All Forum Posts by: Joe Conklin

I have a question that I was hoping that you can help me with. I feel like there is an angle here to make money or at least take the best steps to get the most out of the sale. Wanted to run it by the experts to see if there is what is suggested. One thing to note is that I don't want to remodel myself or hire anyone to do the work by getting a HELOC etc. I feel there is a bunch of risk with this and really just want to get it off my hands as cleanly as possible.

I have a relative who owns a house free & clear 4br / 2.5ba house that is around ~250K fixed up but is currently in bad condition.  Kitchen and bathrooms need to be remodeled, new roof, deck around inground pool is trash, paint & carpets.  

My relative can no longer live in it due to health conditions and is currently living with another family member.  Relative mentioned is also not capable of making own financial decisions so I have to come up with a plan to execute.  My thought is that we have to get rid of it and I'm trying to evaluate best way to do so.

Here are the options I though of this far:

-bring the lead to an investor for a fee or get a percentage of the profit..not sure how this would work
-just listing it in current condition and see what happens

Let me know if there is anything that you suggest.

I have a family member in New Jersey who took in a family which consist of husband, wife and a couple young kids.  No logic, strictly emotional decision because family member felt bad for them because they were being evicted and wanted to give the kids a place to stay.  Both parents are drug addicts who don't work and there is a restraining order on one of the parents because they are purposefully destroying the property.  Also DYFS has been involved due to harmful environment for kids.  Now family member wants them to leave and they won't.  There is an eviction court hearing later this week.

My question is, what is the most effective way to get them out of the property ASAP legal or otherwise?  

 there are and if i use the 3x rule on than no way

I like the month to month concept but I'd rather not go that route.  However the property has been sitting for a bit too long than I'm comfortable.  How does month to month protect me?  My thought is regardless of if its month to month of a 12 month lease and they don't pay it's going to be tough to get them out either way.

In a month to month can I terminate the lease at any time?

I have a tenant that qualifies income, credit, and background check wise.  However, they currently have another house in their name as they are going through a separation / divorce.  Also, there are some higher fixed expenses that they have and credit is in mid to low 600's with some late payments.

How granular should I be looking into this? 

Any advice hear as its not a clear choice in my mind right now.  Let me know if there are other factors to take into consideration besides income, credit, background.

I'm in the process on renting out my property.  I have potential tenants that seem to qualify in general.  However, as far as income goes they are paid mostly on tips, how do I quantify income when they are in this type of position?

For a background, I have a condo to rent which there are residents below and above.  Getting a qualified tenant in the unit has taken longer than expected and I have decided to accept one pet.  My initial thought is to accept one cat or smaller dog that's under 15 lbs.

The reasons I think that accepting one pet makes sense:  I'll get a 1.5x security deposit, charge a pet fee per month, and also get a non-refundable pet fee if possible.  I have to check the rules in NJ, but basically get the maximum amount of money I can collect.  I also believe I can get a higher quality tenant as accepting pets is a niche.  Also, will lawfully hold tenant accountable for all pet damage.

1. In a condo, I'm afraid of noise complaints from a barking dog.  How do I protect myself against this?  

Looking for something else than "don't accept dogs" although that may be the answer. For example: I'm allowed to cancel the lease early if there are complaints that comes from the HOA based on the animal etc.

 2. What are some requirements that I should have when it comes to cats & dogs?

Cats - sprayed & should they be de-clawed?  De-clawing necessary?

Dogs - under 15 pounds and must be neutered?  

3. Possible to make a tenant responsible for all floors and damage caused by animal?

In my last turnover I replaced carpets in both bedrooms for $650 and kitchen vinyl line for $500 because they were old.  This isn't much considering I'm collecting $1950 as a security deposit and additional pet rent every month. So if their pet ruins the carpet etc, they have to pay.

So strategy is collect as much as possible and make tenants responsible for everything.  Let me know if there are other things I should be considering here or have advice.  Thanks!

I am looking to rent my unit and want to make sure I'm taking the proper steps to do so.  The monthly rent is market average and I'm willing to drop it more if some times go by.  I've had interest in the condo and had one showing.  However, they had pets and overlooked the description.  I've had it posted on Zillow for about two months but it hasn't been ready to show until about 2 weeks ago.

The steps I'm taking to rent the unit is to post on Craigslist and post on Zillow which uploads to Truilia and Hotpads as well.

Any other steps I can be taking to generate more interest?  

One thought is that make it okay to have one cat. A lot of landlords do not allow pets in my area.  Obviously I would charge a fee for this but could differentiate myself from other rentals in my area.

 Great, thank you.  I listed a lot of what you mentioned but your comments gave me something to think about.  I'm not quite as organized as I would like to be.

It's been a couple years since I have rented my unit and this is my first turn-over.  I'm showing the unit this week and just want to review steps to make sure I'm not missing anything.

Steps:

1. At the showing I will have rental applications where the prospective tenant can fill out at the showing.  If they don't fill out at the showing they can email it to me later.

2. After I receive the filled out application I will use SmartMove to send them an email and do the background check.

3. I will let them know I need last two pay stubs to verify income.

Is there anything I'm missing or additional that I need from the prospective tenant?