All Forum Posts by: Erich Oertel

What cities are still great to invest in ?

What is a general credit score I should have for my tenants to qualify for a rental property?

I have a rental in Arizona. My tenant of two years just moved out. Overall, my tenant was great; however, After conducting a final walk through, I discovered that the walls had a lot of wear on them, the garbage disposal was broken, and the house was dirty. The deposit was 1700. How much can I keep, and how much do I have to give back to her?

@Greg M.

Great advice! Thank you so much.

So I just rented our home to a tenant. The tenant is asking if they can replace the old front door lock with a digital door lock? I told the tenant if they change the door lock, it must be a door lock that also has a key access and a copy of the key must be provided to me. Pros or cons. Did I make a wrong decision? Thoughts please.

@Randall Alan

Thank you for all the information. It was definitely helpful and assuring I’m on the right track.

I have a rental property in Los Angeles, California, and it’s been on the rental market for less then a week.

Just recently, I showed the home to a retired couple that on face value, appear to be great candidates for potential tenants; however, part of my rental qualification is to show proof of income. The couple has informed me that they generate their income through rental properties. This is the first time I have rented to other investors (possibly).

To confirm their income is suitable and meet standers, would you review their bank statements or would you ask to review their 1099 from the rental property?

I just want to verify I’m renting to a legitimate couple who can afford the home.

Any and all information will be greatly appreciated.

Thank you everyone for responding. The knowledge that has been provided is worth its weight in gold. 

@Bjorn Ahlblad

So for example. If rent is $1800.00 a month.

I’m charging $1800.00 first month, $1800.00 last month, and another $1800.00 for a deposit?

So I’m getting $5400.00 to move it?

I am renting my property for the first time. Normally, what’s collected prior to moving in? Is it first month, last month, and a security deposit? I’m getting mixed advice. Some say just first and last month, with no security deposit, while others have said it first and last, with a deposit. I’m looking for clarification. Lastly, what is the normal amount for a security deposit?