All Forum Posts by: Rick Beno

First, congrats on finding three qualified applicants!  Second, do not make this decision based on number of kids, which violates fair housing laws.  Sounds like C is already out due to the later possession date.  Look carefully at all the factors for A and B and make your decision based on that (again, not on # of kids).  Someone has a higher credit score or more income or something.  At the very least, one of them applied first, so you could give them priority.

I agree with several other posts here. The offer of $24K in up-front cash is a red flag.  Proceed with caution.  If they do pass all of your other screening, then just collect the rent monthly.

If it is only a matter of two weeks, I would wait.  Even if the current tenants are willing to straighten things up for you, the house will likely be in disarray as they are packing and preparing to move.  I have had other situations where the there was 30-60 days of notice and then I showed the property towards the front end of that time, when the house was looking good and the tenants had not started to pack to move.  Recently I showed one of my places a week before the family moved out and it was a disaster because it was half empty, boxes stacked all over the place, etc.  It would have been far better for me to wait on that one.

I assume from your question that you don't plan to install a permanent system of some sort (like mini-splits), which do work great, but as @Mike McCarthy stated, they are not cheap.  Here are a couple questions:  1-can you charge more if you provide the AC units and then list the places as having AC?  2-do you care if tenants precariously dangle AC units out multiple windows, running extension cords throughout the unit trying to reach outlets?

Personally, if having the units would allow you to charge more rent, I would provide the units, install them correctly and safely in the windows of your choosing, and put language in the lease that says that the AC units are not to be moved or removed.  In the winters you can either remove them or insulate them.

If you don't want to provide the AC units, I would have clear language in my lease about which windows they can be installed in, that they must be installed safely, can/can't be screwed into window panes, etc. etc.

Ceiling fans are unnecessary effort in my opinion.  Tenants can use box fans.

One last thought, since I don't know if these are apartments or a conversion: what is the capacity of the circuits in the property?  If all the tenants install their own units however and wherever they want, will you be popping breakers left and right?

Good questions, Matt.  And not that easy, as I am sure landlords to it in very different ways.  The simplest is to have both tenants qualify financially to pay the rent without a roommate.  In other words, vet each as if they were going to live there by themselves.  If they don't qualify to pay the full rent by themselves, then they are not approved to sign the lease.  

Another option is to have a "primary leaseholder" who takes responsibility for the full rent payment irrelevant of what the roommate situation is.  The other roommates are listed on the lease as occupants and cannot stay in the unit without the leaseholder.  If the leaseholder goes, then the occupants must go with her.

I have a highly qualified family moving into a SFH rental. They plan to hire a live in nanny from an agency. What kind of language should my lease addendum include regarding this? Couple obvious clauses:

-the tenant being responsible for any issues in the house caused by the nanny

-the nanny is only permitted to reside at the property with this family (if they leave, she can't stay)

-the nanny must be hired via an official agency and nanny background check info must be shared with landlord

Any other thoughts?
Thanks.

In my pre-screening phone call with potential tenants, I always ask when they can take occupancy.  If it is not within a week or so of when I will have the unit ready, I move on to the next prospect.  It is not just the money -- the legal language of such an arrangement would need a lawyer and special clauses out the wazoo.  Who is paying the utilities?  Is she technically leasing it during those months or not?  What is the penalty if she does not pay for one of the months?  Is she allowed access during those months to the property?  You set yourself up for a host of sticky situations.

I have three sfh rentals with oil heat. Tenants pay and arrange their own delivery. My lease has language stating how much is in tank at possession and that they are to leave with that much in the tank. Also have language explicitly stating that they are responsible for any service charges associated with the tank running empty.

If you do the long term lease, write it up in a way that increases the rent yearly. They can have $1400 this year, then higher in year two, more in year 3 etc. Pick a percentage increase and raise the rent by that amount each year. I have done this successfully in the past. Ironically, I have a high end sfh in a four year lease to a great family, but I didn't do what I just advised above. I locked in a single rental rate for all four years. My property taxes have ballooned in last couple of years due to referendums but I am getting the same rent. Oops.

So sorry that you are going through this! What do you mean that the tenants won't give you access to the property?