All Forum Posts by: Jimmy S.

I would definitely like to hear other peoples input as well. Its very hard to get a deal if you can only write one offer and wait to hear back. I would hate to play dirty but the banks do all the time....

From what research I did that if 2 offers would you though at the same time you can always say you lost your job or some other major financially thing happened to you which would get you off the hook and your down money back since you no longer can afford the house or if interest rates go up....

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I use allure trafficmaster from home depot. Its pretty cheap, very easy to install, not much waste if any and holds up very well. Also its scrach resistance and waterproof, plus it looks good.

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More of A Story.........

I went to the post office to open a PO BOX and have like 50 different box number but for some reason I ended up picking BOX # 13. Next day tenant calls and is complaining about problem.

Would you keep P.O BOX 13, im second guessing my self on the luck of 13 and have no idea why I choose that one. All day I keep thinking if I should change it because I dont want bad luck with tenants. If I change it the lady at the desk will think im nuts or mabay I am... Just thought I would share it with you LOL

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Originally posted by @Richard Vang:

You can do the automatic renewal. But, it's better to sign a new one(it can be just the same lease before). This way you will always have the latest signature and latest date. Most importantly, tenant will be read through the lease again. This will remind them whatever they sign. Then, there is no excuse from the tenant that "oh.. I dont know about that".

Right on......

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If a tenant chooses to renew the lease do I need to have the landlord and tenant sign it all over again if they are renewing the lease for 1 more year? It does say in the lease that it will automatically renew but wanted to see how everyone else does it if they rollover the lease or resign the next year.

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Originally posted by @Richard Vang:

@Bryan L.

:) That's true. Absolutely minor mold! You are very funny. Everytime he report issues, I also has "breathing" problem.

He told me he wants to stay as long as possible. That's why I am not able to kick him out. He is giving me headache. But, good thing is he pays on time.

As a lesson learn, I will make a bullet proof lease next time.

If I was in your position and you have a very good lease, I would tell them they broke the lease by not having the landlord approve the "mold inspection" which is under the repair,inspection,improvement category on my lease and file for eviction if they want to play that game.

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Thanks Bill

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Originally posted by @Bill S.:

@Jimmy S. forget the PO Box. Open an account at a bank near the property and have them deposit rent directly into the account. The ACH is the very best approach. Never wonder if it clears or not. No claw back from bad checks either. If they don't have a bank account, the use the deposit method.
The PO Box leaves you open to the "we mailed it in time" excuse. Again, ACH is the only way to go. If the debit fails they know they have late rent. No more begging and sob stories.

Again line up your rent payments with their pay days. You don't need paid on the first, you need paid. They seem to have the money so it's really about priorities. Make rent their first priority.

I have no idea and not familiar with ACH payments Is there any fees involved? They also seem to claim they always get paid different times of the week.

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Originally posted by @Bill.S

Just be aware $100 or 10% rent increase is probably too much for them to swallow. Also be aware, since they only take ok care of the place it will be a challenge to get market rent while they occupy it, so you are probably looking at a month vacancy maybe more. That month vacancy eats up your $100 rent increase pretty fast. The max I would think you could expect would be $50 but you can ASK. Something like, "You are getting below market rent what do you think would be fair for this next year?" You might be surprised what they say.

Late rent. Change your late policy. Late one day and you have a fee. That fee increases every day they are late ($10 per day here) Gives incentive to pay up sooner. NO GRACE PERIOD. Post notices for late rent according to your state law and as soon as your law allows, file for eviction. My experience is that tenants that get more than 10 days late rarely get caught up. It just turns into a death spiral that sucks in the landlord and costs them money.

Get them on an ACH service, ClearNow or erentpayment type thing that takes the money from their account. Offer them a payday payment option or Biweekly rents. Take the money right after they get paid and your late payments will go away. Let them know, in writing, from here forward late payments, cost late fees.

I noticed that was one of my week points with letting them slide on the late fee ($40) if their only 1 or 2 days late but that stopped now. They always give me a reason or sob story on why their late. I always pick the rent up in person but that is going to change to a PO Box. I feel that by picking it up every month im trying to be their friend. I am sticking to the late fees. At one point they were 2 weeks behind, owed $500 yet. As of now they are current and I definitely stay on top of them. I always be sure to tell them now that when their late, even 1 day, im late on the mortgage and the bank will take the house because im late again even know thats not true but they dont know that.

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All Forum Posts by: Jimmy S.

Jimmy S. has started 96 posts and replied 238 times.

Post: http://www.greatmoneysource.com/

Post: Making Offers on Multiple Properties

Post: Rental Properties(Any tips for a 22 yo?)

Post: Are you superstitious?

Post: Do I need a new lease every year?

Post: Do I need a new lease every year?

Post: Tenant complain about mold

Post: How much to raise the rent on renewal?

Post: How much to raise the rent on renewal?

Post: How much to raise the rent on renewal?