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All Forum Posts by: Michael Julian

Michael Julian has started 5 posts and replied 70 times.

I allow dogs at my SFH, but I must approve the dog as I do any other renters. They have to be well trained and cared for, and I meet them as I do the human renters. I also have them sign a pet addendum and charge a $500 pet deposit refunded if there is no damage.

I absolutely do not allow cats. I have ripped up subfloors trying to get the smell out of a unit that had cats once. Never again.

Post: What credit is bad credit

Michael JulianPosted
  • Investor
  • Franklin, TN
  • Posts 70
  • Votes 33

I don't look at the FICO number, but at the data itself. I rent to a family on the Dave Ramsey Plan that has no credit score at all as they have no debt and have not borrowed money for some time. They do, however pay their bills on time and have no negative credit. I am good with that.

Post: Should I go visit my rental unit?

Michael JulianPosted
  • Investor
  • Franklin, TN
  • Posts 70
  • Votes 33

I make quarterly inspections in my units. It is in the lease and agreed on by both parties. I have had positive feedback as I go through a checklist and have repairs made in a timely fashion; sometimes things not yet noticed by the tenant. 

I change filters and smoke alarm batteries as well while there. There are a lot of reasons I am happy not to live in California. You guys just added another to my list!

I hadn't even thought about Facebook Marketplace. I just listed my property there!

What's the point of a month to month lease if you are forced to renew it? No wonder I see so many Ca tags on cars moving to TN....

My handyman has retired and I sold my Nashville property. I now have a condo in Franklin and a SFH in Fairview and I need someone I can trust for quarterly inspections and repairs/ maintenance. Anyone have any suggestions?

Thanks!

Post: Tenant Is Now A Felon, Evict?

Michael JulianPosted
  • Investor
  • Franklin, TN
  • Posts 70
  • Votes 33

Maybe this is what it takes for him to get sober. I would not rent to a new tenant with this record, but I personally don't have anything in my lease that would allow me to evict, (mine only refers to crimes on the property). Your results may vary....

Post: Are there still deal in Nashville?

Michael JulianPosted
  • Investor
  • Franklin, TN
  • Posts 70
  • Votes 33

I am selling a property in Nashville and rolling it through a 10-31 exchange into properties in Williamson. I have been looking in Fairview and Thompson Station. Still high, but cheaper than Nashville and Franklin and people are flocking to Williamson County for the schools. I have one paid for rental here and never have had a vacancy of more than one day to clean between renters.

I am also hesitant to buy with the market as it is, but will have about $200k of taxable income when I sell if I don't roll it, so roll it I will!

Post: Does everyone follow 40X rent rule?

Michael JulianPosted
  • Investor
  • Franklin, TN
  • Posts 70
  • Votes 33

Mine is that rent must not be more than 30% of take home pay. I also look at their financials, specifically debt to income ratio, and make sure that the rent is not going to put them in a bind.

Well, that went better than expected. She has a friend that can take the cat. She was in a hurry to find a place when she applied, and I never verbally went over that portion of the lease with her, (it is also an HOA issue). I have to enter the property every 90 days to change the HVAC filter, (It is in a spot where I have to pull the stacked washer and dryer out to get to it, so I just do it myself), so she should know it would be pretty difficult to hide the issue long term. We will se how it shakes out.

She has a 10 year old son and this county has the best schools in the State. She said her kid was more important than the cat

As usual, thanks for the input. This website is a fantastic resource!