All Forum Posts by: Lynn B.

@Lynn B. Welcome and I think you should celebrate with a double cheeseburger and fries! Okay, meanness over. As others have said many people got their start as reluctant or accidental landlords. Despite the occasional frustrations you may find that you like it. What can help you most is screening a tenant properly and not settling for a subpar tenant. Its much better to have a bad month or a bad quarter than a bad tenant! Because in the end the bad tenant is liable to cost you a lot more, when you deal with their late payments (emotionally), their treatment of your property (financially), and oftentimes their evictions (emotionally and financially).

Thanks for the dose of reality Cal. I'm already stressing and the tenant hasn't even moved in yet. LOL! I'm definitely reluctant, and it is accidental. Here's to a new adventure!

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Originally posted by @Steve Babiak:

@Lynn B. - is this property located in the City of Chester in PA? That's a rough town IMO ...

If it's a rough area, you might be forced to accept a tenant with flaws if you want to collect rent, because there might not be a large pool of possible tenants that don't come with flaws.

Hi Steve,
Yes, it is the city of Chester. Thanks for your comment. Unfortunately, you're probably right. Although I'm sure there are some very responsible residents, sadly, the City's reputation does make what you say more probable than not. My soon to be tenant already revealed his "flaws". Because he was upfront about it, we're giving him a chance.

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Originally posted by @Rolanda Eldridge:

Keep original agreement in place. However, you can increase after 1st year, but make sure to give them a 90 day notice..More than likely they will stay if they like the place..Good Luck!

Thanks Rolanda, from the looks of it, your suggestion is what I now have to do. Thanks for the good luck too, I think I"m going to need it!

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Originally posted by @Steve Babiak:

You only mentioned your first mistake; maybe I can help you avoid mistake #2. Did you perform any screening on this acquaintance? You might find that they don't pay utilities, have prior evictions, have felony convictions, etc - you could find a legitimate reason for declining them if you screen properly. Or you can just take your chances because you consider them an acquaintance.

Screen each tenant prospect thoroughly. You might even find you can decline this acquaintance legitimately, and end up fixing mistake #1 too!

Thanks Steve! I did give them a detailed application to complete. I'd better request it ASAP. It covers some of the character flaws you mentioned.

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Originally posted by @Kyle Hipp:

Depends on your goals. Are you looking to help out some friends or run a business. If it is helping out friends then this doesn't matter what you are getting for rent or what condition they keep the place in because it is about helping them out. If you are running a business then you are risking a friendship based on a business endeavour and need to charge appropriate rent. I would have a hard time to some degree renting to friends because I would tell my tenants if something wasn't meeting my standards and some friends might not like that....

Thank you for your response. I'd like to be more about business, but it's an acquaintance of someone I know. Since the house is in a hard to sell area, it seemed best to rent to an interested party rather than to let it sit empty. I am nervous about the relationship. I'm researching property management firms. I think I missed the boat on this one, but will let them know there will be a rent increase if they renew the lease. Fortunately, there's no mortgage.

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Thanks SO MUCH everyone!!!

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We're renting a property because it's in a hard to sell area. An acquaintance has expressed an interest. He initially stated that he and his wife could only afford between $650 -$700.00 a month.
I wanted to charge $700.00 but my husband thought it best to be safe and charge an amount the acquaintance could easily afford. So, I went against my desires and verbally told the acquaintance he could rent the property for $655.00 a month. To my chagrin, Rentometer list that most homes in the area rent from $715 - $849. Also, someone else who rents in the area told us she pays over $800.00 for a two bedroom! Our rental property is a 3 bedroom, 1 bath twin. Although no papers have yet been signed, I'm assuming it wouldn't be fair to change my verbal agreement now, would it?

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Hello All!
The above Karen Carpenter song immediately came to mind when I sat down to type my introduction. I recently inherited a decent house in a hard to sell area so I am a reluctant, yet willing to learn landlord. Renters will be moving in soon so I thought I'd better officially connect with BiggerPockets. I had perused the site a few months ago but now have a realistic reason for joining.

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All Forum Posts by: Lynn B.

Lynn B. has started 3 posts and replied 19 times.

Post: "We've Only Just Begun"

Post: "We've Only Just Begun"

Post: My First Mistake... I think. Rent Amount Too Low

Post: My First Mistake... I think. Rent Amount Too Low

Post: My First Mistake... I think. Rent Amount Too Low

Post: My First Mistake... I think. Rent Amount Too Low

Post: "We've Only Just Begun"

Post: My First Mistake... I think. Rent Amount Too Low

Post: "We've Only Just Begun"