All Forum Posts by: Gail K.

I've come across (on other sites) landlords who report tenants who consistently pay rent late and consistently pay the late fees. This isn't because of a job loss but simply their habit of paying late.  These are same type of people who rent big screen TV's at those "Rent-A-Center" places and end up paying $1700 for a TV one can buy at Walmart for under $700.

Because these landlords know their tenants are consistent payers (just late) they happily pocket the extra $50 or more money they receive from them every month and not worry about this.  If the rent ceases totally they immediately begin the process of eviction.  Until then they don't really worry about this. 

Once a tenant has announced they are vacating the landlord is free to begin advertising and showing the unit to potential applicants.  

I could not find a statute in your state where how much advanced notice or the number of times a week a unit may be shown (someone from your state may have more recent information) but as a general rule advanced notice is recommended and the showings should be at "reasonable" times (ie., not at 3 am in the morning).  

Sometimes (well, lately often) the term "slumload" is a term used by tenants when a landlord doesn't address repairs quickly (like immediately) or demands things (like the rent).

About the only useful thing that happens when you invest in high crime areas is that you have lots of interesting stories to tell your friends.  That is, if you survive the possibility of being shot, robbed, stabbed, having tools being stolen by either the neighborhood folks or your tenants.

It can be a challenge to screen applicants when they don't have a social security number.

In reviewing what other landlords have gone through dealing with this program it appears there can be a wide variation on how quickly (or slowly) funds are dispersed.  This would depend on the number of requests each organization that has been given these funds are dealing with as well as their own requirement of information that needs to be met.

Have you discussed the bonehead decision to accept tenants with such a poor credit score with your property management company?  Is it time for a new PM company?

You have received excellent feedback.  The longer you're in the rental game the more hardened one can become regarding these stories that tenants (and applicants) can provide.  Often it's only after one has been, well......let's just say no after-glow here....that one becomes cynical regarding some of these stories.

At this point you should be considering displacing this tenant for one who pays market rent.  Since this person has a tenancy at will (i.e., a month to month lease) do a little research to determine the method and amount of notice required in your state to terminate this type of lease.  This is often easier than going the eviction route (although that would need to be considered should the tenant not vacate after the termination date and is now a "holdover" tenant.

It's not unusual to have parents co-sign for their student children.  However, as in the original question there is no legal requirements to accept this.  It is important to screen the co-signer as carefully as you would a tenant.  It is also important to understand where the co-signer lives.   I once had someone who had fairly poor credit but wanted his brother (who was a commercial pilot) co-sign for him.  Not only did the brother (who made tons of money but also spent tons) have lousier credit than his brother but the guy lived across the country in California (I'm in Georgia) and that would have made hunting down owed funds fairly difficult.

Keep in mind that, as a landlord, you are another creditor.   You need to look at the history of previous creditor interactions on any applicant.  While some MAY overlook issues such as student loans it is not uncommon to see problems with cell phone bills and TV/internet charges.  I once had a couple who, between the two of them, had 25 accounts in collections.  And these were for dumb things.  They bought DVD's and didn't pay for them.  They bought tobacco products on a credit card and didn't pay for them.  Initially I have felt a little bad for them as they were living above a garage in a two room place with their two children.  But when I reviewed their credit reports with them and explained how I could not rent to them as their history indicated they didn't pay for ANYTHING they didn't seem particularly concerned that it was likely they'd be living above that garage for a loooong time (turns out later the garage was owned by a family member).

They may possibly be waiting for all the leaves to fall from trees on or near the property.  Two weeks ago when we finished a remodel on one of my rental houses the leaves in the front yard were blown/raked into a pile and places in five paper bags my county requires.  Saturday I was there and did a repeat session; this time requiring 7 bags.  Yesterday I was out there again to show the place and it looked like nothing had been picked up.  I've decided to wait until the last tree drops everything until I tackle this again.

You've got someone who pays on time, takes care of the inside of the property and has previous raked up the leaves.  He is likely to do the leaf raking again.  This is not a hill to die for as your tenant appears to be a model tenant.