All Forum Posts by: JD Martin

You should secure your source of funding first. On something like that, some buyers will want to see some proof of funds, even if it is just your potential down payment. If you are leaning towards a cash owner, a lot of sellers will require a letter from your bank or other holder of funds proving that you have the cash available. More than anything else, it is poor etiquette to waste the seller's time with offers if you can't conclude the sale. 

You said:

(It will show a lot better when empty of all of the, um, "stuff" belonging to current tenants.)

I would suspect this has at least something to do with your problem. It is not the greatest time of year to find tenants, either, as most stable people move in late spring through the summer. 

How much of the problem is actually your sister being dissatisfied with her potential neighbors? Being super picky is a good way to not have any tenants. I can honestly say that I see things at my tenant's houses that are not the way I would want to live, but as long as they're not doing damage to the property or creating a health hazard and/or nuisance for the neighborhood, or doing anything illegal, I don't say anything, and these are not low-income people.  

I wouldn't waive the application fee because, aside from eating into your costs, it requires the applicant to have some skin in the game. Knowing that there is a credit/background check, and knowing there is a fee, those who are fairly certain they would not pass won't bother, and if they are serious about wanting the unit the fee is immaterial. At worst, you can offer to include the fee for a successful applicant as a credit to the first month's rent. 

What happened with the one applicant? It only takes one to rent, so long as they meet all criteria. I am upfront in general requirements with people before they complete (Monthly income of 3X, reasonably good credit, clean criminal background) so that they are not needlessly wasting their money nor my time. 

I would not remove them. I agree that the tub is antiquated but you will have people complain about the lack of a tub if you do. Tubs are good for washing babies, dogs, hand laundry, and lots of other stuff, and unless you are going all out with high-end custom showers with built-in seating, glass doors and the like, I predict it will put you at a competitive disadvantage. 

FWIW, I removed the tub in my own master bath, but I have 2 other tubs in my house. 

 I agree. I have some specific things in my leases that people might think are crazy (i.e. "dog's nails are to be kept trimmed to avoid damaging hardwood floors"), but being specific is the only way to avoid problems. "General standards of the neighborhood" would mean 10 different things to 10 different people. 

Are you asking how many offers total on houses per house closed on, or how many offer/counteroffers per house closed on? On everything I have, probably 5 offer/counters before coming to an acceptable price is average. On total number of offers vs total deals, I'm not sure - maybe 50? I'd have to count whatever we couldn't come to terms on or deals that ultimately fell through or we walked. 

Also, to speak to another thought from above, I couldn't possibly care less if anyone is offended by my offer. I offer what I need to in order to make money. If the buyer thinks it is low ball or unfair, they can not respond at all, or come back at the same price, and I know we can't do business. I'm not offended in the least, it's all just about doing business. I have a fiduciary responsibility to myself to purchase property at the lowest possible cost, and they have a responsibility to myself to sell at the highest possible price. The salesperson is just a come-along in the grand scheme, as they make their money as long as we can come to terms, so they have Zero meaning on negotiations. 

If there is a loan/line of credit against a house it has to be recorded. It won't tell you the current balance, but it will tell you the original amount of indebtedness and from there you should be able to work backwards and make a quasi-reasonable guess as to outstanding balance. You might have to do some actual work at the courthouse to figure it out if you don't have a fully automated on-line data base in your area. Some counties around where I am, I can pull it all up on-line, others I have to truck it down to the CH. 

Outside of that, unless you are in multiple offer situations, why not just put out *your* best number and let them decide if they can do that? 

If I had to have that much work undertaken at a house a tenant was living at, over that period of time, I would waive/refund the rent for that month. 

^^LOL. No doubt!

I generally only hear from mine if something comes up or I need to do something at one of the properties, i.e. prepare to make sure they are winterized (all storm windows in, etc) or do some upgrade or repair I know is/was coming up. I think every few months is more than enough contact if the rent is being paid and everything looks OK. 

If I have to go by for some reason I try to tell them 4 or 5 days beforehand so that they are prepared.