@Account Closed, thank you very much for sharing your thoughts on this.
for 2) What I read, was that having a separate pet deposit can actually backfire, in that you can then only use that money for pet damage. Whereas, if you just have a larger total security deposit, you can use it for whatever you need to - unpaid rent, damage done by humans, etc.
I have heard that, and since changed my wording in my lease to a non refundable pet fee, which should take care of any disputes.
For the reapplication, you are correct and I do not plan on rescreening them. I do like the idea of writing in the tenant's boyfriend as a long term guest.
I understand that I may initially lose tenants by increasing the rent on the unit, but honestly the current owners are really selling themselves short. The duplex has a 1br and a 2br unit, for a property that has been completely renovated in the last year. This is an apartment within walking distance to a well known college, low crime rate area, centrally located in the city. If I lose the inital tenants, but do an increase and make that back over the course of the year, I will continue to make the increased rent amount for the duration of the time I own the property.
I plan to meet with the tenants once we close and have a discussion with them and provide them with a copy of the lease that I will be using when their lease expires, as well as my intentions to increase the rent at the end of their lease. I plan to do this respectfully, and open lines of communication with them so that they don't feel alienated. I want them to know that they can approach me, but I am in this business to build wealth. Again, thank you all very much for your input and perspectives. This is one of the many great things about the BP community. Have a great night
