All Forum Posts by: Jennifer Rysdam

I'm doing a box of chocolates with a card this year for my tenants in my 8-plex. 

@Wesley W. Here is an Amazon pic of the one I have. Here is the link to it also. I took them off the holder here and put them on a bigger key ring since I needed more than 6. You can also order them online from Walmart. https://www.amazon.com/Nite-Ize-Stainless-Carabiner-Colorful/dp/B0037H7S6C/ref=asc_df_B0037H7S6C/?tag=hyprod-20&linkCode=df0&hvadid=309776891911&hvpos=1o4&hvnetw=g&hvrand=11368976200509790612&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9019966&hvtargid=pla-544298230232&psc=1

I'm glad they paid you. You put your foot down and they got it. Now keep it up. Be sure to check on your fees though. Make sure they are legal for your area. Every state is different, and it's usually based on a percentage of the rent, so every situation is different.

Good luck!

Congrats on your purchase. I would immediately get yourself some paperwork and get them all started on month-to-month leases with YOUR stipulations included. Otherwise they are still under the old ones. This way if they turn out to not be a great as the previous owner says they are you can end their lease. 
When I bought my 8-plex I gave each tenant a form to fill out with any repairs that were needed in their apartments. Did you get an inspection? If not, do one yourself. Look under sinks, etc. to see if there are leaks or things like that that need to be repaired. Check for running toilet or drippy faucets that can increase your utilities.
Don't spend too much right off the bat on the common areas if you don't need to. Make sure you acquire a little nest egg for repairs if they come up. You never know when you will need a new fridge or stove.
After completing repairs in units, figure out when you want to bump the rent $50 and give them a couple of months notice. That way if they aren't interested in paying it they can start their moving process.
Once you have a little bit in the bank start doing the common area updates. Don't forget the outside, especially if you are going to be raising rents and people might be leaving. You want good curb appeal. That's another reason to have a nest egg. If someone does move out you might want to overhaul the unit so you can then bump the rent all the way up for the new person.
Good luck!

I'm glad they are going to take them and give them a proper disposal. That way if anyone ever does come looking for them, they can rest easy knowing they were respectfully treated and not tossed in the dump.

So say you have 5 people apply and give you applications and checks for app fees. You pick the best one that meets your standards, run their background/credit check and find out they lied. No app fee returned - cash that check for your wasted time and the cost to run the background/credit checks. Based on their application they DID qualify to live there, but when you verified it and they had lied/misrepresented they DIDN'T. The form states that in this case they get no refund. They are out the money for lying. Had they been truthful they would never had the background/credit checks done and would have gotten their check back in the mail.

Had they been telling the truth, their background/credit check would have backed that up and they'd now be getting the rental. Then you would mail back the uncashed checks to everyone else that you collected them from, because their apps were never processed and their background/credit checks were never done.

Here's what I do. I'm very clear with people that they need decent credit and a CLEAN background check. I have it on my website and I tell it to them before they even apply. I don't collect an app fee, I just review applications and if they qualify based on that info I'll send them the link through SmartMove and let them pay the $40 fee there. I get the info I need emailed to me and we are done. They can't ask me for the money back because they didn't pay me. Had they been honest, they wouldn't be out the $40.

I would decline them based on his criminal history. If they question it just tell them that that is why you ask for this information on the application and if he had been forthcoming with that information at that time that they would have been disqualified immediately based on that information and gotten their app fee check returned.

I would have a well check done on them. Regardless of the deal. If I saw something like that anywhere I'd call and have them checked on. That's what I would want for my grandparents. They wouldn't even know who did it if it's a well check as it's anonymous.

I would have a well check done on them. Regardless of the deal. If I saw something like that anywhere I'd call and have them checked on. That's what I would want for my grandparents. They wouldn't even know who did it if it's a well check as it's anonymous.

The other big factor is how much work you are doing yourself vs. how much you are farming out. Flooring, drywall, new cabinets instead of refinishing yourself, etc. can cost a lot. The one I'm doing now needs a new furnace, AC, and new wiring. That's at least $10,000 right there that I wouldn't have to put in a place that already had them. This one already had the roof done so that saved me a lot since it's a 2 story barn type house.

I got something similar to this at Menards. I use red as key #1 and go around in order after that. You can add as you need to. You can also write small numbers on them with a permanent marker.