All Forum Posts by: Roy Gutierrez

Great points all you guys, thank you very much!

Hi,

I'm about to rent a house fully furnished to an out of state renter, we agreed on the price and they're qualified, the only problem is that there's a small chance that the company they work for will not assign them to Michigan, they said in 2 weeks they will let me know for sure but they want to me to hold the property for them, so I told them that in order to hold the property I need a security deposit and in the case that they don't get assigned I will keep 1/3 of the deposit and it's up to me if I want to return the 1/3, if I feel that I didn't lose any business, I have no problems returning the entire amount to them but with the demand right now (this week I started getting requests to view the property left and right!) that might not be the case. 

So how should I go about doing this? Let me know if I'm doing this correctly:

1.- I need to send her a document with the rules about the deposit to hold the property and pointing out that if they don't move in I keep 1/3

    * they sign, send document back, I sign and send a copy back to them with both signatures.

2.- they need to send asap a cashier's check (or should I require a wire?) so I can actually hold the property.

    * Once I get the cashier's check (or wire), I send them a signed document that I received the deposit.

3.- Once they arrive in town we sign the lease and the hold deposit becomes the lease deposit.

Am I doing this correctly?

Thanks,

Roy.

@Aly L you're still buying in that area right now for buy and hold? I used to live in Hallandale.

Thanks @Aly W. , just noticed that you also invest in FL, I used to live there (south florida), do you have rentals there? Doesn't seem like the market is good for rentals there, mainly flips. My brother is a realtor there and was pushing me to buy 3 years ago but back then had 0 money and 0 experience, wish I had been able to, the market has shot up!

I actually called the landlord that evicted him and she said "run, he's a scammer!", she didn't need say more, furthermore I discovered another eviction. Thanks everyone for the replies. I need to find a cheaper verification website!

@@Sean Ploskina his most recent residence is here in Michigan, he gave me the number of the landlord, have to verify that person is actually a landlord, he's sharing the house so he wants to move out since he's doing financially better. @@BeBe Cheng that's a sobering story, wow! from what I've heard at least here in Michigan with a good lawyer it's about a month or 2 at most in the majority of situations.

@Michael Noto you got it, the heart wants to beat up the gut, especially after we had a nice talk today. @Eva Salas my best case scenario is to rent it furnished, I get paid premium and I get to start fresh in my new place with stuff that fits this new place using the premium to pay for it. I just placed the house back in market unfurnished today and have the leads that I usually have when I list a property in this area but darn it, I was thrilled with renting it furnished with my asking price! would have been perfect. 

Long story short, he didn't deny the eviction, explained his situation at the time, I told him that with an eviction it's very unlikely that I will rent to him but if I think of a scenario that I feel comfortable renting to him with conditions I will let him know. I will call the landlord that evicted him and get the scoop. 

Thanks for the advice @@Virginia C. Huddleston 

 so "forcible entry detainee" means that he was refusing to leave after the eviction notice?

and funny, I can only reference Jeff with the double @@, not anyone else.

His income checks out and is very good, his financials are a mess everything related to the time period of his divorce, Michigan Law if I remember correctly is only 1.5 month's rent for security deposit, I wonder if the escrow idea for unpaid rent would be legal and could work. He's coming over to talk, I'll ask him about the evictions and see what he says.

@@Jeff Rabinowitz  thanks, I'll check that out, Mike, Amanda, Elizabeth thanks for the suggestions. Elizabeth, I'm also a believer in second chances, looking more into the person and the whys, we all go thru tough times but I realize this is business and if I get caught into it emotionally I can make unwise decisions, I like the guy, he's giving me my askingand really like to rent to him but I'm hating the idea of having my first eviction. I'll talk to him and unless he's a super good salesman I'll market the house again.

Hi guys,

I put up my current home up for rent and as a twist I decided I'll give it a shot and also offer the house furnished and bump up the price (around $350/month extra) since the house is nicely decorated and has everything a renter would need and it's updated. Well, one guy responded, he's the only one that responded and I know it's because the furnished and high rent b/c the area is hot for renters. He seems perfect as a renter, professional, good income job, no pets, low key, willing to give first, last, and deposit. BUT... he went thru a divorce a couple of years ago and you know how that goes, lost job, bad credit AND the biggie, an EVICTION, checking him saw "FORCIBLE ENTRY/DETAINER", if I'm incorrect on this one let me know but from checking the net seems like he was evicted and he wouldn't leave.  Monday I'll call up the lady/place and double check.  

My options: just let him go (which is probably what I will do) but I was thinking, he's not going thru the financial problems he was going thru before, if I can have him put into escrow 2 months rent that would go toward unpaid rent (assuming it's legal, kind of the time it would take me to evict him if somehow it got that point), apart from the first,last,deposit, would you guys ever consider that?