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All Forum Posts by: Rich Schmidt

Rich Schmidt has started 2 posts and replied 102 times.

Post: How do you "harden" your rentals?

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by @Marcia Maynard:
Originally posted by @Sylvia B.:
Originally posted by @Bryan N.:

I prefer these  http://www.homedepot.com/p/Design-House-2-1-8-in-x-1-3-4-in-Satin-Nickel-Standard-Hinge-Pin-Door-Stop-202390/203447332

The hinge pin door stops work well with solid doors. But they put a hole through the surface of one of our wood hollow core doors. So I take that into consideration now when choosing to use them.

Ditto. Hinge pin door stop put a hole in a hollow core door. Only this was at church, in the elementary kids room, not at one of our rentals. I'd never use one of those on a hollow core door.

Post: Tenant Applicants say the dumbest things

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by @Kimberly H.:

Someone has texted me three times over the past couple days in Spanish. After the 2nd I thanked them for their interest but told them we only speak English. Got a third Spanish text anyway soon after. Out of curiosity tried a couple online translation websites but only a few words could even be translated which were the only ones I already knew anyway, casa and chica.

 If you post them here, I bet someone could translate them for you. :)

Post: Tenant Applicants say the dumbest things

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by @Matthew Paul:

I showed a 2 bedroom today , the applicant liked the place and asked " how much are the utilities ? "  I told her right now they are $ 25.00 a month but the unit is empty . She said " Great , so my utilities wont be that much more "   Sure , as long as you dont wash or dry clothes , use hot water , watch tv or cook , you wont be paying much more . 

I always try to have a more meaningful answer for that question. Around here, it's a simple matter of calling the utilities and asking what the average bill has been over the past 12 months. It doesn't do the tenant any good to know what the utilities are when the unit is empty. 

The lease I've been using for years with our SFH properties includes the abandonment clause pasted below. I don't remember where I got the lease, but I'm in a situation now that fits the criteria listed in it. He moved most of his stuff out 2 weeks ago, hasn't lived in it since, and hasn't paid rent in over 2 months. He doesn't have a vehicle to come get the rest (keeps saying his brother is going to help him & then nothing happens), and he's VERY spotty on answering/replying to calls/texts. I'd like to just move all his left-behind furniture into the basement for him to get later and rent the place out to someone new.

But... is it legal? I haven't run this past an Indiana attorney yet (would have to find one). Have any of you used a clause like this?

Thanks!

---

32. Abandonment. If at any time during the term of this lease Tenant abandons the demised premises or any part thereof, Owner may, at his option, enter the demised premises by any means without being liable for any prosecution therefore, and without becoming liable to Tenant for damages or for any payment of any kind whatever, and may, at his discretion, as agent for Tenant, re-let the demised premises, or any part thereof, for the whole or any part of the then unexpired term, and may receive and collect all rent payable by virtue of such re-letting, and, at Owner’s option, hold Tenant liable for any difference between the rent that would have been payable under this lease during the balance of the unexpired term, if this lease had continued in force, and the net rent for such period realized by Owner by means of such re- letting. If Owner’s right of re-entry is exercised following abandonment of the premises by Tenant, then Owner may consider any personal property belonging to Tenant and left on the premises to also have been abandoned, in which case Owner may dispose of all such personal property in any manner Owner shall deem proper and is hereby relieved of all liability for doing so. *Abandonment is defined as any absence of Tenant from the demised premises for five (5) consecutive days while all or any of the rent or other amounts payable and due is unpaid.

Post: Strange Rental Question…..well, strange to me.

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65

I'm a pastor. What you're talking about is usually called a "housing allowance." It's more common now that fewer churches own parsonages for pastors' housing.

It's outside of salary, when it comes to W-2s and income taxes, but it's definitely income (it's included in our self-employment taxes). It's as dependable as salary, since it's part if the agreed-upon compensation.

I should add: if the church you're talking about pays his rent directly... that's unusual. Typically the housing allowance is paid to the pastor, who then pays his or her own rent, mortgage, utilities, etc.

Post: Owner must be there to show the house?

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65

Is there a reason that there are two threads with this exact same starting post? I'm inexperienced enough with the forums here that I don't know how to ask that they be merged, or whatever.

Post: The Story of a Loan ‘Shopper’

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Ryan Richard:
I was more referring to this statement,

"In the lending industry, there is a commonly used term called a "shopper" to describe a person who is calling every lender in town to find the best deal on a loan."

Those of us on the outside looking in, would refer to this as doing your due diligence.

Agreed. In fact, I came to this thread thinking it was going to be about the pain involved from the other side. I was recently shopping around for a loan to refinance one of our rentals. I kept getting calls for days and days from different representatives from one or two companies who got my information through LendingTree.com... even though I'd already talked with another representative, heard their terms, and told them no. Other reps kept ringing my phone multiple times a day for over a week. When I'd talk to them, they'd apologize and say they didn't know I'd already spoken with someone else. What a pain!

Corey, what that person did to you was absurd. I hope that's not what lenders think of everyone who is shopping around to find the best available rate for their loan.

Post: Moving out prior to completion of lease

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65

It's an interesting idea. Unfortunately, I don't know how I'd ever use it. The one time I had a tenant move out early, they didn't leave a forwarding address. Fortunately, the damages were less than the deposit, and it was quickly re-rented. But if not, I would have had no way to notify them that I was about to do this, which means it loses its potential to motivate them to just pay me.

Post: Squirrely Prospective Tenants

Rich SchmidtPosted
  • Investor
  • Valparaiso, IN
  • Posts 103
  • Votes 65
Originally posted by Rick B.:
All's Well That Ends Well.

This morning I decided to call them and tell them thanks but no thanks and that I was going to return their deposit. Before I could call them they sent me a text saying that they changed their minds and were going to move in on Saturday and were demanding a refund. After going back and fourth all day we agreed that I would keep $1,100 of their deposit and refund the rest.

So no longer do I have to deal with a commune living in my house but I got paid $1,100 to move on.

Wow! That's some good timing! :)

What ever happened with this? I stumbled across this thread while searching for something, and it's kind of left hanging. :)