All Forum Posts by: Richard C.

LOL.  A wholesaler tells you not to worry about inspections...

The safest thing for landlords to do is to think of a service animal as not being an animal at all.  It is a piece of medical equipment.

So ask yourself the question:  Would I require a tenant to explain why exactly he is in a wheelchair?  

If you don't think you can get away with that, don't ask why he has a service animal.

As others have said, it is completely routine for a lender to have to sign off on insurance checks (or draws, if it is a larger claim.)

Insisting on choosing the contractor is a bit much.  But it would be common for a lender to require a licensed contractor.

 He said 2/1 HOUSES rent for $1200.  This is half of a duplex.  In my area, at least, there is a significant difference.

OP, don't fall into the trap of thinking that higher rent attracts better tenants.  This is absolutely not the case.  The only people who will pay an above-market rent are people who have no options.

People with good incomes and rental histories will not pay above market price for a rental.  They don't have to.

I try to stay just a bit below the median for the type of house (I don't have any duplexes) and area.

The rounding up on the income requirement may in fact hurt you, but as you say, if what you want is to eliminate anyone on the edge, that will do it.

I think Matthew is right about a number of things.  Individual circumstances matter.  For example, if one of the tenants gets $1000 a month in Social Security Disability, I would feel a lot more security than if she made the same $1000 by going to the day labor place.

Based on everything you have said, I'd just stick to my guns and ignore the complaints.

 It is more the TONE with which you convey the rules, rather than the rules themselves.

NO blah blah blah.  NO blah blah blah.

The bottom line is this:  People who have choices will exercise them.

You are looking for people who have choices.  People with no evictions, no criminal background, no pets, non-smokers who have 1.5 times the rent for a security deposit have choices.  As in, they can pretty much rent any place in that town.

So why yours?

If you are looking for the best renter in that town (which you basically are, given your requirements) then you need to provide the best house in town at that price point.

Which you are not.

You have been given a good suggestion on how to change the wording of the ad.  You should do that.

You have had several people tell you that the gap where the dishwasher was is an issue.  It really is.  You need to deal with it.

Judging by other listings, your security deposit is not the norm in that market.  I'm glad you are lowering it.

The no pets is an issue for many people looking for a single family.

I'm not trying to be mean, really I am not.

But you seem to me, based on no local knowledge but just on other listings, to be offering a slightly below average house for a slightly above average rent with a high deposit and a lot of rules.

You can get away with that in a market with a very low rental inventory.  But not where you are.

Either lower the requirements (your rules) or improve the quality.

 The purpose of the lawyer is not the closing.  It is in reviewing the contract.  Most wholesalers use form contracts that they download from the internet, and load up with clauses that are entirely in their own favor.

Few wholesale "deals" survive the involvement of a lawyer.  For good reason.

 You are buying from the least trustworthy type of seller, with no experience, no buyer's agent, no recourse to the errors and omissions insurance of an actual licensed professional...

I very, very strongly advise that you not buy anything from a wholesaler without a lawyer, or at least a buyer's agent.  Lawyers are not hard to get; you could have gotten one in the time you were waiting for responses on this thread.

Buying from a wholesaler is probably a bad idea for someone in your circumstances even with a lawyer.  Without one, you might as well take that $3000 and set it on fire.

Don't buy from a wholesaler without a lawyer.  It's like walking through a field of rusty nails without a tetnus shot.

Kudos to you for taking care of your tenant.  Way, way too many landlords would have let this go.

"We want to "put our foot down" early, but we also want to have a good relationship with our tenants and not start off negatively."

That is not possible.  You "put your foot down" with children or dogs, not with other adults involved with you in a mutually-beneficial business relationship.

Does it need to be painted?  If yes, paint it.  If no, say it doesn't need to be painted and it won't be.