All Forum Posts by: Larry T.

I second the above response. No need for you to be there. 

Tell them you always take your own photos beforehand for the files and to send you (or leave) the completed form after his walk-through. Tell him that you recommend he takes his time to do it and to be as thorough as possible, that you want to be sure he does not get charged for anything that may already be there. My tenants always do a very detailed walk-through form (I have mine mail it back to me, then I send them back a copy) They find all kinds of small things that I already know are there and/or would never charge them for at move-out. This makes them invested in keeping things looking the way they did started out at move-in.  I am not sure what everyone else does, this has just worked for me as I cannot be there in person in most cases. Also, these are B-C properties. 

Hi Victoria, in reference to the rude poster above, let me confirm that asking questions here is 'doing the work'. 

I came on here in 2006, read everything in the forums about investing in rentals, and learned so much from everyone that I began in 2007, one year later. I never read one book, only went by what I read here and advice here. 

If anyone else remembers, back then there was someone who went by the name of Mike OH. He posted a lot and told everyone they were crazy to accept less than the 2% rule. That it would never work unless it was 2% or higher. It made sense to me at the time so that's what I looked for and found, within a few hours drive. Yes, there have been Capex issues, and many others. I could now write a book on the things I have dealt with but it has been worth it in every sense.

Please keep asking any questions you like, this forum was created exactly for that purpose, and the responses here will be all you need to get started. And then it won't be long until you will be helping the new people that come along. 

Good luck to you.

I remote self-manage with local help. For move ins walk throughs and move outs, they happen like this:

Move in: A local guy opens/unlocks the doors, gives/leaves them keys. I have already received signed docs by email or fax.  They complete the walk through in a couple of days and email/fax that back to me. They do not want to be charged for anything they did not do so I always receive this. 

Move out: They are motivated to get their security deposit and I stress to them that I want to return that to them so please do what you can to clean it as much as possible. My local guy then takes a look and sends me pics of anything major but if it's normal wear and tear he just tells me it's OK and I return ALL of their security deposit. I never quibble on small things, not worth the hassle. Them clearing out all of their things and cleaning well is worth more to me than charging for picture holes or torn blinds etc.

I did not intend to do it this way (remotely) it just developed as the easiest way. I don't need to be there at all. But I do need the local help. If I do need to be there I am a few hours away but that is rare.

These are blue collar B properties.

Any maintenance people? I had a call Friday about an AC not working, called our Ac guy, he found fireants, got it working, I called the pest control, they are coming tomorrow, meantime the unit went out again this evening and my tenant would have to leave work again tomorrow to let the AC guy in again...so that is why I am wondering if you let any maintenance people have access. Btw, our 4plex is 2 hours away and tomorrow I will be in another town, otherwise I would go myself.

Yes, that is exactly what I am wondering. I will send a rejection letter but was not sure what it is required (by law) to say .

Yes, but not an explanation blank. It is just the one area that I don't even consider extenuating circumstances...good point that there could be some legitimate reasons, death, divorce, etc and I may miss some good people but just what we are comfortable with at the moment.

Thanks so much, I really appreciate it!! I will start requiring stubs to just be sent in with the app and not have that extra legwork.

Thanks everyone, I found out that she has a good reason for not putting the numbers down and that is that she has an eviction. I don't know if I'm required to write a letter stating that is the reason we'll reject her, or just say you were not approved. Don't know how she thought I wouldn't find it, on the BG check.

Thanks for your answers!

I will likely reject my applicant but have a question about what constitutes a "credit report" and therefore, the necessity of writing a rejection letter.

I ran an eviction check and criminal background check and found an eviction. I did not run the "credit" part and never have or will. It costs extra and I do not select that report. If all I found was an eviction, is this considered "in the credit report" ? In other words, if all I found was an eviction, am I required to send a rejection letter (FCRA requirement)?

Or, does "credit report" include any report run by the screening service/agency ? (I use E-renter)

If I only check evictions and criminal background is that a credit report that necessitates a denial letter when something is found?

Thanks in advance

Hello,

If an applicant put down a specific name as their supervisor, and I know that the manager over all the staff is another person, who I know for different unrelated reasons, is it legal for me to contact that manager who would be authorized and inclined to give me the salary of the applicant? (rather than call the name on the application who I believe to be the desk clerk).

In other words, is it within fair housing laws to verify the information with the employer in my own way, or must I restrict verification to the name she listed on the application?

Any help would be greatly appreciated. I am probably making this too complicated but felt the need to ask you all.