All Forum Posts by: Michelle Fenn

I am in Ohio, where we can still cash flow. I use the 1% rule as only a pencil calculation. If the sales price is so high, you can not even obtain at least 1% with a Zillow rent estimate keep looking. Saves me a lot a time running ROI calculations of every low priced property the shows up on the MLS.

I would post a non-renewal of lease.   If she does not leave at the end of the lease post a 3 day notice /eviction for failure to vacate.   In today's housing court evicting a section 8 tenant is problematic especially for failure to pay rent.   By evicting for failure to vacate, you now make this a contractual issue. This process takes a little longer but I have had good success. 

Most engine lubricants contain lead and if handled improperly can contaminate the soil and thus allow lead to be tracked into the home.   Huge liability.   

I have a lease paragraph that prohibiting car/ motor bike repair.

I went to college in the 70's for social work.   My parents always use to lament what a poor choice of majors it was.   I ended up in sales and the computer industry.   In my 50's a transitioned to Real Estate.    What I find is landlord and social worker are the same job.     Make sure you take some accounting courses also. 

I have noticed all my new Furnished Finder leads have been from people relocating for work looking for a place to stay while they explore the area.  They are also requesting only 1-2 month stays.     Sounds more like an AirBNB prospect.

 I readjusted and just signed  a 12 month lease on the property.  It only took a couple weeks for me to determine that being close to a medical institute was not enough to attract traveling medical professionals.   I understand that FF will allow you to change an active listing to another property.   That is my new plan.

I also post on Furnished Finders.   What I find is there is a preferred rental type and price point located close to medical institutes.   In Cleveland OH it is 1-2BR furnished rentals priced at 1,200-1,600 monthly utilities and internet included.  Many guests are traveling with pets.    My rental is in Ohio City, trendy neighborhoods are preferred.   I have a 3 BR home 1 mile from Marymount Hospital in Garfield that gets no attention.    This is a know your market play.

I find potential tenants wanting to move in the same day of write you a check on site is a big red flag.  

I always tell them that I am required to follow a process which includes an application, credit and background check.

I also include in minimum requirements  minimum credit score of 600+ with no utility, cell phone, cable or internet delinquencies or collections.   I would not include the smoking background and pet policies in every reply.     You may be scaring away potential tenants with your long checklist.    Better to meet them in person and talk about policies.

Do not feel bad about the 600+ credit score.   I recently took a realtor CE course and learned due to all the free money the government passed out during the pandemic only 15% of the population have scores under 600.