All Forum Posts by: Linda S.

@Maranda Tucker,

If you're kicking someone out, they will need the deposit and the first month of rent at the next place.    Giving them cash to leave helps push them along.

I say ask them-- most of the time their number will be smaller than yours.       If I were to start, I would suggest $500, and then they'll say $1500, and then you meet in the middle around $1,000.     Time is money, it's not a pretty process, and it burns a lot paying a bad tenant, but it's an option.    

@David L.Of course, I take pictures of every single room-- and then a 3-5 minute walk-through video.    

You need to show every single thing you could possibly take off for, such as broken blinds/windows/missing smoke detectors, holes in the walls, etc.   Without a doubt-- every single time I tell a tenant I am removing $$$ for them removing a blind as an example, they say "no, there was never a blind there" and I say "here is a picture of when you moved in"-- -case closed.     Anything I tell them "I'm taking off for this" they debate it, and the only way you win is with proof.

Pictures and proof are your best friend.   Words on a paper are subjective, but pictures are clear-- I tell tenants, I'm taking pics/video, you should too!

@Nick Coons,

As someone who has done credit  cards many times over to finance real estate, let me just say-- your plan won't work.   Do you think banks (especially now, hitting  a recession) will want to take ANY risk to help you fund stuff? Absolutely NOT.   At any time, your $10K limit could drop to $5K,  without notice-- it's all within their rights, and you think a bank will be okay being on the hook? Nope... sorry, but absolutely not.  I say this as a I had a card for $36K drop to $21K when the pandemic hit, no reason, they just started expecting defaults.

That being said, if you want to use your credit card-- do a BALANCE TRANSFER and write yourself a check for $10K, it's normally a 3-5% fee, and then 0% interest for the first year.  Banks don't want anything to do with your creative financing, but credit card companies--- if you play by their rules (always pay on time,  pay at least min) will, they don't care if you're buying a house or a new TV.

@AaronFaith Riddering,

You have to think-- why would someone pick to go there for a STR? How many hotels are within 5-10 miles-- this will tell you the demand right off. You aren't the first person or company that wants to make money. Is there a military base nearby, or a concert venue, wedding venues, hospitals/universities (graduations/football games/etc) or some type attractions? If someone wants a lake property, they will likely pick closer than 20-mins, unless it's really nice and rural/scenic itself. Just think logically-- why does someone to go there short term? Why does someone need short term housing and why would they pick your location?

@Aram Y.,

This is a fine line, I stay away from as much as possible.     If they have an ESA letter, even if it's sketchy as heck-- if they are your tenant you need to allow that animal.   Do I think it's fake? I'd bet a lot of money it's fake!  You can easily get a ESA letter for like $100 online!    It sucks, but proving it's fake, and then asking the tenant for proof-- that's just a lawsuit waiting to happen, and oh there are lawyers happy to take down a big rich landlord like you!   Do NOT EVER REJECT AN ESA, that's just asking for trouble.  

Take the pet, and don't renew next year.  

@Mike Shahi,

From my experience, high maintenance/stressed out/worry about everything tenants are very consistent-- they will ALWAYS be like that.    

I would have a very firm, NO BS talk with her.    You have done everything within your power to provide a safe, nice, clean place to live.   You can't change the area outside, if she feels unsafe she needs to move ASAP.     Calling at 1:30AM is unacceptable, I'm sorry, squirrels and raccoons are out there, I'm sure that what she heard.  If you're in the city, maybe someone was cutting through your yard, I don't know.   If she feels unsafe, she needs to find a new place.   Not to say I grill people, but I'm straight with them-- if you call me at 4AM, what do you expect me to do?  Most companies won't' open until 8/9AM, so it's useless, I can't make a person appear magically.   Call me when I can do something rationally.  

Personally, if she's paying, I wouldn't kick her out, but I would show her the door is always open and you won't tolerate that kind of behavior.

Paranoid or mentally whatever?  I don't care-- you aren't a health professional and this isn't your job, your job is to be a landlord, not a door mat.  Be firm-- and fair.

@Joseph Beilke,

You really need to focus on your ideal tenant, and what they are looking for.  If it's new construction, I'm guessing it will look nice and likely a B/C type of tenant, so you need to match your competition.   People are smart-- they will compare/contrast.

Now, if you're doing a "D" type property, which is what we focus on-- it's all about cheap rent.   People look at the rent, they don't really focus on what's included-- they want something they can afford.  I look at every appliance as a potential call, and cut back where we can--- also I explain to people, a microwave is cheap ($20-100 used), by buying it themselves, they actually save a lot of money long term!

Know who your target tenant is, and give them what they want!

@Atul Mohlajee,

Check with your insurance, and ask if they allow them?  I know ours doesn't.    They have a set list of breeds, included GSDs that aren't accepted.  I'd guess they won't, as it's on the aggressive breed list. This should solve your problem.   

If they do allow them, I'd check the apartment thoroughly, and then decide.   If they crate the dog when they leave, there is likely minimal damage, and will probably continue to be that way.   If you see scratch marks on the doors/windows/messed up blinds, it's only going to get worse. 

@Shane Power,

What's it like managing a lot of houses?  Just a giant game of wack-a-mole.   You can fix everything, but something new will come up--  you just don't know when?!   Or if a lot will come up at one time!--sometimes it's small/easy stuff, sometimes it's big stuff, it's always a surprise, and it's always expensive. lol  One month i had a sewer line and HVAC had to be replaced within 2 weeks. 

Outside of normal stuff, how many calls you get is inversely related to how well your properties are taken care.  I manage 50+, and work a full time job.   If you fix things correctly,  and your house is in good shape-- tenants don't call just to call.   Now, it's normal for stuff to have a lifetime, so if your fridge is 15 years old, you should be expecting it.  I don't spend a lot of time on the phone, it's pretty simple-- they said X is broken, I call the person to fix X, and then wait for them to fix  in a day or so.   I'd say the majority of the tenants I only hear from once or twice a year.  Nearly all my tenants are reasonable and easy to work with, so it's not that stressful.  Just treat people how you want to be treated, and handle things quickly!

You want tenants to let you know of the problems!  I always tell my tenants-- I like small problems, tell me when stuff is a small problem!    I have our business phone on me 24/7, so essentially yes-- you are always on call. I tell tenants to call with normal stuff 9AM-5PM M-F, and emergencies 24/7.    

You should have 2-3 plumbers/HVAC companies/roofers/etc to call if stuff breaks.  Hope this helps! 

@Eric Dekker,

I love the baseball analogy!  I tell everyone "you don't win the game with only home runs, you need to have base hits too!"      I don't think there is a set  industry calculation,  but with us-- we have to get paid back in full in 48 hours, the base hits met the rule, but nothing to be really excited about.   If it works, great-- a grand slam for us is if we get paid back in say 2-3 years instead.

A base hit to us, was a  say $20K house with a long-term tenant paying $525/month.    It was never a wonderful deal I'd brag about, but it kept us moving in the right direction.   Those base hits made up about 30% of our portfolio, and allowed us to grow faster!  I can't stand people who are like "Oh, I only want multi-family, that's the big money makers"--- true.. however, you miss so much money by only focusing on them!    Some of our most solid and easiest houses have been base hits!