All Forum Posts by: Rashad A.

Hi My tenants reached out to me today for lease renewal and instead original one year they want 6 month lease. They wouldn’t like to move out in the middle of school year. I briefly told them 6 month rates are different. Of course they would like to keep same rate. I need you guys to help me decide with this lease renewal and rates. Original rates $1800 per month. zip code 77450 Thanks Rashad

Kyle, Michelle thanks for your feedback. House went under contract, sellers accepted another offer instead, likely higher than mine. 

I wanted to ask Michelle to elaborate a bit more about her note "saturated with open rental listings (4+ or more IMO)" to help me understand rental home buying criterias 

This house was standing out in terms of renovations and upgrades done to it 

Hi,

Made an offer of $150K (never expecting to be accepted) to one story SFH that was listed for $189K. 77450 zip code. Received a note from broker this morning that owners will accept my offer. Broker sent revised offer to amend closing date. Now, I am bit hesitating. However it has perfectly fit 1 percent rule of renting, and thats what I originally planned my offer on. Houses in the same size being rent out for $1400-1500K per month.

Shall low ball a little more to fit 95$ per sqft median value of the houses sold in the area in the past year? Its size 1475 sqft and per my offer I will end up paying $101.7 per sqft. And in order to meet median value of $95 per sqft it would have to be $140K another $10k down. Any recommendations about buying this rental home and strategy I should go with are appreciated. I am including little more details about the house here as well.  

One story. Mature trees. Lot size 7,035 sqft. 3 bedroom/2 bath home. Recent paint and flooring (wood laminate and carpet), lighting and plumbing fixtures and fans. Updated kitchen with granite, stone backsplash, gas cooking. Private master with updated bathroom and walk-in shower-recent tile and glass shower door. Secondary bath has a recent tub, tile surround, granite. Spacious private backyard. 

Thanks

Rashad

Thanks for feedback Michele. Lease states pets are not allowed without prior agreement in writing even temporarily. I will put together a notice to comply with reference to the lease and offer three options you recommended above 

Hi,

Other day visiting rental property I noticed my tenants having a dog inside. They was no one home same day. When I asked them about the dog next day on the phone I was told they are watching someone elses dog. Pet is allowed per contract but they should pay security deposit. Appreciate any guidance you guys can provide  

Thanks

Notice did do its work. I have received late charges in addition to monthly rental fees. Thank you all for feedback 

Only reason I have taped since no one was at home. I text the tenants to let them k ow about movie on the door. My letter still gives the tenants a chance to pay until 15th of the month and if not received 3 days after eviction notice will be served

I came to the property no one was home. I taped the notice on the door and emailed the copy. Other thing I noticed tenants are having a dog, which I was never told off. Any recommendation on proceeding for having the dog? Contract has provision for pet at home, which comes with security deposit

Tenants are late again. Didn't even bother to tell me why. Going to deliver legal notice. Stay tuned...

Thank you for your detailed feedback. I kind of hesitated to put legal notice, and I called the tenants today. 

They promised to pay by this Saturday November 11th the rent portion, and late fees by Friday November 17th.