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All Forum Posts by: Mags S.

Mags S. has started 6 posts and replied 273 times.

Post: Hamsters

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

I never had a hamster escape from their cage where they always lived (wheel is in the cage).  My boa was definitely an escape artist if given the opportunity.

Post: Deciding between Tenants

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

using your approach says bait-n-switch. 

Post: What programs/websites can tenants use to pay rent online?

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

I thought of using some of the online services but then just decided since I had to open a security deposit account, I'd just add another account.  Luckily, the bank that did the LL-tenant acct, just happens to be where my new tenant banks. :) Tenant will do an electronic transfer as per lease...goes into my account as cash and no waiting for funds to clear!  It's 'free' for both of us.

Post: Am I being too strict on my tenant screening process?

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

Either you are the first place she has had any interest in or she's not used to quality landlords.  Oh well, NEXT!J

Post: When tenant applicants lie...

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

guess the answer depends on how much time you have to waste.  The purpose for doing the pre-qualifying questions before you show them the place,  is to determine if they will meet your needs/requirements.  Then you only show the place to those who are qualified to rent the place.

  I don't waste my time showing a place to anyone who would not qualify to rent the place.  Why, if they can't afford it or wouldn't pass my due diligence.  Googling a person or looking in public databases is not illegal.

I just went thru filing a rental. Be advised, many more will lie so get used to it now.  Although I do look in the publuc databases I do it later in the process.  Great idea to look before showing

Post: Keep or evict?

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

have the current owner get rid of them before you settle.  YOU deserve the fresh start.  Don't take on other people's problems if unnecessary.  This is unnecessary. 

Post: Rewarding Tenants

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

I'm with @Account Closed on this.  As a landlord/owner, I provide them with an above-average condition property and take care of any issues promptly.  My tenants hold up to their end of the agreement (lease); everyone is happy.  

I will admit this time around, we will give our new tenants a small housewarming gift of cutting boards.  My fam loves the tenant and thought it was a nice little gift...I thought...new laminate countertops..ok for cutting board.

You do have to watch what can be perceived as 'friendship'with tenants. One of the golden rules is not to rent to family or friends, so don't make a tenant a friend. It can hurt you in the long run.

Post: Germantown

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

@Drew Oberholtzer - FYI-Germantown is pretty much block to block too.

Post: Taxes related to carrying property in Philadelphia

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

I believe the license is a one-time fee.  Don't think City provides anything 'free' except the suitability cert required for rentals.

Also if the property is a non-owner occupied duplex or above, requires a trash pickup fee annually.. Believe it's a couple hundred dollars/per year.

Post: Potential tenant with bills in collection

Mags S.Posted
  • Rental Property Investor
  • Phila, Pa
  • Posts 276
  • Votes 110

I would keep looking.  Way too recent for me to 'give them a chance'.  With collections as recent as 6 months, tells me they are still going thru this cycle.  Isn't that why we do these credit checks? Always remember, it is more painful going thru an eviction process with 'known' collection debters than to keep looking and holding the property for another month.  I had to keep reminding my other half of that this month.  I held out until the right tenant came along...now I'm doing the happy dance!  We pretty much got everything we wanted in a tenant.

At minimum get them to provide a co-signer with STELLAR credit.  Protect yourself.  Another month security deposit does nothing if your state's eviction process is 4-6 months long.