All Forum Posts by: Fran Flanagan

My tenants have been using popmoney, it costs about $1 per transaction and I've not had any problems with it yet.

Considering that the place flooded in the last 5 years, I think that it would be silly to not have flood insurance, regardless of if it's required or not by your lender.

If you're short on cash now, and your credit isn't the best, what is your plan for if the place floods and causes ~15k in damages with no rent coming in?

If they've been good tenants for 7 years, I'm pretty sure I would just leave them alone over this. I mean their son is 19 years old and going to college. It doesn't sound like anyone is causing any trouble at all here, I'd leave it alone.

Yes, I would post on craigslists so that inquires were coming directly to me. If they won't return your calls or answer the phone, how can you trust that they'll do so for prospective tenants?

I would fire them immediately. I also would start marketing your own property while looking for a new PM, if you choose to go that way.

Having 150k in equity earning about -2% in cash each year is pretty rough. If you start counting maintainence and such, your actual loss is much greater.

Unless you want to have the vacation home at some point in the future for yourself, I would look to do something else with my money.

I'm not sure why exactly, but you seen quite keen on this certified letter. I'm relatively newmto this as well, on my second set of tenants, but people give pretty good advice here.

I find that talking to your tenants, as regular people, is often the best way to resolve things. As you indicated that you just noticed this yourself, it seems that you have not notified them in any way yet. If they refuse your offer to have a discussion as reasonable people, then move onto the next step.

I had some tenants write N/A for their bank accounts and another write N/A for their income information. I simply laughed to myself and disregarded these applications.

How am I supposed to agree to have you move into my house without the slightest hint that you might be able to pay me?

How many pets are permitted in your lease?

What does your lease say about unsanitary conditions?

My lease has a clause stating that "guest pets" are not allowed and are treated the same as "unapproved pets." In either case, $100 / month in pet rent is due retroactive to the lease start date, since it can not be determined when they began sneaking the pet in.

All damages / cost of new carpet from security deposit are spelled out as well.

Definitely don't list them both at the same time. Artificial scarcity drives up prices!