLY want it to work out for this couple. I'm going to see if they can email or fax or the application to me ASAP, so that I can process it. If they don't, I'll move onto the next one.

THANK YOU to everyone. I've read a lot of books and been on a lot of sites, but THIS one has been the most helpful.

Also, would it be "legal" for a faxed copy of the application? Big concern in the signature on the app to run the background/credit checks. Should I ask them to mail it?

I had no idea how stressful this whole process was going to be! Thank you for all the advice, it's pretty much what the back of my mind has been thinking. I have been letting people know that they can still view/apply for the place, but that I have quite a few applications ahead of them. This makes some mad, some want to apply/see anyway, and others want me to call them if they come up next on the list, and don't even want to fill out the app.

I haven't processed the first application yet. The first one I got, the couple can't move in until Feb, so I set that one to the side. The second one, this guy saw the place Thursday and seems very interested. He turned in an app but I don't have one for his wife yet. She's out of state still (they are moving here). So I'm waiting for her application. Should I go ahead and process his while waiting on hers?

I feel like such an idiot b/c I thought I had this all figured out and I seem to keep messing up. Just want to get this place rented (with a decent tenant) so I can breathe again.

Long story short:

2 weeks ago I started advertising and prescreening over the phone. That first weekend I showed to 5 different prospects. Had to reschedule a couple due to the weather for this weekend. This weekend I'm showing to an additional 4 more prospects. Husband and I decided that after this weekend we will start processing application(s) and decide on someone.

Problem is I just keep getting more and more people calling wanting to see the place. At some point do you say you've got enough applicants and turn them away? I'm sorta already feeling that right now. Should I take down the ads?