All Forum Posts by: Heshan Abeywickrema

Hi all, thanks for the input, the tenant did make the first payment and posted the deposit through zillow. Its a 10 month lease. So hoping for the best now. 

Hi all,

I signed a lease for new tenants starting (7/18). There were a few question marks in the application but i decided to approve since both of the applicants were teachers and the one of them had a teenage child. The criminal background check came up clear but I found out that the male tenant had case against him that caused him to loose his job at the school due to inappropriate behavior. I unfortunately signed the lease without asking for paystubs especially since the female tenant is just starting her job this week. They paid first months rent via paypal saying that my zillow rental portal is having issues. They are yet to pay the deposit. Can I terminate the lease and pay him back? I used to live in the property and are in very good terms with the previous neighbors, and don't want to risk anything given the shady past/current behavior from the tenants. 

Thanks in advance.

Heshan.

@Nathan Gesner thanks for the detailed feedback. Yes the numbers don't look great. I'm hoping that this would pay off in the long run. Looking to create relationships and teams by using this property so that I could have a more seamless experience moving forward. 

Hi folks, I've been listening to the podcasts for awhile now and have a general idea of what needs to be done. However it feels very daunting and want to get some input on converting my primary residence to a rental. We (my wife and I) move to new place and decided to rent out the other. I refinanced my previous mortgage to a new 30 year loan. The PITI is about $1400 and the current market for a 3 bed 2 bath is about $1700 to $1800. I want to self manage the property so that the PM wouldn't eat into my cash flow. I wanted to reach out since I have no clue on how to pick a real estate attorney and draw up a contract regarding tenant screening. I want to get the property rented out asap but want to cover all my bases and have a good tenant. Thanks in advance for any advice and sorry for being so wordy.