All Forum Posts by: Rob B.

If you're scaling up it may make more sense to deal with a platform that caters to property owners with a larger portfolio of REI. However, in the full spirit of transparency, if you still have a smaller REI portfolio then you should probably stick with what you currently use because you'll end up shelling out a lot more money to other services whose target market is much larger than the small, 1 to 15 unit rental owner. There are other tools out there though which may be worth looking into (ie. when your tenants pay rent online they can report those online payments to the credit bureaus which can boost their scores by up to 40 points). You may run into transfer limits and slower payment processing times with some of those other apps which aren't necessarily designed for the purpose of rent collection (venmo, zelle, etc) but the right landlord software can make this seamless for you. Either way, you have some great options. Congrats on scaling up. I hope this information helps!

Hi Jerad, great questions here. There are quite a few things that you'll want to take into consideration. Not only the property type (SFH) but also comparables in terms of other properties in your area. There are definitely some tools out there that can help you to better identify what the rent prices are in your hyper-local rent market. I'm with James on this. You can try services like Rent Range or Rentometer to better pinpoint pricing and from there factor in monthly expenses (you don't want to set it so low that you're operating at a loss, but set it high and you'll price perspective candidates right out of your candidate pool).

Definitely pay attention to what other student-rentals are doing in your market. Now, having said that, rental owners near most college campuses are will still do a year-long lease while also offering other options (ie. their tenants may have the ability to sub-lease the place to someone during the summer months. In other instances, you could stick with the 9-month lease and then put your place on the market for a short term month-to-month lease during the summer months (usually you'll be able to get a grad student or visiting summer professor to bite).

No, she didn't have permission from you to do so-- nor did you require her to do so. That is an independent action that she took on her own; no matter what the reason is, rent is still owed, no? 

I'm usually not one to be quick to recommend evicting, but this sounds like a situation that has little to no recourse outside of following eviction proceedings. You've tried communicating multiple times. They haven't paid rent. They're not making any effort to communicate with you. Possibly could conduct a wellness check just to make sure everything is ok.. but I wouldn't wait any longer. Follow the appropriate steps, create a paper trail, and do what you have to do.

Definitely file a complaint. This person was operating without a license and charged you over an amount that is restricted by state law. I'd also see what avenues you can pursue (namely, law enforcement) if he's now harassing you.

It has been mentioned above, and I'll mention it again. Consult with a local attorney who specializes in this kind of law. This already sounds like a situation that can turn into trouble. Give him notice that he is to cease all actions. Don't let him walk over you. 

lol, these responses are just what I needed to get me through the rest of the day. Trail of chips = genius idea. I'm of the same notion as Jon -- if this is a shared entryway (hallway between units), then I definitely feel like that would warrant the installation of security cams. Something as simple as a ring system would do the trick. But the chips trail... that's a pretty good one.

Option 1: Buy a renovated home with 3-5 bedrooms, live in one room, rent out the rooms so that they cover the cost of the mortgage plus some. This would require the least amount of work but may not be the best "investment."

I just want to be sure to note that if you decide to live in, you should let the lender know that it is going to be owner-occupied. This also helps as far as tax implications. I hope this information helps! @Haley Seaton

I haven't had a ton of time to read through what others have said but I like to look at it this way. Open house showings can drive some of that competition, so, people who are maybe hesitant to actually proceed with the steps of the application process in just a solo showing situation see that there are other interested parties. And this plays out across the different individuals who come to see the place. Eventually, you're opening yourself up to a wider pool of competitive applicants. Pre-screening is still appropriate (and usually still part of the process in many cases where owners do open houses). I don't necessarily see it as the antithesis; not an "either, or" situation. I think it comes down to what you want to do. Sometimes having those one on one conversations are more beneficial because you have more time to pick up on detail and get a feel for who they actually are independent of others being there.