All Forum Posts by: Steve DellaPelle

@Jennifer Rysdam In addition to my comment, no renter will want to go through an eviction over a policy that costs $10-$12/month. It is a clear violation of the lease, you just need to be willing to enforce it like any other lease clause you have.

@Jennifer Rysdam I work for a PM company and we require Renters Insurance per our lease agreement. We track each resident's policy and if our records aren't up to date then we reach out for the updated policy. If they do not respond after 2-3 times of reaching out then we send a more concerning email/letter that this is the final notice before further action is required. If they still do not respond then you should be able to send a notice to quit and file an eviction (following your state laws/regulations).

Applications - https://www.biggerpockets.com/files

Make edits as needed if there is more or less than what you want

Background checks - There are multiple if you Google it. My favorite so far has been Smart Move - https://www.mysmartmove.com/

Best of luck!

@Ace Alexander Issac Wesley 

Debt Service

Property Tax

House Insurance

Maintenance (Plumbing, HVAC, Electric, etc)

Vacancy

Cap Ex

Landscaping

Snow Removal

Pest Control

CPA

Legal Fees

I live in MA lol definitely illegal here. @Mike S. are you surprised? MA is by far the most strict state.

@John Scagan Be careful with this situation. If you allow them to rent from you and they move the fiance in after the lease signing...you need to PROVE that he is living there in order to have a valid case when you file for eviction.

This can be very difficult to PROVE as there are many valid excuses to get around this violation. Just visiting...works odd hours...etc etc 

The best way to prove it would be if he starts using the mailing address. Good luck!

If they pass all of your screening guidelines and you choose not to accept them based on age or familial status then you are violating Fair Housing.

@Steve S. You need to set your tenant screening guidelines. @JD Martin is 100% right...credit score is not protected, same goes for monthly income. If you only accept applicants with 670+ credit and 3 times monthly income then you will find a better resident that is tailored to your wants and requirements.

@Jihyeon Park In some states it is illegal to charge an application fee. I would advise you to first find out if that is the case here. If it is legal and if there is nothing in writing stating that it is refundable or non-refundable then you most likely lost your money.

Hi @Kevin S.! I work for a PM company and we receive these requests a lot! We've received so many I have always thought this is a great niche market because we (and most competitors) only allow a 6 month minimum for leases.

Our pricing structure is complex and takes into account many factors so it is difficult to say how much you should charge for the premium. However I can share an example...a 2 Bedroom renting with a 12 month lease will be around $2,700/month but something with a 6 month lease will likely be around $3,100/month.

I would certainly consider this option and finding renters between May and August should not be hard! Pet fees are up to  you (make sure it is legal in your state)...we charge pet rent ($60 for dogs and $30 for cats) but we cannot hold a deposit for pets.

Stick to your screening process as well. Just because they are a corporate rental does not mean they are qualified for your rental.

Any questions let me know!