All Forum Posts by: Bettina F.

Does the RSO show up on your local RSO database?  Does it have the address of the property you are interested in buying as his address?  Do you have many other RSO in the same neighborhood?  (Our sheriff's department publishes an on-line map.)

If yes, I would adjust my offer price accordingly.  I would not notify the other current tenants for fear of being sued by the RSO.  I would include in my applicant packet generic information on how people can search the database if they are interested.  I would make sure locks were changed at turnover, common areas were well lit, bushes were well trimmed and general building security was maintained.  

I just looked up my own multifamily.  I have three in the neighborhood.

Kwsama Sawant (I may have misspelled her name) is a city councilperson in Seattle.  She is a self described socialist.  She was giving press conferences last week in celebration of Seattle's new income tax on persons earning more than $250,000. (The income tax is in violation of Washington State law, and will embroil Seattle in lawsuits for the next decade, but that does not concern Ms Sawant.)  Behind her were her supporters holding professionally printed signs.  The signs read "$15 an hour -- check;  Tax the rich -- check; Rent control -- a box without a check mark'.  She makes no bones about where she wants to take Seattle.

I lived in Tacoma for 35 years.  It was easy to see where things were headed.  That is one reason why we cashed in and moved to Idaho.

Wow! You are going to end up with a gorgeous unit!  Good job.  I love seeing these old buildings regaining their former glory.

Be sure to watermark your photos that you post.  Some people watermark with their phone number.  The scammers steal the ad, advertise a low rent, and make money by falsely collecting deposits from as many marks as possible.  I would file a police report as people are being hurt.

Did you not get  a copy of the existing leases from your former PM?   You will have to honor these leases until the term expires.   Just update who the rent payments go to.

Local landlord associations usually have model leases that can be used as a starting point.  You can then tweak the lease (as long as it in accordance with state/local laws) to fit your property.  But remember -- any lease clause is only as good as its enforcement.  if you have problems with late payers and property damage, you will continue to have these problems until regular inspections are started, repairs are billed to the tenant at the time of damage, and late payment penalties are enforced.  Better tenant screening is the key to good tenants.

BTW, I used a PM for several years while i was an out of state LL.  It also did not end well.

I second the skunk and cat food.   Are your tenants keeping the cat food outside?  If so, they are enticing  the skunk into the yard.  Ditto for fruit that has fallen off of trees.   Also, advise your tenants to keep a tight lid on their trash cans.  Skunks like to go into trash cans after food.   If they cannot climb back out, you have one angry skunk.  Ask me how I know!

Also note that this report is a VantageScore from Transunion, not the traditional FICO.  According to the Transunion website, this credit scoring model allows previously "unscorable" people to get scored.  The prospect might be a Dave Ramsey fan after all.

 Call Transunion and ask.

Dave Ramsey fan?

Is this a credit report that you often use?  I can call my credit reporting agency and get explanations of what I do not understand.

I just took a training from the Idaho  Apartment Association.  One point made by the trainer is that LLs need to learn to say "Yes, but" instead of "no" -- meaning you might say "Yes, but I need double the usual security deposit and I need to see two years of tax returns since your report does not verify employment."   I would also stringently verify current employment and LL references.  Look on the county assessor website to make sure the LL the prospects lists as current  LL is the actual owner.

Gut feelings can be wrong.  With our most recent vacancy, I met a very nice couple.  The man made a good income in a supervisory position, and had 5 years on the job.  They admitted to a previous bankruptcy -- no big deal.  What disqualified them for me was the number of new accounts in collections, including utility bills.  They went bankrupt and then immediately starting accumulating more debt.   They were also "living with family to help them out"  -- code for "don't call my current LL".  Pass.

Hopefully, you are month to month on your rental agreement, and you can give her 30 days notice to leave.  For Class C, I would only use M2M.   In Class C, leases are more of a hindrance to the LL than a help.   If tenants want to break a lease,  they will just do a  midnight move-out.  But on a lease, if the LL wants to get rid of a tenant, you need to go to court.  The legal process takes 2 months, you pay court costs and attorney fees.  Even if you win a judgement, the tenants have no money so you will never collect.  You will end up being out thousands of dollars, and still have an empty apartment that needs rehabbing.   (Clarification:  You NEED a written rental agreement -- it just needs to be M2M instead of a lease term.)

I would give her notice to leave, and use her security deposit for the last month's rent.  Yes, it sucks -- but that is the reality of Class C.  Get possession as quickly as possible, clean up the apartment, raise the rent to market, and try to fill with a better qualified tenant -- who is on a month to month rental agreement.  In a few months you will have recouped your losses.

A wise LL once said "Do you want to be right -- or rich?"

Inherited tenants are like fist-holes in dry wall; hard to deal with but they may be reason you got a great deal on the property in the first place.

The whole psychology of inherited tenants is problematic.  They tend to think "I was here first, so it is my place".  They will challenge your authority at every turn.  

The psychology of the tenant you place yourself is very different.  You get to screen for the person that you want.  They see you as the authority from your first interaction.  This is your opportunity to set the expectations of your business relationship -- always be friendly, but never be friends, enforce lease clauses and rules, etc.  

Be happy.  Your life as a LL just got a lot easier!