All Forum Posts by: Elizabeth V.

I use Bennett Financial for my small business. They seem to do a good job, and are very precise and knowledgable. http://www.bfllc.net/

Hello! This is wonderful advice. I highly recommend NOLO's book, Every Landlords Legal Guide. It outlines common legal disputes, legal forms, etc. I enjoyed how it outlined WHY they suggest certain strategies. 

For example, rather than hit a tenant with a large late fee the first day that rent is overdue, they suggest having a smaller fee on the first day, and an additional fee for each additional day the rent is due (ie, $20 on the first day, $10 for each additional day to a maximum amount) This way, your tenant is incentivized to get the rent to you as soon as possible, even if it's late. With a one-time large late fee, there's no incentive to get the rent settled. 

Another thing to add, make sure you have a lease that has very clear rules and regulations. I took the standard lease from NOLO, and added a LOT of provisions that may seem like common sense, but will protect me in the event I inadvertently lease a property to someone who may lack common sense. A reasonable renter will have no problem following these rules. Most of these additional provisions I found by searching for other leases on google. I walked through the house and tried to think of how I wanted things to be treated, and what could go wrong. I'm sure I didn't think of everything, but I covered a good amount of ground.

Some examples of the provisions (many of these have more detailed descriptions in the lease, this is just for illustration purposes):

• Windows must be kept shut when it's raining or snowing.
• All pipes must be dripped during freezing weather (tenant is liable for any burst or leaky pipes that are a result of not dripping the taps)
• Wood floors / granite countertops / and butcher block counters can only be cleaned with certain products that I list (and I list forbidden cleaning products that can lead to damage, such as vinegar for floors or granite).
• The dishwasher can only have dishwasher detergent (ie Cascade), and DO NOT USE dish soap.
• There will be a cleaning fee of $x if the premises is left unclean upon vacancy.
• Any property left on the premises
• A list of things that are forbidden from being put down sinks and pipes, and a provision that if a plumber is called and the repair is due to anything other than defective plumbing, the tenant is responsible for the cost of repair. 
• The landlord is not responsible / liable for the tenant's pets. City and county ordinances must be followed regarding pets and pet waste. 
• Tenant is not allowed to park or drive on any surface other than the driveway (I had a tenant who frequently would drive a bit on the lawn while backing up, which caused damage to the lawn).
• There's a section about items in the yard, specifying that basically nothing other than operable vehicles and potted plants can be visible from the street unless they're being actively used, moved, or put out for trash pick up for the following day. I put this in because a friend has a tenant that constantly leaves junk in the front yard. There's no provision in her lease saying she *can't* do that, so my poor friend is stuck just kindly asking her to move the items, rather than having any recourse.
• There's a whole section about bed bugs (with the header, "There is no known history of bedbugs at the property. We want to keep it that way)
• Landlord has the right to use a collection agency and report to a credit bureau any alleged sums that are due.

Good luck!

Hello! This is my first Bigger Pockets post. We had a qualified renter apply to rent our home, and she emailed asking why we rejected her. She's surprised that she's having such a difficult time finding a place to rent when she and her family are, by all measures, ideal candidates. I wanted to respond in a helpful and kind way, but I also wanted to ensure that I didn't say anything that could lead to my being accused of being discriminatory (or any other accusation). 

I'd appreciate feedback from my fellow BPers. Thank you! The letter is below

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Dear Prospective Tenant,

It really was a matter that we "lucked out" with an extremely qualified applicant. My guess is that there are very few like the ones that applied for our house. Because we had strong applicants (including you), I actually consulted with a couple of outside landlords to give a neutral opinion. I talked about our top three picks (Applicants A, B and C) and gave information without revealing personal details. The choice was unanimous.

The applicant not only had glowing personal references (a must, of course) they had:
• Credit scores over 800
• Guaranteed income from a solvent state pension
• Significant savings in their personal accounts

The "tipping point" seemed to be the guaranteed income. This is virtually impossible to find in a renter, and eliminates the prospect of evicting someone due to an inability to pay rent. The applicants we chose, like you, offered to pay rent before their actual move-in date to secure the property. They, like you, were looking for a long-term rental. They, like you, had adequate income for rent.

Times have really changed... this is not how it was five years ago when we first rented out the house, where no applicant had guaranteed income, let alone savings. I think it's a matter of lack of inventory. There are only about a dozen homes for rent in our zip code.

I am very surprised that we had choices from such wonderful applicants.

As far as how you appear on paper, you and your family would make ideal renters. I'm just as surprised as you are that you're having such difficulty. 

All the best,