All Forum Posts by: Marcia Maynard

Our minimum criteria is gross income 3x rent or 2.5x with additional security deposit. We will look at the debt and payment obligations to see if it is feasible the tenant could comfortably keep up on rent and utilities. Our main concern is the risk to us and what we can do to mitigate that risk. Higher security deposit? Asking for last month's rent in addition to first month and security?

Also, it depends on the property, the market, your rental agreement and the landlord-tenant laws applicable to your area. For us, we choose to use month-to-month rental agreements and can exercise 3-day pay or quit, 10-day non conformance, or 20-day no cause notices to terminate the tenancy if we need to. Our evictions take about one month and cost $600-$800. We factor that into the risk. Also, a tenant who finds many doors closed to them, may stay longer in a place that is more accepting.

Hmm... Your situation... 4.6x gross income and stable 10-year job (plus how many more years in same profession or line of work?), 2.5x after figuring in the payment plan he is on... Does it seem likely he could meet your requirement of paying rent and utilities? Seems possible to me. Bankruptcy doesn't scare me away from potentially good renters, though I wouldn't be loaning them money to buy a house. If they seem a good candidate otherwise, then just ask for the extra security you feel you need. We've seen some renters succeed at 2x rent. So it's all relative.

Here in Vancouver, I recommend the Clark County Rental Association if you are a buy and hold investor, especially if you manage your own properties. Monthly dinner meetings at Club Green Meadows are the last Tuesday of the month and start at 6pm for networking, 630pm dinner, 7pm speaker, ends by 9pm. I regularly attend. This month's speaker topic "Tax Pitfalls of Buying and Selling Real Estate." Check out the flyer at www.ccrawa.org. You don't need to be a member to attend.

It's great to see different perspectives! Pet friendly can be a worthwhile niche market. I know a few investors that do as @Brie Schmidt does and have great success. Perhaps higher end properties will have a bigger pool of responsible pet owners than lower end properties. Screen well. The risk/benefit for us hasn't been worth it. I'm glad for some it works well.

We have a no pet policy. Spent thousands of dollars de-catting and de-dogging properties. The urine, poop, hair, clawing, chewing, digging, fleas, dirt, etc. is not good for the property. The noise and potential aggressive behavior is not good for neighbors, maintenance crew, or me. Good points mentioned by others about multi-family properties vs single family homes.

Pet hair gets into the HVAC system and even appliances such as refrigerators and ranges. This means more frequent furnace filter changes and vacuuming of electric heating devices. Harder on the appliances.

Rabbits, ferrets, guinea pigs are rodents and run around baseboards and pee/poop. Even birds can be messy and noisy. Small aquariums haven't been a problem for us, but the large ones give off too much moisture and have the potential to cause more water damage. We grandfathered in some cats when we bought an 8-plex, but the pit bulls had to go.

Beware of the "visiting" dog or cat or "I'm just taking care of it for the weekend." It only takes a second for an animal to cause damage. I don't like stepping in the poop either. Cats will use the flower beds for litter boxes and claw wood and destroy mini-blinds.

Unauthorized pets and animals? We charge $50 each occurrence, require immediate removal of the animal and immediate payment for property damage. Make sure your rental agreement addresses pet and animal issues. Establish a policy and follow it.

There are responsible pet owners with great pets that do not cause all of the problems I mention above, but the renter pool seems to have more of the irresponsible type. If you do find a good pet owner with a good pet, you can charge more and they might stay longer. I would up the security deposit and charge extra monthly rent. Don't label it a "pet deposit", as you will need to document it was the pet that caused the damage. A "security deposit" can be used for so much more, including unpaid rent, unpaid fees, and unpaid damages.

We do allow bonafide service animals for people with qualified disabilities. We have a verification process. You can not charge extra for service animals. There are some people who make dishonest requests for service or support animals, so be alert. Check out this NYTimes slide show regarding service animals.

http://www.nytimes.com/slideshow/2013/09/29/realestate/20130929-COVERDOGS.html#1

We get a good discount off Behr paint at HD because my husband played piano for the regional rep and he set us up. We also use our Alaska Airlines credit card for the mileage program. We do the matching coupon thing too. If you develop good relationships (schmooze) with the key people at the store, they will clue you in to the special pricing. The thing is, deals are always changing. Can usually get a discount on big ticket items. Good question to ask.... "Is anyone paying less than I am for this same item or service?" "I want that price!"

Always remain calm and professional. Don't let fear paralyze you. Whether an issue is real or perceived, it must be addressed.

I used to work in hospital management in the risk management and patient relations departments. When people complained, we would listen carefully and make sure they knew we heard the complaint. Then we would offer reasonable resolution and do a follow-up to make sure the issue was addressed.

If the person threatened to sue, we would calmly say "Do what you feel you need to do." Rarely would there be follow-through on their part. If they did sue, we called our attorney. Always document well and be especially diligent in doing so with problem people.

You will need to demonstrate good faith effort, show you acted prudently and responsibly and provide proof that the unit was habitable. You may want to go to the court house and listen to a few court cases in your jurisdiction to get an idea of what to expect. You can learn a lot that way.

Certainly he can ask, but he better have a back up plan to get the money quick. Borrow it, sell something, pawn something, day labor, request an early birthday gift, etc. He has to step up to the plate on this and keep his integrity intact. He needs to live within his means and start an emergency fund (equal to 6 - 10 months income). Welcome to the real world.

Seems quite comprehensive! Impressive.

Walk through the neighborhood, at least a three block radius. Strike up a friendly conversation with the neighbors. Ask open ended questions and show you care about the community. Observe the property at different times of day and listen. If it is a residential property, note the proximity of the nearest fire hydrant, bus stop, light rail stop, schools, stores, medical facilities, businesses, access points to freeways, etc.

I might become the landlord who knows more than I want to share, because I want a tenant out of our property. We are currently in a situation in which we have notified a tenant that she needs to find another place to live by the end of February. Long story.... it's not working out for her and her three young children to stay... they can't afford the apartment and too much rule breaking, complaints and drama. We have a month to month lease and can end it with a 20-day "no cause" notice prior to the end of the rental period.

She asks me if she can name me as a reference. I tell her yes, as she will need to fill out other rental applications truthfully, listing our apartment as her current address and me as the contact. I also tell her I will answer truthfully if another landlord calls and inquires. She says, but you won't tell them that "tenant A" (the ex-boyfriend whose name is on the rental agreement) was recently incarcerated for pcs meth and pcs cocaine and is being deported will you? I say, no need for me to mention it.

I also tell her most landlords don't call. I want her to be hopeful she will find another place to live. I'm thinking, I want her to find a safe place for her and the children. I want her out of our unit, but I don't want to stiff another landlord. The father of her young children won't be coming back. She needs to move forward for her sake and the sake of the kids. I hope she is truthful on her application. I also hope the next landlord doesn't call. I know too much. :-)

Yes. Definitely you need to pay off the student loan debt first. Can't be discharged in bankruptcy, as mentioned by Jerry. Also, depending on the terms of the student loans, could the interest rates change? Some do. Are they private or federal student loans, or both? Makes a difference. Good luck!