All Forum Posts by: Mags S.

@Lallu Tappu.  "A beautiful family of 2 adults and 3 kids recently liked my house and are willing to rent it out. They told me upfront that they had poor credit due to medical bills and the...".  This makes you sound desparate.  Are you willing to lend them your asset?  

Where do these prospective tenants fit within your criteria? As a result of your due diligence, Would you lend them money/cash taken from your pockets on a promise they would pay you back over the long term? What proof have they showed you that they are already taking care of those outstanding bills? Is it reflected in their current credit reports or is it something they just 'started' paying back?  I believe in helping those getting back on their feet and heading in the right direction, but I don't want to be the test case if they are heading down the right path.  i prefer my tenants to already be on that path so I have a general preference of a 5 year look back for common risks like credit and housing history.

I don't always agree that charging a higher security deposit is always the answer.  In this case, I would require a perfect co-signer. I'd make prospective tenant show me that someone already believes in them in their current situation.  Anyone can agree to a higher security deposit but it harder to find someone to back up any financial irresponsibility.

Don't change your criteria to justify accepting a poor tenant. Be patient and you will be rewarded with a great tenant.

FYI  @Evan Bell..don't give too many kudos to your employer - by law they need to give 60 days notice.  Since 2008, many employers have given 1 yr notice that layoffs will happen so employees can tighten their belts and make plans.  

Best wishes to you.  

@Account Closed  I think for alarm system is one of those iffy things.  Depends on neighborhood.  Now a days tenants can purchase their own alarm system and take it with them when they move.  Alarm system runs off cell towers; no need for a landline. A tenant carries all costs.  I had one in a rental and offered (at their cost)  the monitoring to tenant.  They weren't interested, so went thru alarm termination process - ate the balance of the system contract. 

I would stick to my policy. They have friends and/or relatives to help with the money. Set expectations

stay away @Judy Le  that just smells 'not legal' and when you mess with federal govt funds, you do go to jail/prison.  Hold onto your asset and if you want to sell it, sell it on the open market. Not this shifty stuff.  If tenant wasn't on subsidized housing, do you think tenant would be paying their full rent amount on time, every month?  As a section 8 tenant, you'll never know the answer. Tenant scamming u

to make the new sales price of $130k part of the existing agreement, write up an addendum or change to existing contract - something like, buyer and seller agree on a new sales price of....  It should be signed and dated by all parties. It should be included with the original sales contract. The new sales price may impact loan amounts, tax transfers, etc. - anything the old sales price affected.

Added:  did you settle on this property already?

if a new immigrant could not produce a ss card, I'd be leary 

When in doubt... Don't. It's called intuition

I don't consider if an extension or late fee is reasonable. My lease says $75. I seriously considered $100.  I mention to tenant at lease signing, my intent of the fee is to be painful to you so it's best if you pay your rent on time every month.  Have never had a late payment.

yep, I agree @Anya K.  I purchased my cabs around same timeframe as you and everything was in stock and available.  Although I planned to assemble cabs myself I wound up hiring an IKEA specialist for < 3 day assemble/install.  Not so sure I would do that again though