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All Forum Posts by: B R

B R has started 7 posts and replied 30 times.

Post: How to write lease for unmarried couples?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Thanks for all the great comments. It looks like we have a winner if we get verified income, so I'm editing our lease with the "jointly and severally" bits just in case.

Bienes, you brought up a good point regarding the return of the security deposit. I'll write an addendum about that, I think.

Post: How to write lease for unmarried couples?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

85% of the showings of our 4br SFH have been to unmarried couples, where the male makes most of the income.

How do you treat this situation in your leases? Do they both need to earn 3X the rent in income in order to qualify? What if one half of the couple qualifies and the other doesn't?

I can see these boyfriend/girlfriend things going badly just like any other roommate situation, with one tenant moving out and leaving the weaker one behind.

Thoughts?

Post: Should I purchase it?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I am unclear on why/how the seller would offer free lot rent. You purchase and fix up his property and he pays you to do it? Isn't this something you would negotiate with the park? Or is it that the seller has already paid the lot rent for the month and is agreeing not to charge you a proration for your part?

Post: Justice Served!

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Congrats on taking the high road, but I hope you will watch your back during this whole situation. I have a friend who let a teen drive away without a police report after the kid rear-ended him, and now the kid's parents have charged my friend with hit-skip and menacing. He should never, ever have trusted that kid. No good deed goes unpunished. Just saying, be careful.

Post: Garden duties at SF rental

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

We are currently attempting to sell our nicely landscaped and updated house; however, we will have to bring at least $2000 to the closing table to unload it.

We figure we will end up renting it out, as it is generating zero buyer interest, and we know it will lose value as a rental. I guess it's a matter of taking a big hit up front, or gradually over it's life as a rental. It will be our third SFH and our only 4BR.

Maybe if we call it an "executive" rental they'll take good care of it. Hah!

I am tempted to just remove all the beautiful plants I put in and take them to my new house.

Post: What to do now (application problem)

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I agree that you should continue to take applications until it is officially rented. Not your problem when someone is in a hurry. People with issues are always in a hurry.

When I collect apps. I write the time/date on each. Then when I have a handful that are equally qualified through thorough screening, I call whoever turned theirs in first.

Post: Water meter tampering

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

During a recent "safety inspection" of our sfh rental, I noticed the water meter was upside down. The plumbers had been in when we first bought the place 11 months ago, and had re-done everything, including re-installing the meter. The work was still under warranty, so they came out and turned it the right way a couple days ago.

Here's what I learned from the plumber: renters are notorious for tampering with meters, which operate on a paddle wheel. Turning them around doesn't stop the wheel turning, but slows it down. Therefore, renters can get away with lower water bills until they are caught.

So now we don't know if it was an error by the plumber or the tenant was misbehaving. Another good reason to have the water and all utilties in the tenant's name, and a learning experience for us.

Becky

Post: What to do now (application problem)

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

Go with your gut. you wouldn't have come to BP for answers if you weren't feeling apprehensive about this.

Everything you posted sounds like they are flakes. What normal people with jobs live with their parents, leave empty spaces on important applications, and lie about their income/pay stubs? This is only the beginning of the lies.

We had a "nice" couple look at one of our sfh's and we had high hopes for them, tattoos and all. Polite, married, a couple of kids, and they filled out the app. completely. A simple search of the county clerk website came up with the following convictions between them: rape, burglary, aggravated robbery, assault, and fraud. You cannot judge the proverbial book by its cover.

The woman had the nerve to ask me how long she and hubby were going to have to pay for their crimes--the fraud had occurred a year ago, the rest within the last 2-7 years. Um, you kinda shoulda thought of that when you sociopaths were robbing, assaulting, raping and committing fraud.

So thankful for the brethren here on BP who opened our eyes really wide before we started this adventure.

Becky

Post: Seller financing--how is this done?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I always get such great tips from BP members. Thank you all so much. Noteworld did answer a lot of our questions, thanks Richard!

Becky

Post: Seller financing--how is this done?

B RPosted
  • SFR Investor
  • Cleveland, OH
  • Posts 30
  • Votes 3

I am a newbie working on 2nd SFH deal, which will become a rental. I would like to put a request for seller financing in letter of intent to purchase, but don't really understand how it works. Who does the paperwork to set up the note? Would the seller use an attorney, accountant, etc.? Or am I just sending some lady a check for 30 years? I would like a firmer understanding--can anyone advise?

Our first deal went so well and we have excellent tenants, thanks in large part to BP and all the great comments and suggestions we received! Thank you!