All Forum Posts by: Sarah Buchanan

ok good to know, thanks!

I have a prospective tenant who must prove income of at least $3000 monthly to qualify to rent my property.  She makes $1000 at her job and over $2000/month as "survivor benefits" (I assume due to her military husband passing away).  Does anyone have experience with claiming survivor benefits as income?  Does she receive a check each month? Is there anything she can do that will disqualify her for these benefits?  She insists it's stable but I've never worked with this before, and am wondering if there are any risks I need to be aware of?  Thanks in advance for any help!

@Steve C. thanks for sharing your experience! I currently use Cozy.co to collect rent on other properties but didn't realize this so that's good to know!!  Good luck - I hope yours is a good tenant! :)

Thank you so much @John Underwood @Marc Winter @Kyle J. for your comments and helpful information and perspectives! Very much appreciated!

I am having trouble filling one my C properties.  Tons of interest, especially since dropping the price, and people applying but not meeting criteria (income too low, etc).  I now have a tenant with high enough income and otherwise meets criteria who filed Chapter 13 bankruptcy in 2010 and completed in 2015.  Owned a home for 15 years which he just sold since he is relocating.  I know that "no tenant is better than a bad tenant" and have always just refused anyone with a history of bankruptcy, but I am trying to educate myself more on this.

I've tried reading on Bigger Pockets but just find people opinions and theories.  I've tried google searches but most websites explaining the details are very convoluted and difficult for me to understand (I do have a Masters degree and read a lot, but for some reason having trouble wrapping my brain around the complex bankruptcy laws).  My attorney is currently out of the office until next week and I'd like to find info asap.  Does anyone have any books or links they can recommend?  I'm specifically wanting to know if the "can't file bankruptcy for 7 year" rule applies from date of start (2010) or finish (2015).  And if there is anything as a landlord I can do to mitigate the risk of losing a ton of money if someone files bankruptcy since it appears you cannot legally evict someone once they file BK.  I'm considering asking for an extra large deposit (right now it's $1200 - will likely ask for $3500 to cover 2 months rent) but not sure if I can legally do so? Also, I'm reading that, even if I add something to the contract about being able to evict them in the case of BK, it's usually not enforcable.

I realize I will need to discuss the intricacies with my attorney when she's back, but in the meantime, I'd appreciate any personal stories/experiences anyone has had with this, or any reading materials you can recommend.

Thank you in advance!!

@Matthew Paul I agree completely!

@Jill F. Great tip! Thanks

@Darrell D. Good idea about the voicemail!  I have tried lining them up but last Sat I actually had 3 in a row all no-show!

I have acquired previous rentals during summer months when they rent easily.  I just purchased a property (end of March) and rental season is slow.  I'm wondering if I should start with a 3 month lease so I don't encounter an off-season market every time the lease renews - or 15 month?  Wondering how others handle this?

I have recently required a new Class C single family property (my others are B+/A- in a different location which rent easily in a day or two).  I've had the new property listed for 3 weeks and have yet to have a solid lead.  I have tried 2 open houses on the weekend but no one shows.  I have had 10 private showings along with about 6 no-shows. I am thinking if a prospective tenant doesn't even come to a showing, I can't imagine tracking them down for rent every month, so once they no-show I cross them off my list.  My partner believes no-shows are to be expected in a Class C and we should give them another chance when they attempt to reschedule.  I'd love to hear others thoughts on this and how you handle no-shows.  Thanks in advance.

@Account Closed Last month someone was taking notes, I believe.   I'll be happy to share what was discussed as well.  Unfortunately I won't be able to attend this one as I am hosting an open house on a rental this Sat at 10am.  But I will ask Ryan Folk who generally runs the meetings if he can have someone record.  And in the future I'll be glad to  when I'm able to attend.