All Forum Posts by: John Cimino

I received a message from a case worker today inquiring if I accept an in-state rental assistance voucher.  I looked online and it appears that this is different from section 8.  Has anybody had any experience with having a tenant with one of these vouchers? 

Welcome, It's nice to see another Delawarean on BP @Erika Bender.  I've heard good things about DELREIA.  I haven't had a chance to go to a meeting yet, but I plan to check it out soon.

@Kim Vandermark I second @Jeff S., I've shopped around a little and most of my quotes have been around 500-700.  I'd also ask reputable accounting firms that do business in real estate.  They can form them as well and can provide some advice on keeping your books to be compliant.

I would go ahead and pick up an Umbrella Policy ASAP. I got one when I picked up my first property for about 250 a year. Then as you grow decide the point where an LLC starts to make more sense.

Also Umbrella Insurance is a smart idea even without a rental property.  I know a guy who got in a fender bender with a very sue happy person who sees him as her retirement fund. He's been in court for years because the amount she is seeking is above the 250k that his auto insurance is for.  

@Ryan VanPatten 250 is what I use as a pet deposit, but I only allow dogs over 25 pounds.  If I did allow larger breed I'd probably ask for an additional "pet rent" to cover carpet and hardwood floor wear and tear.

@Brian Tome Thanks the recommendation.  I may even have to get his opinion on if I should file debt action against my previous tenant, even though I believe that may be like getting blood from a stone.

Well, I bought my first rental property and long story short I inherited a bad tenant.  I ended filing for eviction, but was told that the pay or quit letter I found online was "invalid".  Luckily he didn't show up to court and just move out on his own, but I'd like to have a good template for the next time I need to send notice.  Do any of my fellow Delaware landlords have an appropriate 5 day notice template?

Hi Nick,

Welcome to the BP Forums.

@John Mathewson Before going the extra security deposit route I'd check your state, county and city laws.  Indiana doesn't have a cap, but some areas do.  You wouldn't want to get an eviction drug out on account that you broke some sort of security deposit rule.  If you don't have a limit I see @Marcia Maynard practice as a good option for a second chance.

@Jimmy S. : I've seen about the same in New Castle, DE for SFH and a bit better for duplexes. I recently bought a turn key duplex on the edge of Wilmington for 126k and it rents for 1500 (750 a piece).

Yeah, I'm with you Rumen on not going into the intercity of Wilmington.  The deals look great on paper, but the headaches and chasing rents down will not be worth it.  My basic rule has always been if I wouldn't live there, I won't buy it.