All Forum Posts by: Melissa Faraias

Hello BP community,

I recently purchased my second house, which I am in the process of rehabbing to rent. We had a mold inspection done and there seems to be mold and high moisture content in 2 bedrooms, the kitchen and bathroom areas. I am debating whether to let my general contractor handle the remediation or hire a licensed mold remediation company. The mold inspector said that the contractor could handle it but the home would need to pass inspection in the end. We are addressing the source of the issue, which seems to be blocked weep holes, high brush piled around the periphery of the home, possibly prior leaky kitchen pipes and some holes in the brick. 

What are your suggestions? Should I go with a professional mold remediation company just to be safe? And if so, do you have recommendations for a good company in Houston? I have never dealt with a mold issue befoe so any advice would be greatly appreciated. Thanks so much.

Yes, everything else checks out. 

Hello BP community,

I am in the process of screening tenants to rent out my first rental property so I am a novice landlord. 

Would you rent to a tenant who had filed chapter 7 bankruptcy 2 years ago for medical reasons? I want to rent to an elderly couple, who meet all my qualification criteria but had to file for chapter 7 bankruptcy because he had a stroke and couldn't afford the medical bills. Their credit scores are 600+ and all payments have always been made on time.  Would you require any additional safeguards like a guarantor, an additional deposit or a rent increase? I believe in giving them a chance and they are a lovely couple. Thanks for your input.

Yes, the reason I am inundated with applications is because people see it as a good deal. A few people offered to pay the higher amount, but I have decided to go with the advertised lower price since my applicants applied to the listing based on that price. I wish things were different but it's a lesson learned for the future. I did have them sign a statement saying that the credit and background check fees are non-refundable. I did not charge an application fee but I may in the future. Thank you all for your responses. I'm learning so much as I go through this process.  

Yes, I am considering refunding the ones that qualified. Thanks

Thank you for your responses. We told only 5 people (out of over 50+ inquires and 20 house tours) to fill out the application and they are all qualified. I didn't want too many people to fill out the application because they had to pay for the background and credit checks. But everyday we get over 20 inquiries for the property. I will just increase the rent next year. Thank you all for all your advice.

Thank you for your response. I actually feel bad to change the rental rate after I advertised the lower rate and had people pay to send in the application and do the background/credit checks. I think that I will stay with the original rate posted and ensure that in the future I do not make the mistake of listing a unit for a lower amount. Thank you all for your responses. 

Makes sense. Thank you for your input.

Thank you for your response. So the fair market rent is about $200 more than my listed amount. And that is for homes that are not updated like mine (I may have over improved the home for the area it is in). I have listed the property for $1650/month and was thinking I could go up to $1800 a month. I don't want to upset any prospects but I also don't want to be stuck with a lower rental rate. Thank you for your advice.

Hello BP community,  

I just listed my first property for rent and the response has been overwhelming. When trying to determine a fair rental amount, I consulted with a property manager and she asked me to lower the rent amount since it's the end of year and there were several rentals on the market for over 60 days in the area.  However today I got a call from an investor who does rentals in the area and he told me that my rental was priced too low. He advised me to take my top few potential candidates and have them bid against each other and then choose one who is willing to pay the most. Is this legal for a rental property? Is there any other way that I can get a better rental amount? Any advice would be appreciated. Thanks in advance.