All Forum Posts by: Laura Stayton

Hello! I am self-managing a rental for the first time and am wondering what strategies exist for showing a property when I live out of state? Do I hire someone on task rabbit? Do I install a wireless keypad? I'm curious what success others have found for this process.

Thank you!

There are quite a few self showing systems available now. We used Rently for years (in safe mode) and recently switched to Showing Hero (which integrates with our software Buildium) You will still need to check the home periodically

2 Votes

Columbus, Ohio

Quote from @Eric Jones:

We have a husband and wife that have applied for one of our properties (both of them applied individually, as instructed). The wife meets the minimum requirements, but the husband does not meet the credit score requirement. As suggested in one of the Bigger Pockets books we included a disclaimer in our requirements that, at our discretion, we could require things like an additional deposit to offset the credit score in the event an applicant did not meet the credit score requirement; this is what we intend to do (require an additional deposit).

My question is should we send an approval notice to the wife and send the conditional approval notice to the husband at the same time? Or should we just send the conditional approval notice to the husband first? Or should we send one conditional approval notice that is addressed to them together?

Being that they are married (and have been for 20 years), I feel it would make sense to conditionally approve them together with the requirement of an additional deposit, but is that wrong since they applied individually? I know if this were a true roommate situation it would be best to approve / conditionally approve them separately, but since they are married should I address their approval together? Any input would be greatly appreciated, thanks!

Yes make sure you check your landlord tenant code to see what you're allowed to do. We can't charge more than one full month rent as security deposit. Conditional approval for both as one (if you approve them, you don't have to)

0 Votes

Quote from @Michael Maliszesky:

I'm a new landlord looking to get a new tenant. I was wanted to know about people's experiences with different Tenant Screening Services. I have my own paper application.

I was looking at rentprep.com, and my friend uses tenantmagic.net

do you know of any good ones? or have you had a bad experience before?

Worryfreetenant.com is free for owners and easy to use. All the reports.

1 Vote

Virginia Beach, Virginia

Quote from @Cesar Garcia:

Hi fellow real estate lovers! I need help figuring out whats the best way to collect rent in 2023. My 4 bedroom apartment unit is going to be complete in about 4 months and I want to know whats the best way to manage income in a way that I do not have to chase the tenant around? Any tips are much appreciated, much love!

I suggest hiring a property management company (unless you're familiar with landlord tenant code and know what you're doing) Most have online owner and tenant portals (or find one what does) but what's most important is tenant screening up front to get a qualified tenant you don't have to "chase down"

0 Votes

Los Angeles County, California

Quote from @David Puente:

BP community,

BLUF: the current lease of our out of state rental is about to expire and the property is now listed below comparable market value. Should I consider switching property managers for the sake of increasing cash flow with roughly 3 weeks until the property becomes vacant?

Additional context: this was a property purchased under VA loan in 2021. We received military orders for reassignment out of state and chose to keep this property as our first and only long term rental due to its fantastically low interest rate. However, in our haste to ensure the property was occupied ASAP and we wouldn't be completely on the hook for two mortgages, we listed the property at below average rates in 2022. The property (4bd/2ba/2500 sq ft) was at the time listed at $1800 (average rates at the time were $1950). Fast forward to now, comparable rates are $2100 and a home on our block (4bd/2ba/2200 sq ft) has listed at $2300 with decent interaction on Zillow. I had expressed interest to raise the rate to $2000 to our property management company (the largest firm in our area) if the manager believed we could get this amount. My understanding was we'd try and scale it back if it failed to generate any activity. I just found my property listed on Zillow at $1800 despite this conversation. I'm worried to create any conflict with the management company due to our short time remaining until vacancy, the large amount of activity we've already generated at the current list price, and the fact that the managers done an otherwise fantastic job for us over the last year.

Strictly speaking financials, because we purchased under VA and have little equity in the deal, current cash flow is $180/mo which 100% goes to making additional principal payments. Our well-being isn't tied to the cash flow of this property, but increasing cash flow is in our best interest as it brings us closer to utilizing other investment strategies learned here to reach financial freedom.

Should I switch property managers and risk the unknowns or trust the process?

thanks in advance,

Dave

You as the owner can set rental price. I would contact your management company and tell them you saw the listing and would like the rental amount raised to $2000 immediately.

You can do this without terminating your contract with them. Just tell them that's what you want

0 Votes

Quote from @Bianca Rodrigues:

Hi All!

First time landlord here. I have a three family apartment building where I’m renting the third floor to travel nurses. I just recently had a nurse sign our lease (expected move in was June 11) and now she wants to back out of the lease because she found another place. My lease doesn’t have anywhere stating about early termination of the lease (my fault) but isn’t a lease a legally binding contract once signed? Is she able to just say she wants out and we’re supposed to allow it?

TIA!

Depends on Landlord tenant code but generally speaking, yes. A lease is legally binding and she is responsible for the full term of the lease or until someone else moves in. That said, if she really insists on not moving in then market it immediately to start mitigating your down time while also informing her in writing of her responsibility.

0 Votes

Boston, Massachusetts

Quote from @Terrell Scriber:

Hello everyone! I'm trying to create a 6-month lease agreement for one of my units. I currently own a duplex where I live in one side and rent out the other. The unit has two stories, 3 bedrooms, 2 and a half bathrooms, and a front and back yard.

The monthly rent for a 12-month lease would be $1300 for this unit. So, should the 6-month lease be the same monthly rate or higher?

Any guidance, resources, or opinions are welcome! Thank you all for your time and help!

Depends.. do you want a 6 month lease for some reason or the applicant? If it's you I would charge them $1300. If they need a shorter lease term I would charge more. Your turnover cost when they leave for wear and tear, potential vacant time etc really eats away at your profit margin when you do a shorter term lease

1 Vote

Quote from @Keegan Darby:

Got a call from a tenant this morning that there was a drive by shooting at one of our rental properties.

About 40 bullet holes sprayed all across the house, tons of damage to the interior area well (cabinets, doors, shattered windows, etc.).

Thankfully everyone in the home is OK. A police report has been filed and investigation is under way.

As the landlord and property owner what would be your next steps? Who is responsible for the damages (likely $8k+ in damages)?

Thank you for any and all help.

Definitely check with your insurance company and see if they will cover this.

1 Vote

We use Buildium and love it. They are always coming out with new tools to streamline our day to day

1 Vote

Charlotte, North Carolina

Quote from @Steven Barr:

Hi BP!

My friend owns a single family rental and asked me this question, which I do not know the answer to

There are 2 very large dead trees in the front yard of his rental. Limbs have apparently been falling off and into the driveway. The trees are leaning and could possibly fall on the house in bad weather. The tenants have asked for them to be removed.

Is he required to have these trees removed at the tenant request? Is he responsible if damage occurs to a tenants car or well being? Or is this risk assumed by the tenant when they moved into the property?

Thanks!

Owner is responsible.

0 Votes

All Forum Posts by: Laura Stayton

Laura Stayton has started 1 posts and replied 248 times.

Post: Showing properties out of state

Post: Conditional Approval for Married Couple

Post: What are some good Tenant Screening Services?

Post: Rental property management

Post: Out of state rentals & professional property management

Post: Tenant signed lease but wants to back out ahead of move in

Post: Trying to create a 6 month lease agreement

Post: Drive by shooting at rental property

Post: Property Management software you all use?

Post: Tenant requesting 2 dead trees to be cut down