All Forum Posts by: Emily Beckmann

We try and keep everything by "what goes on your taxes". So if they have moved jobs alot and I am unsure of potential income, we look at their last years tax return to prove they make money. As far as "side work" we generally do not count that as income. 

If you are a property manager, you could go to the owner and say"look we have this applicant that meets all other criteria, would you be willing to consider her?" If they say no...move-on. If they say yes....consider a double deposit, so the owner feels more comfortable if something were to go wrong.

Tenants that make three times the rent, have perfect credit, perfect job history and so-on can be rare....because they usually buy homes. I like to talk to my owners and let them know this, and it keeps the door open for situations like this where only one thing is slightly short, and can be made up with additional money upfront.

When I am signing a lease with a tenant, and they bring up renewal and price increases, I let them know that if they take care of the home like it is their home we usually dont raise rents on them. But on the flip side if they call me to change a light bulb and for little things every week, I can almost promise that the rent will be raised.

It really sets the stage with the tenants, that we expect them to take care of the home they are renting like it is a home they own. Every since starting this practice, we have cut down on the number of "small jobs" that get sent into us.

When we have a tenant that wants to move out early this is what we do.

Let them know their lease is not up till July 2017. Let them know that they are responsible for the home until that date!! 

Next we offer to put the home on the rental market. Once the unit "rents" again it replaces their lease and they are relieved of their duties in the lease. This could take 2 days, it could take two months, and it could take until July 2017. I also let them know that how quickly it rents is usually up to them. People will want to see inside the home; so how clean it is, and how readily available the home is to show is determined by them, NOT YOU. If you are able to find someone and end the lease for them, it would be treated like a normal move-out. Any damage that they caused, they would be responsible for, and any costs in the lease associated with a move-out are to be paid as they would if it were July 2017.

So in the end the tenant can get out of the lease, and you not miss any months of rental income. 

As a Realtor here in Jacksonville, Florida, I would say push for Comps. They should always be able to provide Comps to you. If there are "no comps", because the area is "Changing" I would ask to see examples of homes that are currently there and then ask why he thinks it is "up and coming/changing"

I am a property manager and we recently had a home that needed a whole new A/C System here in Jacksonville, Florida. Summers are Hot and the A/C was in a situation where when you replaced one part, three more broke. We decided to have the unit replaced. Happy tenants treat your home better, and treat you better!!!! 

With other homes, we always have a repair guy go look at the units when a problem arises!

Welcome to BP Lisa,

I am also here in Jacksonville, FL!!! I am a Realtor and a Property Manager here, if you need anything, I am happy to help! You will learn so much here on BiggerPockets. 

When I meet with the owners for the property the first time, I usually go into the meeting having already researched the home. As a Property Manager it is my job to "lend a hand" in the process. This includes price. Most of the time the owners know exactly where it should rent, because you already did this research when you bought the property. When I have my list of similar, recently rented, and still active homes in that area, we can agree upon a list price (as well as a bottom line price, for when the prospective tenant negotiates) and what are plan will be 15-30-45-60 days down the road. 

A big thing that I do notice though, is here in Jacksonville there is such a wide variety of properties in such a small area. The property manager should be able to sort through and pick out the ones that you can compare to, and if there is a question on the house and why it was priced like that, then call the other agent and ask. Homes are ever evolving in the rental market, what is included in rental price plays into the marketability a lot. If the owner is close to what I think we can rent the home for, I dont have a problem listing it there, but letting them know we should have wiggle room and a plan for down the road is important. But i would never tell them NO without a researched explanation, and usually by the end of the explanation they agree as well.

@Andy Tomaswick

As a property manager myself, I know that here in Florida there are different releases from the actual agreement itself. I would talk with your next property manager and agree upon a clause that would allow you to be released, or have the option of release if the property is not rented within a certain time phrase. Also, if the property manager seems hesitate to this, make sure to ask why. He/She may not feel comfortable with the price/location/or time of year and will want to make sure they can get it rented out in a proper manner for you. At least, they should be confident in the fact that they can rent it in 60-90 days if price/location/time is right for them!

Hello @Jeremy Shepherdand @Alex Sanfilippo

I am a property manager here in Jacksonville and would love to help you out. If you have any questions please let me know.

Welcome! And thank you!! I am a realtor and property manager here in Jacksonville and I would love to chat about the market and how I can help you dive into residential multi-family here! Feel free to email me!