All Forum Posts by: Sean McKee

I require my tenants to have a minimum credit score of 680. A group of four are applying together for my 4 bdrm property. They are an engaged couple, the guy’s mother, and the woman’s brother. I was told that out of the four adults, two have credit scores above 700, one has 650, another has 600. Their combined income does exceed 3x the rent. But none qualifies with just one person’s income. I haven’t run the credit checks yet because I normally would simply reject when I was informed the required credit scores weren’t met.

Assuming what they told me about their credit scores is true, would you rent to them? I‘m also concerned that the boyfriend and girlfriend may break up and one moves out. My contract does specify that everyone on the lease is responsible for paying the entire rent. But it still created trouble in the past when some tenants wanted to leave earlier due to a deteriorating relationship.  

Hi Everyone!  I have a dilemma with a tenant.  I am not signing a new lease with her.  Nothing was done because she’s a horrible tenant, it’s just a personal issue that requires me possessing the property.  I have given 3 months notice ahead of her lease ending that we would not be signing again.  She is stating she can be out one month earlier than lease ending (which I’m fine with) but is now half month late on rent.  She is asking if she is out by the 1st of September if I can accept the deposit as the current months(last month) rent payment.  Supposedly has been approved for another rental. Thoughts?  I feel like I’m opening the possibility of problems with a stay over, or the place is left with damage and cleanliness problems without recourse.  But, if I don’t accept and she doesn’t pay then I’m possibly in the eviction process after she’s left which means I’m still not paid and I’m out time and money for court.  Any ideas?

 Thanks Warren for the insight! It’s frame actually. It was updated to through the town compliance process in 2012. What makes frames so much tougher in Berwyn?

@Sean McKee we have just under 100 units in Berwyn. the answer to your question will depend mostly on the quality of the unit. A lot of 2 bed/1 bath units will rent in the $1250-1550 range depending on the size, condition, amenities, parking, pet fees, etc. We have been targeting $1350 recently and that has been going well. 

In terms of the building you are under contract on, is it brick or frame? Berwyn has so many amazing brick buildings and a lot of times the frame buildings can be tough when it comes to the Berwyn compliance inspection. 

@Sean McKee

That's a good price on a 2-flat for Berwyn and I'm guessing the property needs some work.

Typical Berwyn rents for the units you have described (at market levels) usually range from $1200-$1400. If the units are more updated rents of $1400-$1600+ are very obtainable.

Here's the breakdown of the rents I have at my two duplexes in NW Berwyn:

Property #1 - 2 bed/1 bath unit rented for $1415 ($100/mo for two garage parking spaces included plus a monthly pet fee); 3 bed/1 bath unit for $1530 (bedrooms all on the smaller side). This property was rehabbed in 2018/2019 with renter grade finishes (laminate counters, new flooring, etc)

Property #2 - 1 bed/1 bath garden unit rented for $990; 3 bed/1 bath unit rented for $1515 (about 1100 sf). We gave our previous tenant who lived in the garden unit first dibs on this unit and we gave them a deal on the rent since we had a ton of interest and likely could have gotten $1600+.

Our rents may be a bit below market at this point given we haven't really raised rents in years. We're considering raising them a bit upon next renewals.

If you need some rental comps, let me know.

Strong policies and procedures. 

If you screen well, you'll get higher-quality renters that perform better. It also helps to have a strong lease that is easily understandable, and be quick to enforce violations. Communication is also important.

Our tenants see us performing professionally, so they are less likely to screw around. If they see you don't really know what you're doing, they are more likely to test the boundaries.

So, I found a multiunit house and a single-family house both attached to each other, both owned by a church that put them up for sale. all units are already rented but lower than the market value. The single family house is rented for 1100 but supposed to be at 1300/month (my realtor told me so), and the other tenants in the multiunit property each pays 850 which supposed to be at 900/month. Another thing is that the least that they signed says that landlord will be responsible for trash, swere "basic fee" (not sure what that means) and lawn mowing. I really feels I need to increase the rent but the tenants are nice and clean and not sure how should I approach this. Their lease will be ending in 8 month from now.