All Forum Posts by: Jimmy S.

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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Originally posted by @Elizabeth Colegrove:

@Jimmy S.

We just did our first renewals. We offered 1 year and 2 year renewal option. The one year renewal option was double the second year. They were great "proven" tenants who we wanted to keep on long term. We wanted them to have an incentive to lock in for two years over one.

Great idea, I never even thought of that.

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Currently charging $1000 a month and lease renews on 6/14. Current tenants are easy going but are late alot and take ok care of the property, they could do much better but I can live with it if it does not get worse. Anyways under priced it first year to rent it out fast for $1000 and I really think I can get around $1,100 now. Mine is the lowest price in the area for the size of the house.

How much would you raise the rent on the renewal?

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I would still get first, last and a full security upfront.

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Do any landlords require a deposit when a application is submitted that goes towards firsts month rent to cut out all the BS ($10 or $20) If it rejected they will get there money back. To many times I receive a application and screen them, check all there references and everything looks good. I call them back 2 days later and they say they found another place and are no longer interested. What a waste of time.

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All Forum Posts by: Jimmy S.

Jimmy S. has started 95 posts and replied 234 times.

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?

Post: How much to raise the rent on renewal?

Post: How much to raise the rent on renewal?

Post: 6 months tenant = half deposit?

Post: Do you require a deposit when application is submitted?