All Forum Posts by: Roy Gutierrez

Hi guys,

I'm about to rent a house to a couple, a guy AND a cat. Well, we verbally agreed to an amount and again, since I was going sooo fast since I had eliminated the initial person I picked and was trying to get them in asap so I forgot to mention any fees for the cat after we verbally agreed to all the fees. To late to add a monthly fee for the cat, I already threw a number and have to stick with that, I imagine I can do a refundable pet deposit, maybe $300? Was reading here maybe that could give an incentive for the tenant to take care of the cat.

How about protection against extensive damage caused by the cat? Can I add a clause in the contract that damages caused by the cat that surpass the security deposit will be charged to the tenant? or something to that effect, is it legal to do that?

Thanks.

@Mark S. , I've had 2 sears salespeople tell me that the online specials are killing them, I was there yesterday and the salesman said to go online for best pricing lol, but I'm having buyer's remorse for the set for the cheaper house, the more expensive house I'm glad I'm buying new but I should have bought used for the cheaper one live and learn.

@Account Closed and @Richard F. unfortunately I have a full time job that's very busy and I've been horrible at time management lately and didn't get a chance to go search for those stores and just gave in and bought everything new from Sears online, actually I was able to accomplish my goal of not passing a certain price point where I couldn't with anyone else, but I should have asked my plumber about appliances discounts, when you're stressed and tired and don't keep calm the simplest and obvious things are not that obvious!

At this point I don't even want to give them the option of giving me the money, I will talk to #2 and see if they're still interested, if they're not anymore then I will say that I will give them the option.

@Steven Myers you mean a good faith deposit?

Well I have this issue, my house is 90% completed (I completely rehabbed it and looking good if I may say so!), it should be finished this weekend, new appliances coming in, touch up paint, install new counters, and ready to move, I picked a group of 3 guys (2 lawyers), I was asking for first,last, 1.5 security deposit but they said first and security deposit and I gave in b/c their references panned out.

Well, I told them lets get together and sign the lease and give me the deposit so I can hold the property. They came back with:

"We will give you the 1.5 months security deposit and 1st months rent on May 1 when the house becomes move in ready and we receive the keys."

I definitely see their point that they're covering themselves for not getting an unfinished house, but I can't risk losing a month if they don't move in, I feel like going to the people that came at #2,

How would you guys handle this?

@Rob K. , a friend investor told me the same thing that he doesn't rent to lawyers and he advised me not to rent to them. Now looking back I think I should have offered the house to the couple and the friend with the cat, very, very easygoing people and they loved the house, but the stupid cat! lol but already offered the house to the lawyers but nothing signed yet, man, tough decisions!

@Steve Babiak I'm getting scared now! should have gone for the young couple, the friend, and the cat! :P. In all reality it's scary thinking these guys can have their way with newbie me, I did check their previous landlords and only good things but then again, they're lawyers! Actually I almost went with the couple, the friend and the cat, but the cat killed the deal...

I paid a lawyer to create a least contract for me to use when renting my properties, to make a long story short, the contract had typos all over and I don't want to deal with him anymore so basically I'm stuck with a document that I'm not sure if it's a good contract or not. I've been using it but now I'm about to rent to a couple of lawyers (the irony! and one works doing real estate!) and I know I need to have a bullet proof contract if not they will eat me alive!

I had to send what I had for them to review but now I'm thinking, maybe I need to talk to another real estate lawyer to review my lease contract. What do you guys think are the biggest mistakes that investors make when doing contracts?

Thanks.

I figured if there's a lot of appeal around here for gas, I will put it in and help make my property more appealing and rent it faster.