All Forum Posts by: Chris S.

Thanks for the info everybody.  That was definitely helpful.

I have been investing in a specific town and recently one of the business owners that has been there for 20 years + told me that "The neighborhood is changing from an owner neighborhood to a renters neighborhood".  Meaning less people own the houses in that area.

How will that affect my investments?  Is it good or bad for the rental market?  Should I continue to invest in that neighborhood?

Thanks for any incite you have..

Hey guys, thanks a lot for the info.  We decided to give them a shot.  Considering their situation, they may stay for a long time.

For future reference, what is legal?  I mean if you have a 400sqft 1 BR apartment and a couple comes in w/ 15 kids, logically that just doesn't work.  Is there a way to legally / proactively limit the number of people?  Thanks!

Thank you Steven! 

It's 2 parents and all four kids are theirs together. They would all be living under the roof as a family. I didn't do the full back ground check yet, because I don't know if I even want to rent to someone with 4 kids. You think an extra security would be sufficient? What are your thoughts on docking security for painting? I've never done that before because I considered painting as normal wear and tear, but if the home calls for it. 

I have been working with a great residential Realtor, who has a good eye for investment properties for quit some time now. However, we are interested in some commercial properties. One is a tavern with apartments above and the other is a multi unit. Would you suggest finding a commercial Realtor or using my residential investment Realtor? 

Thanks.

I previously rented to a family with 5 kids. The home was 2,000 SF with 4 nice sized bedrooms. They rented for 2 years, always paid on time, and kept the home decently clean. When they moved out, the walls NEEDED to be painted, not just touched up. The ENTIRE house needed to be painted from top to bottom including all the ceilings. It ended up costing me close to $3,000, would have been more if I didn't take on some of the work load myself. 

Now, I have another rental available. It is 1200 SF with 3 bedrooms. We JUST did a full home renovations (new carpets, new kitchen, hardwood floors, granite) etc....and a family with 4 children under 7 are interested in the home. I feel that they would take good care of the house, but I am worried about the wear and tear the children will put on the home. 4 children is a completely different ball game then 2 kids. What would you guys do? Would you rent to someone with 4 kids and ask for more security? Would you take painting out of security etc? Thanks.

Just a follow-up here.. We did rent to them.  We got 2 month's security and 1st month's rent.  Also, we went w/ a 6 month lease.  

We did search around town and found some common friends and they vouched for them saying that the husband "just fell on hard times" and that "he's a great guy".  We'll see how it plays out, but we have a good feeling about it.  

Also, we asked if he was considering buying any time soon and he didn't seem like it, so this could actually work out better than a person with excellent credit... if they pay on time, etc.  

If you don't hear from us, it worked out.. ha.  If it doesn't work out, I'll be sure to post on this thread to help everyone out that helped us.  Thanks for the advice everyone!

The foreclosure is fairly recent (about a year ago). They verbally stated that they have recently gotten caught up on all there back bills and are now ready to rent and move out of his parents home. Supposedly it is the foreclosure that brought down there credit. Do you know of any websites that are capable of uncovering what is bringing there score down?

I have a new rental that I just invested a good amount into. The renovation will be completed next week (I have not yet advertised the rental). However, a couple that inquired about one of my other properties reached out and would like to rent this property. The situation goes as follows. 

This couple owned a home. Both lost there jobs and they fell behind. There home went into foreclosure and they moved in with there parents (they have 2 small children as well). They have been living with his parents for about a year and each of them have found a new jobs. She is making $28,000 yearly and he is making $54,000, the rent is $1595 not including utilities. There credit is a 612. I ran there application through E-Renters and they passed that portion of the screening, but failed the credit screening. Areas of concern are the foreclosure, credit, and his job since it is very new (just started 2 weeks ago). 

I am considering them because they are able to move in November 1st, and it may be more difficult for me to find tenants for a Decemeber or January move in date, due to the holidays. If I would rent to them I was considering proposing the following. 

My normal security is 1 month rent. I can charge 2 months rent and do a 6 month rent agreement (essentially a trial period). If all goes well, in the spring when the 6 months is up I can offer them a 1 year. 

Any advice would be appreciated. Would you rent to this couple?