All Forum Posts by: Mike M.

Credit doesn't pay the rent, income does. What's your definition of "acceptable" credit?

Offer them a fee to come quote it. I think what your describing is pretty standard, especially if the contractors generally work with owner occupants or commercial. A handyman may be more applicable for the work you describe. If you're new to rehab, estimate it yourself, double it, and then counter. If all goes well your cost won't be more than double your initial estimate.

My attorney volunteered (well said he'd do it after I asked). Luckily he hasn't had to call me with any bad news yet.

I had a rehabbed SFH on my local FB group that got slammed by two folks. The basic premise is you can get a mortgage for less rent. I tried to explain the unseen costs in rental property with a nicely worded post. Instead, the most effective one was asking this particular whiner why she's so enamored with a property she has no intention of renting? There's really not a good answer for such a question. I've only filled two rentals on three different occasions, but Postlets gives me the best results by far. FB has a fair amount of hits but no quality peeps. I get very little traction on Craigslist but I don't repost it every 5 minutes to stay front and center. I do find FB good for getting a gauge on competition. And for reaffirmation I'm not a total degenerate.

I have a tenant who uses their prepaid debit card to pay rent thru erentpayment. I think it requires a little more setup up front but I'm going on 10 months with no problems (knock on wood!)

You need to increase your ignore confidence. People threaten stuff all the time - usually because their position is weak. If you can build a case for withholding deposit that'll hold up in court, go for it. It costs money to go to court and many tenants don't have the money or time to make it happen.

I default to the Texas law which is 2+1 per bedroom. The fact they were upfront about the arrangement is a good sign to me. If all else checks out, you go with it and hope for the best. A group of conscientious people can do a lot less damage than a singular turd can.

I'd look at PA property law for guidance on the max you could do. Personally, I'd deduct for damages, and may consider 1/2 the monthly rent as you've got someone lined up on the 15th. Assuming the place isn't a wreck, I'd probably chalk up the time invested in finding new tenants as part of the gig.

I'd scope the sewer line and confirm material of water supply. Termite inspection, if they're an issue out your way. Asbestos siding and knob-and-tube wiring; even ungrounded cloth wiring is undesirable today. Service panel amperage and meter size. Roof condition & number of shingle layers. HVAC age. Land characteristics - #trees with potential impact to house, slope of property, etc.

I have a 2/1, 720 sqft. It has two window units and a gas fired wall heater. No complaints in the two years I've owned it. Central air was too expensive and I'd never recoup money out of it.