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All Forum Posts by: Sabrina Baldwin

Sabrina Baldwin has started 5 posts and replied 23 times.

Post: Motivated Seller is READY! What do I do?

Sabrina BaldwinPosted
  • Investor
  • Saint Louis, MO
  • Posts 25
  • Votes 11

What has the discussion been with the owner? Do you know how much the owner wants per month? Why does the owner want to sell? Knowing this will help you in your negotiations. Even though you've agreed on a sale price you have to actually negotiate the terms. Do you have to pay a down payment? Did the owner ask for a down payment? When would the owner like you to begin the payment, within 30, 60 days? These are things you need to know in order to determine if it's a good deal.

Also, be sure to use the property analysis calculator.

Good luck!

Post: Trying to find my first tenant... need help

Sabrina BaldwinPosted
  • Investor
  • Saint Louis, MO
  • Posts 25
  • Votes 11

My advertising vehicles are Craigslist, Trulia, Postlets, Zillow, Social Serve, Social media sites, a sign in the yard flyers e-mailed to contacts as wall as businesses and gencies in the area. The vehicle all depends on the type of house and neighborhood.

Before you even begin to talk to prospective tenants 1) understand your state laws as mentioned but 2) develop a selection criteria that you will follow for EACH prospective tenant. You must be consistent to avoid any thoughts of discrimination by applicants.

I have a scoring sheet that I follow and give points to each person based on income, years at job, credit history, years at previous residence, on time for showing, if application is complete filled in etc. You'll have to develop what works for you.

Do a pre-screen over the phone to minimize waisting your time on a showing. Ask questions like:

1. What are they looking for in house to make sure your place is a fit for them. Even if you have everything spelled out in your rental listing people still don't read.

2. Ask whats their income. Make sure at a minimum they qualify based on income.

3. Ask if they have pets b/c if you don't allow pets no point in waisting time. 

4. Make sure they have a landlord reference you can call.

5. Ask if they have ever been evicted before.

6. Ask how many people would be moving in the rental.

7. Ask if they smoke

Next, after you prescreen and determine a person sounds like a good fit based on the above, schedule an appointment to show the rental. Require all potential applicants to call or text you one hour before the appointment.  This will ensure they will show up. In the past I use to make appointments with people and they wouldn't show. Now I require they call me a hour ahead. If they do, I know they are serious. Believe me people will waist your time.

Lastly, always verify income, speak with their previous landlord, run a credit and eviction check, background check and at a minimum drive by their existing house if feasible. I've even done a personal house visit for some. I use a tenant screening from mr.landlord.com. 

There are lots of professional tenants out there looking to get over so have your policies and procedures and stick to them.

Good luck!

Post: Tenant backs out of lease

Sabrina BaldwinPosted
  • Investor
  • Saint Louis, MO
  • Posts 25
  • Votes 11

It's a good thing you have an attorney. I've had tenants back out of a lease after paying a deposit but before moving in. I always have the tenant sign a deposit form that specifically states the tenant forfeits the deposit if I deliver the unit as agreed but the tenant backs out. They are well aware if they back out they loose the money because they've waisted my time because I take my units off the market when a deposit is paid.

Good luck to you.