All Forum Posts by: Ihe O.

Credit score is not used to measure a applicants ability to pay rent it is a indicator of the percentage possibility of a applicant failing to paying their rent due to defaulting on a debt, bankruptcy or falling 90 days past due within 2 years.

You should take time to understand a what you are talking about properly before placing and communicating such absolute faith in it.

A credit score is the result of a mathematical computation. It cannot possibly measure how a person will pay their rent because that persons rental history is not an input to the calculation.

What the people who place faith in credit scores are doing is assuming (wrongly in my view) that there is necessarily a high positive correlation between the things that a credit score does measure and the thing that they are hoping it will measure (a persons rent paying capability).

You get a C- for mentioning that a credit score is a probability.

1 Vote

Originally posted by @Michael Zack:

When someone responds to a rental ad and asks if section 8 is accepted, what's the best way to say no to avoid discrimination?

Here is my advice.

Replace the words section 8 in your question with a protected class of your choosing

If that doesn't work replace the words section 8 in any answer your given with a protected class of your choosing.

Glad to have been of assistance.

0 Votes

Originally posted by @Ned J.:

Originally posted by @Ihe O.:

Landlord tenant is not like parent child. Just because you have a lease and say something should stop happening doesn't make it so. And so while you can start following others here and throwing around phrases like "enforce our lease" the reality is that your tools for doing so are limited.

Basically you can start proceedings to evict them. That's it. A lease doesn't give you any other remedy (apart from a pet fee which you don't seem to want).

You can either be landlord that lets the tenant set the rules, lie to you and ignore the lease, or you can actually enforce the rules YOU set in place in the lease and be in charge of the situation....YOUR CHOICE.

Yes....your tools to enforce the lease are very limited....IF you do 1/2/3 year leases etc.....if you do M2M, its cake......30 days notice...bye bye.....

Based on lots of posts by Ihe O, he/she is a landlord that will pretty much tolerate anything as long as the rent is paid eventually....do whatever, as long as I get my check eventually. That's their choice....that works for them......I don't run my business that way. I choose my battles, but I don't get pushed around by tenants and let them set the rules.

And I disagree that the landlord/tenant relationship isn't pretty close to child/parent......know why the world is full of little a-hole kids that have no discipline or respect for other? Because their spineless parents didn't do anything because it might upset little Jimmy

As usual the post got sidetracked into..... should I allow cats?........ that's up to you......there are pro/cons.... the REAL issue here is....SHOULD YOU ALLOW TENANTS TO IGNORE THE LEASE AND LIE TO YOU? and how are you going to respond when you cant them in a big lie.... your choice

Yup. The whole point of getting into the rental property business is to get paid and not to delude myself into thinking I am there to lord it over the people I rent to especially when I am being paid to provide a service.

So for me the time to enforce the limited remedies in a lease is when I no longer believe the tenant is able or willing to pay the rent.

I strategize on recruiting long term tenants. They would have to do something far more serious than bring in an unapproved pet to make me no longer want their long term money.

So let's say I believe it is more profitable to have a policy that places greater emphasis on customer retention.

0 Votes

I've never bought one with an inspection.

1 Vote

Originally posted by @Sean Rhodes:

So I still haven’t purchased a property yet. I am pursuing a 3/1 for 50k right now. The homeowner doesn’t want me to finance with a conventional loan through a bank. He is insisting that I just finance through him at zero interest. That’s sounds great but there’s only one problem he wants it paid off in 4 years. So the place rents for $900 a month. So even in I put 10k down finances over 4 years that leaves me zero profit until the property is paid off. So my question is what reason or reasons would he have to not want to deal with my bank?? Is this a normal thing? Any advice would be greatly appreciated. Thanks BP

If you can't see that this is a great deal you are in the wrong business.

0 Votes

Originally posted by @Cody DeLong:

Should I essentially just keep as is and as new people come in explain no smoking, add a pet deposit that’s non refundable, and year lease?

Yes. Given your constraints and since you are not going to walk away from the deal (which would have been my other advice) suck it up for now.

0 Votes

Originally posted by @Thomas S.:

I would give proper notice to raise all units immediately to full market. Not sure why you would not be charging market rents, there is no business logic in that decision. I would also give notice that the property will be non smoking in 90 days.

These two moves would move out some tenants allowing you to choose proper replacements and collect a deposit from each. This will allow a slow transition over time and you could then non renew the leases of those that may choose to violate the no smoking rule.

If you are selective in choosing only replacement applicants that do not have pets by informing them you will be instating a no pet policy in the future you will be positioned when ready to get rid of all remaining tenants having pets when you are ready.

I would advise using only M2M leases for all tenants going forward.

Do you ever pay slightest bit of attention to the situation of the people you are responding to.

He said he needs the cash flow and he can't afford to lose tenants.

0 Votes

Originally posted by @Kyle Burrows:

Thanks everyone for your information, it's been helpful to get different perspectives! We are going to enforce our lease and policy, rather than collect extra fees. And ensure we include more specific details in our leases going forward.

Thanks BP!

Sir, I asked you earlier what you were going to do if the tenant called your bluff and you didn't answer.

Basically you can start proceedings to evict them. That's it. A lease doesn't give you any other remedy (apart from a pet fee which you don't seem to want).

The problem with that remedy is that when you are a first time single unit landlord that's probably going to hurt you more than it is going to hurt the tenant.

0 Votes

Originally posted by @Joe Splitrock:

Originally posted by @Ihe O.:

Originally posted by @Nathan Gesner:

@Ihe O. if you don't care, why are you following the thread and posting on it? Stop trolling and move on.

I'm sorry. I don't recall engaging you on this thread and am happy to keep it that way. If you have a problem absorbing alternative viewpoints find some other way of solving it.

These are landlords looking for landlord viewpoints. I have read enough of your posts to know you are more likely a social worker or disgruntled tenant that is on here trying to troll landlords. Alternate view points are fine, but all your posts begin with some form of "you are wrong" to the person who posted something. The world isn't black and white. We don't all have to be wrong for you to be right. Sorry you see it that way.

My posts have got enough likes on this thread and I am not the only one who has pointed out the wrongheadedness of what you and others have written. I think someone else called it specious reasoning.

So quit whining at least until you can build your own website and make your own rules about who can post and what sentiments they have to express.

0 Votes

Originally posted by @Nathan Gesner:

@Ihe O. if you don't care, why are you following the thread and posting on it? Stop trolling and move on.

I'm sorry. I don't recall engaging you on this thread and am happy to keep it that way. If you have a problem absorbing alternative viewpoints find some other way of solving it.

0 Votes

All Forum Posts by: Ihe O.

Ihe O. has started 15 posts and replied 387 times.

Post: Minimum tenant credit score?

Post: How do I legally reject section 8?

Post: Unapproved Pet - Not on Lease

Post: Would you ever buy a property without an inspection?

Post: Why does this owner insist on doing owner financing??

Post: Inherting Smoking Tenants and No Security Deposit

Post: Inherting Smoking Tenants and No Security Deposit

Post: Unapproved Pet - Not on Lease

Post: Unapproved Pet - Not on Lease

Post: Unapproved Pet - Not on Lease