All Forum Posts by: Pedro Jean

For a rental property, it is best to go with VCT flooring. VCT is easy to install and easy to maintain. VCT flooring lasts up to 15 years... it is a cheaper option for a non-luxury rental.

Hello Everybody,

For all the landlords out there,

How do you feel about renting to prospects who are collecting unemployments, but have no jobs due to covid?

Prospects who are collecting unemployments claimed that they will be collecting unemployments for the next 2 years...

I have never rented to a prospect who didn’t have a job, but I am just curious, what’s everyone’s opinion on this no job situation?

@Kyle M.

The best way to solve this problem is to have a qualified plumber install a zone valve for each of the units. Each zone valve will have their own thermostats for each unit.

@Calvin Lin

I have a 4 family here in Pawtucket RI and I do inspection every 6 months in order to protect my investment. I am lucky that all my tenants are clean. But as a landlord, if the tenant is not taking care of their unit in the property, it is your job to tell the tenant to clean the place or quit. If you don’t say nothing, that means you are allowing to happen. The sooner you do something about it, the better. If I were you, I’d send out a letter as a warning and make the tenant clean the unit.

@Diane Savoian

Credit scores play a big role in the screening process but it all depends on where you are. Here in Pawtucket RI, it’s really hard to find a tenant with a 600+ credit score. Some people don’t even have credit.

Keep everything fair & simple terms is your best bet.

Minimum

requirements:

$2,500 per person

gross income

Credit score 590+

No Evictions

Good references

Clean Background

Last 2 recent paystubs

Proof of 2 months reserved fund Or savings (2X the rent)

1 person $900

2 people $1000

2 people max

1st month’s rent and deposit required to move in...

This is a requirement I used for a studio apartment. Very simple.

@Nuo Shi

If you are going to live in the property as well, that makes it even better for you to kick out any bad tenants especially if it’s a month to month lease. You can always ask the seller to deliver whatever unit you want to be vacant upon closing.

I’d go in each unit to see which tenant takes good care of the property. Those who don’t take good care of the property need to be out. Ask the seller to give you a statement of the rent payments for each tenant for the last 5 months. Charge extra for pets. Make sure you don’t have any unauthorized guests living there.

@Jack B.

Househacking has been great for me so far. I haven’t had any problems. I have a 4 family and I live in the attic. When househacking if you don’t want to have bad tenants, it all started with the screening. Don’t take any short cuts when it comes to the screening phase even if the property stays vacant for a month. It’s worth the wait to find the right applicants that meet all of your requirements. Don’t rent to friends and family. Set boundaries for yourself and your tenants. Since you live in the property, if you start hanging out with your tenants, they might feel like you are buddies now and stop paying the rent. So set your boundaries between you and your tenants because this is a business. If you don’t set boundaries, you will not be able to raise the rent and you will be reluctant to tell your tenants they they’re violating the lease all because you and your tenants are buddies now. Watch out for that.

@Anthony Holloway

I think you are better off buying a condo and live in it for a few years then sell it. Use the proceeds to put down on a 3-4 family rental property instead. This will be a way better strategy because that’s what I did myself.

Here are the down sides of renting out a condo:

- Condo fees go up every year (eating your profits)

Condo association bosses you around

If your neighbor causes huge damage to the property, you’ll have to write a check too.

If there’s not enough money for reserved and something happens, you’ll have to write a check.

Some condo associations don’t

allow owner to rent to tenants if the majority of the units are owner occupied. There’s like a 20 to 80 percent ratio.

Condos are headaches

Investing in 3-4 family rental properties is the best way to go because you have more control. No condo associations to boss you.

Thank you guys for your input. 

I have a prospective tenant who came to a showing today. He really liked the place. When I pointed him to MyRental.com for the screening process, (I used MyRental.com for all my screenings) he immediately told me that he had a criminal background and he just got out of jail a few months ago. He’s working on getting his life together and blah, blah, the sob story. He is working now and he makes enough to cover the rent.

Now my question is, would any of you rent to a tenant with a criminal background, I know everybody deserves a 2nd chance, but I don’t want to risk renting to someone who’s going to cause problems in the property?

Any thoughts would greatly appreciated