All Forum Posts by: Jessica Schonter

Hello I know I have asked you guys in the past for some help with tenants and received some great answers. We recently had an open house and had several people submit their application.

I feel like I get to attached to peoples back stories.

I have three applicants. 

1. Single woman. 1 small dog willing to pay an additional pet fee. Best credit score.

2. Couple, dating, ok credit, makes 3x the amount in income together. No pets. Two kids that are only there half the time. Stated they would be looking to stay 2-3 years.

3. Single self employed mom of three her kids are currently enrolled in the school that is home school of property. Lowest credit score. States she can prove all income and makes 3x the rent.

if were just going off the best I think we would go with single lady with pet.

Are considering the other to for longevity. 

TIA

Hi my name is Jessica it has been a while sense I have posted to this site. I actually forgot of it as a resource. I then remembered the time and detailed information I was able to receive here. 

I always hate asking questions as I am still learning and do not have much knowledge to give back. 

Our current situation involves a renter that has been absolutely amazing over the course of almost two years with us. They recently found a house just under the 90 day mark from end of contract. The told us December 14th that the had planned on leaving at the end of their contract with us. Giving a sufficient notice. She then proceed that she would like for her brother to take over the lease. We came back with an addendum for an early lease termination to the original contract allowing the brother to apply if he would like stating he would have to meet our requirements apply for any background checks that are typical in our rental process. We then would go through all the steps of setting up a new contract with him. We even offered a lesser amount to leave early on good terms. 

She stated that she was not willing to sign off on the addendum and instead wanted to sublet to her brother. The subletting clause that is in our contract is more of making us aware that it something they are doing. But it has backfired as the wording also makes it something we HAVE to still consider. Seems like a term in our contract that not only helps ups but hurts us. 

I am always a believer that you do on to others as you want done to you. I myself would never screw someone in this situation but can they really be trusted?

My husband and I are both nervous with the current time we are in. If we let them into the house under the current tenants contract it would mean the would have to be out at the end of their contract but with COVID, unemployment and lack of courts would we even stand a chance removing them if the refused to leave? 

So I guess my few questions I have are. Are there any rules against a landlord not wanting to sublet in OHIO? Is there terminology that we can put into the clause that can better protect against this in the future such as associating a time frame or percentage of the contract served. 

Thank you all so much for any and all information you are able to provide in this situation. 

Jessica

We have just bought and completed our first rental. We currently own our own home out right. We we're thinking about possibly taking another step but this time we we're thinking of possible sacrificing our space and buying something managble for us to pay on and then rent our paid off home out. Would this be ideal or is this the wrong approach to take?

Hi guys we are currently new to the process of investing in property. My husband and i have paid off our current home and have now purchased our first rental property we have become some what addicted to the whole thought if making money from rental units. How should we wait until we know that we can handle this? Another question is what's your thought process of the right direction to take... Purchase a home for our selves and rent our home that is paid off or take on another investment loan through the bank. We could possibly have enough for a investment loan down payment with in the next couple of months. But would also be streatching our selves thin on rehab cash. Just wanted to get some ideas.

You guys have been absolutely amazing through this whole process. 

We are hopefully close to sealing the deal soon.

We have now two applicants. Both seem to be a good fit. Both applied within minutes of each other. Both are checking out fairly well. So what's my deciding factor. Lease length? Number of occupants?? 

Are those legal factors?

Thanks for your thoughts.

Thank you all for your help with this.

Ok so do I just move on or do I need to give a reason?

Ok so we have been using Zillow as our start of the application along with screening and background checks. A possible Tenant reached out to apply and listed past landlords after following up with her info both numbers listed we're incorrect. Leading me to speak to people who had no clue why I had their number. So I reached out to her to inform her the numbers she had provided were not correct she has since given new numbers which I have called to verify with no one answering and no name on the voicemail. I left a message for why I was calling and my number. Is this as far as I go? Seems odd for so many errors on an application.

Ok so here is the deal prospect is retired with pension and her husband and income this puts them 6x over monthly rent. But they have horrible credit. Is income sufficient enough to look past credit score.

So we are I the process of screening tenants and some if it is mind boggling. What is a good credit score for a possible renter. Tenants have sent over their applications through Zillow is this an accurate score? This is our first property and I just want to make sure we get a good paying tenant. What are red flags you look for. What if you have two names on the report do you average the scores? Ahhhb frustrated.