All Forum Posts by: Nick Ferrari

Hey Everyone!,

I just recently bought my first rental and i've got some basic questions.  Any help regarding below would be GREATLY appreciated.  THANK YOU!

1.)  What do you suggest regarding a pay schedule for tenant. 

A.) Should you give them the option of which day of the month is best for them so they can pay you timely?

OR

B.)  Pick a random day of the month say the first and stick with that date?

2.)  What do you suggest for methods of payment? Cash, Credit, Check, Direct Deposit?

A,)  I was thinking either Direct Deposit or Check

3.) What do you suggest for late fees?  I have a 5 day grace period i'm willing to give. But not sure whether or not I should go with a daily fee for each day or a one time charge for that fee.

Thank for the help guys much appreciated.

Just started renting out our first home after we bought a second and a potential tenant came up to me and asked me a question that I didn't see coming.  She asked me if there was an option to rent and eventually own the property.

I've heard of this proposal before on a few podcasts but truth be told know nothing about it.  Keep this conversation as broad strokes and don't feel the need to dive too deep in the details on specific terms but in general what are the more ideal situations where it makes sense to rent to own to someone else.

Truth be told I don't think is a route that we'll be going down, but it would be interesting to learn more about it.

The people have spoken. Thank you all for your input.

So I sit at my computer after spending 8 hours giving my house a thorough scrub down.  You name it I did it, scrubbed the walls, vacuumed, dusted every single little crevice.  Found a spot for anything out of place.  In general we keep a very tidy household but I wanted to go the extra mile to make sure there were no excuses and then this happened...

I had a showing for my home and this woman was not thrilled with my house at all let me know every single detail about what was out of place, to the point where not a single positive thing came out of her mouth; until the end where she mentioned all that said and done you own a very pretty home.  Now to be fair those very small imperfections were there and I am somewhat happy she pointed them out because now I am finding new ways to make my home look better.

Keep in mind I currently live in this property (Using the BRRRR method as we move into our next home). But I am somewhat shocked that someone would be so bluntly upfront. So you tell me should I even consider this candidate being that if she is so upset with the tiniest detail then she may be a somewhat melodramatic, needy tenant who is going to give me a lot of headaches or should I consider the upside in the fact that she likely keeps a very tidy organized home and won't destroy my property?

YOU DECIDE. Thanks for the comments.

Looks like I'm being unreasonable. Thanks for the help. I'll have to setup showtimes to view the property.

Just started off with a new rental and I'm asking my potential tenants to fill out an application before viewing the property. Keep in mind the home is well documented. I have around 40 photos of it posted on respective websites. I simply hate wasting my time with potential tenants who have zero chance of renting my home and the first logical step seems to be have them fill out an application and prescreening them. This is part time for me I work 80 hours a week at my other job so it's difficult setting up the time for renters to view the home and something I only want to do for serious candidates. But perhaps I'm being unreasonable. What's your process for your prospective tenants?

Thanks for all the feedback everyone! Great and helpful content.

Hey everyone,

Anyone ever use this service SmartMove by Transunion?  They are offering $35 to run a credit, criminal background, eviction report as well as some other services.  

Almost sounds good to be true.  Anyone use this service before and have any feedback?

Where's the best place to post online for open vacancies in your rental property? Ours is opening up in a month and it's our first time looking for a tenant could use any and all advice in hunting down a tenant.

Aristotle Kumpis One Handle faucets is interesting. What's the thought process behind that?