All Forum Posts by: Mindi B.

Have you tried the UPS store? they also ship using USPS services, and the lines are much shorter! Also some Hallmark shops have mini post offices inside that are not very busy.

I generally include a fridge. If a house already has a W/D I will include it also, saves me the hassle of getting rid of it. But I do not include it in the lease agreement. If the W/D breaks down, they can repair it at their expense or I will come and take it away, and they can use their own for the remainder of the lease.

Props do rent faster and for more money when appliances are included.

George, there is a lot to learn about being a landlord, and most of it will be learned from experience. A few tips I wish I knew about when I first started was 1. get a good lease agreement. Not the cheesy ones you buy at office supply stores. If you are a member of ARPOLA they have free lease agreements that are state specific. You want the agreement to cover every aspect and bad scenario you can possibly imagine. So when it happens, both the tenant and landlord know what is expected of them. Get everything in writing, no verbal agreements EVER!! 2. Be a member of ARPOLA, it's only $35/year and it more than pays for itself. They also offer tenant screening at a very reasonable price. 3. Take photos of EVERYTHING before the tenant moves in and have them sign it on their move in date. 4. Don't let them push you around, be firm with the rules, it's a business relationship and nothing more. If you let them slide with late rent for one month they'll take advantage of you and assume they can do that every month. 5. And last, admit that situations will come up that you won't know what to do and will probably make a bad decision. You will make mistakes, it's part of the learning process. Nobody is perfect the first time around. I also recommend picking up a copy of "Landlording" by Leigh Robinson. Good luck!

If the additional people have cars parked outside, I would take pictures on a regular basis to show proof of continuous habitation. Then I would schedule an inspection pronto and see if you can ascertain if the two people are living there. Also remind your tenants you charge $50/month per person for people living there not indicated on the lease... and it's retro-active and due immediately. If you feel the additional people are living there, tell them they need to move out or else pay the application fee so you can check their background/credit to see if they are worthy to be your tenant. If you approve, increase the rent by $100/month and allow them to stay. If not, they need to go. Then tell the original tenants they breached the lease agreement and they are being evicted.

Most lenders require the down payment (whether cash or borrowed) to be seasoned at least 2 months. How do you handle that?

I recently put an offer on a short sale, list price was 75k, I offered 75k (which was FMV by the way). BPO came back at 93k! I said no thanks and cancelled. The bank must have been desperate because they then accepted my original offer of 75k! So BPO isn't always non-negotiable.

With only 15% down, don't you still have PMI?

If you are a member of ARPOLA (only $35/year + tons of benefits) you can get all the forms for free or a very small additional fee. They are state specific.

If you are asking FMV, then stick to your guns. I would not even consider lowering the rent until the place sat vacant for at least a month. There are tons of renters out there, don't kiss the feet of the first person that comes along showing interest. You may need to do a bit more advertising to get more interest and applicants.

Like others have said, a good quality tenant is much more favored than renting a place quickly. If he turns out to be a bad tenant you will be paying for it in more ways than one, and kicking yourself for not holding out a little while longer.

Will do Craig!