All Forum Posts by: Maggie Tasseron

You need to set up some form of online payment or do checks that they mail. There's no way anyone should be driving around picking up checks from them, and definitely no way that you should be accepting cash. One of these times you'll hear, "I put the envelope in the mail or at your door with all my rent in cash and now I can't pay it" when in reality they never did.

Trying to find our first tenants. We have found a couple that we like, however the husband has an eviction from an apartment in 2008. I have heard some say that if a person has ANY evictions they would not rent to them. Just wondering if there is a time limit on evictions? Would you rent to someone with an eviction from 7 years ?

No! Does not make business sense unless you want to sign a lease for only 6 months and then re-evaluate.

Looking to rent one of my 2 bedroom units and a couple with an interesting situation applied and I wanted to see what some you of thought of renting to them.  

The husband was recently laid off from his job and is currently seeking employment.  The wife is currently staying home with their young child.   They recently sold their home and have offered to prepay the first 6 months of rent (1650 per month) and begin paying on first month and continue for the next 6 months until the full years rent is paid.   They stated that they have very little debt and sizable savings (getting the credit reports this evening).  He filed for bankruptcy 5 years ago and she has good credit.

What do you guys think?   

We just started marketing a rental in the Dallas area and one potential renter has offered us 12 months rent up front.  We're thinking this is a no-brainer to take (assuming renter passes credit/background checks) but just curious if anyone has any experience with this or gotchas that I can't think of.  If you've done this before, did you offer a discount based on up front cash and if so, how much of a discount?  Our margins are slim on this one, but would be great to get 12 months all up front.  Thanks all.

@Mindy Jensenif the tenant prepays but breaks some other term of the lease like smoking or causing damage is the landlord still bound to this tenant? Is that a CO law? 

We have all had this issue from time to time.  Even though this hurts the pride, it is 100% the best way to expedite getting someone out.  Make them a one time offer to pay them if they leave by a predetermined date.  Usually I give them 1 to 2 weeks and stick strictly to that date.  I then offer them the least amount of money I possibly can but enough where there is an incentive for them to leave.  Basically, I will tell them this, "My attorney is going to be sending you a letter stating that you have to be out by such and such a date.  If you vacate the property, return the keys, and deliver the property undamaged, free of debris, and in a broom clean condition, I will pay you $500.  If any one of these terms are not met, you get no money".  I am very clear that they are going one way or another.  There are idiots if they don't leave with cash in their pockets.  Again, stings but works and costs less in the long run.

Yes. There are fee waivers. I wish i knew more about what county it was in. I could give more definitive guidance.

 Do your courts have fee waivers for low income persons?  We do here.  You state low income and the fee is waived. 

And this is what "jumping in" to "get in the game" and "figure it out as you go" looks like.  If you have no cash reserves, I sure hope you have some equity.  That might attract another experienced investor who can buy the property for what you owe (or give you some cash back) and save your backside.  You need to stop the bleeding, because you are bleeding, bleeding bad.

This needs to be handled by a professional who knows how to manage properties (and the eviction process) in your market.  Now is not the time to get creative.  You are in a very unfavorable negotiating position, so you need to make the deal very attractive to whoever you turn to for a solution.  I doubt if a PM would come in at this point to rescue you, but they might?  That still won't be free.

I think the idea of selling and going back to the books or seeking a partner before you try to manage properties is your best option.