All Forum Posts by: Michael Craig

I use Cozy.co for background and credit checks. Easy to set up and the prospect pays the $40 fee. Be sure to post the rent criteria before the prospect under goes the background check. That way they understand why they do not qualify if they fail the check. Plus, posting the criteria acts as a deterrent for tenants you wouldn't want to place in your units in the first place.

@Nathan Gesner / @Bjorn Ahlblad

Great feedback. Do you file an inspection sheet as well after each walk through? If so, do you have tenants sign the inspection sheet confirming you've done the walk through?

Do you perform an annual walk through of your unit each time an existing tenant renews a lease? Verifying if smoke detectors are functioning, appliances are running and water pipes are not leaking is a plus. Thoughts?

@Manuel Encarnacion

Don't get sticker shocked, $4,400 appears to be like a steep cost but think in the scale of the operation. Being in SoCal where the average price of a house is over $500,000, your move in price is peanuts.

I reserve the unit for the tenant once I receive the security deposit (one months rent). I hand over the keys once I receive the first months rent. 

What are your thoughts about putting your real estate experience on your resume (Renovating properties, managing tenants, good book keeping abilities, etc). 

For my case it would be for finding a job in project management and engineering but input from anyone with any background is appreciated.

This is fantastic news! I wish they did it in NY. One huge advantage to this is that it will clean up Zillow postings that are overdue/expired or already rented out. Serious listings only!

@Natalie Schanne if someone is willing to go through the hassle of managing two accounts so be it! That just legitimizes their listings even more!

I utilized a listing agent to see how effective they are. It took them more days to rent out the unit than it would have taken me and it cost me 1 months rent (agent fee)! Zillow would have been cheaper just by filling the vacancy sooner! This isn't even including the fact that I get 1 months rent in my pocket

@Mark K.

Is this for your primary residence? If so, just about any Federal Credit Union or bank will grant you a HELOC. If not, or if you want higher LTV than traditional FCU or banks, check out Signature FCU. Competitive rates and they allow up to 100% LTV on non-primary residence. I know two investors who successfully utilized their services.

@John Tarricone

If you decide to raise the rent on your long term tenant just be sure to follow NYS laws:

As of July 2019, New York instituted clear guidelines as to how landlords may increase rent for rent increases of 5% over existing rent:

Tenants occupying for a year or having a lease of at least one year: 30 days' notice. 

Tenants occupying from one to two years and lease holders of one to two year leases: 60 days' notice.

Tenants occupying more than two years or having leases of two years or more: 90 days' notice.

@Nathan Gesner This is one of those discussions where Landlords seem to agree to disagree.

I give a $25 gift certificate to each of my tenants. I do this because I want to, I do not expect anything in return. I have always received positive feedback from each of the tenants.

What do you do?

@Tyler Eastman

My tenants are 40 and younger and they each pay using Venmo. I have been using this for over 2 years and I haven't had a problem.