All Forum Posts by: Kelly Iannone

@Account Closed In addition to the other good advice here, remember that you don't have to jump to show your rental the moment that someone wants to see it.

I'd recommend saying something like this in your ads: "Two Group showings only. Showings are to be held this coming Saturday 3-5 PM and next Wednesday 5-7 PM. Completed applications and credit reports are due the following Saturday at 123 Main St, Town Name, 01234 or via email at <email address>".

Get one of those plexiglass sign holders from Staples that shows an 8 1/2" X 11" sign. On that sign, clearly list your income, credit score and other requirements.

Next to the sign, have your application for interested parties to complete.

That should reduce your workload.

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@Randy E. I agree with Randy, before we even show the property we include the qualification requirements in the listing, when we talked to them on the phone we review them and ask if they need the minimums, if so then they can see the property, if want it they do background and credit check and we stick to our minimum requirements (this is what protects you for discrimination claims if you set these requirements and stick to them). Good luck!

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@Ori Skloot wow, great job. That was some perseverance that paid off! Thanks for sharing, definitely creative labor ideas. Awesome!

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@Asher Carr thanks! It’s was one time commission. We shopped Management Companies and this is a standard cost to get a new tenant, plus 10% monthly, plus this 50% of 1st months rent even if they renew another year. These tentants just renewed and we didn’t have this cost this year. Although my husband is a agent and it was easy to put in the MLS, he didn’t want to be involved in showing the property (we have demanding w-2 jobs and 3 kids) so we found a local agent who agreed to take any potential tenants who contacted us directly and they would receive that $750 commission if one of those qualified and moved in. It worked out well for us.

1 Vote

@Asher Carr we list on the MLS and offer a $750 commission (50% of Rent) for the agent that represents the accepted tenant. We self-manage and found it to be a good balance to not have to meet people to show them the house, just meet them at move in once they've toured with their agent, passed a background and credit check, and signed a lease.

2 Votes

@Gloria Washington oh and I see you are in NJ...I’m in Florida so Solar is big with all the sun down here...not sure how that is up there. Good luck.

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@Gloria Washington the gimmick is likely that you “lease” solar panels and the put on a new roof...but the lease is going to be $$$$ and not Lilly to be worth it. They’re in business to make money. We are huge fans of solar and put it on our primary residence, the numbers make sense for our purpose but I would have a hard time justifying putting it on a rental unless it was a MFH where I, the landlord, payed the electric bill. Do your research and keep an eye out for the solar “lease” progam...likely not work it. FYI our system will break even at 8.5 years and has a 30 year life (panel production will deteriorate slickly toward end of live but still above 80% of new production)

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@Russell Holmes thanks for sharing, yeah for us investors. I’m saving up capital and keeping an eye out for deals to buy our next rental. It is interesting to think if buying land and building MFH.

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@Jason Aurelius Sawicki I’m also sckeptical and would advise against a 401k loan. Your 401k is a book safety net and the “at least you have something saved” Incase REI doesn’t work our. Contribute enough to get your company match then bank the rest to save as a down payment.

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@Frank Wolter thanks for sharing your story! I love that they are all owned free and clear, that Is true financial security right now. Rental market tanks, you can afford to slash rents and still stay in business!

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All Forum Posts by: Kelly Iannone

Kelly Iannone has started 10 posts and replied 295 times.

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Post: What to do when you get too much interest in a Unit?

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Post: New Roof with the installation of solar panels?

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