All Forum Posts by: Shaun C.

I do this and I am still amazed at how many people that don't qualify still contact me. Last week I even had someone ask to see if I would accept $250 less when I was asking $1250.

If your state allows it, put in your lease that 3 or more late payments (maybe within a certain time period) can result in termination of lease. I've included my lease language below to ensure you get the fees if they are late, and the language that should hopefully limit the lateness altogether. 

Rent. Tenant will pay to Landlord rent in the amount of $X (the "Rent"), payable in advance on the 1st day of each month, and is delinquent on the next day. If that day falls on a weekend or legal holiday, the rent is due on the next business day. There will be no rent increases through the initial term of the lease. Landlord may increase the rent that will be paid during any month-to-month renewal period by providing at least 30 days written notice to Tenant. All payments made by Tenant to Landlord after the tenancy commences, no matter how designated by Tenant, will be applied as follows: first, to any outstanding amounts due for damages/repairs; second, to any outstanding utilities; third, to any outstanding service charges and fees from prior month's; fourth, to any rent outstanding from prior months; fifth, to any service charges or fees due in the current month; and finally, to the current month’s rent.

Payments should be sent to:

Payment address: _________________, or at such other place as Landlord may designate from time to time.

Payments can be made by using one of the following methods of payment:

Acceptable forms of payment: Venmo, Personal check, Cashier's check, Cash.

Tenant agrees to submit rent payments by one of the methods above. In the event of roommates, or another form of joint or multiple occupancy, Tenants will be responsible for collecting payment from all parties and submitting a single payment to Landlord. Tenant is responsible for any payment made by mail and not received by the due date stated herein. Mailed payments must be received on or before the due date. 

Late Payments. In the event that any payment required to be paid here-under by Tenant is not made within 3 days of when due, Tenant will pay to Landlord, in addition to such payment or other charges due here-under, a "late fee" in the amount of $35.00 plus $10/day until paid in full. Landlord and Tenant agree that three (3) late payments any 12 month period constitutes chronic lateness and may be considered a just cause for eviction. 

It wasn't a foreclosure but it hadn't been updated in a long time, and was for sale for 8 months before we bought it. Asking price was $275k, down from $375k I believe. We came in $10k under with an all cash offer and it was accepted, no real metric to the number just less than what they were asking. Good luck.

Thank you. Nothing good yet. It's been 31 days on zillow and we have 0 offers. Not even multiple showings to the same people. At least 150 ppl through multiple open houses and everybody says the same thing. "You guys did a GREAT job!", "You're gonna sell this thing in no time", "I can't believe how quiet it is!".

We're confused. We did drop the price $15k to $634,900 to see if that would encourage movement and nothing. We haven't even had a showing since then. I know the corner location turns people off, some even get right back in their cars while pulling up to the open house before coming inside. Once people get inside they can't believe how quiet it is. I don't know what do really. The market is slow, it's going to be slower coming real soon. 

We've discussed holding it until next spring to get the long term capital gains tax rate and hopefully a better, faster moving market; but that's expensive. And a gamble. We also revised all of our final expenses and they were WAY more than we projected. Our all in expenses went up by about $40k after all was said and done so that obviously shrinks the profits. We will still make out but it just goes to showhow necessary it is to build in contingencies and make sure your numbers are on point from the beginning. The whole tax benefit of keeping it is enticing, but terrifying to think of keeping it another 5 months just to skirt short term gains. We will probably drop the price another $10-15k next week just to get it sold so I can show the income on this years taxes for the LLC.

Any recommendations? To be honest this is the first time I've ever sold a house, let alone one in this price range, at this time of year and with this hard to sell location.

Next time you need to ask to current owner to fill out estoppel certificates and have the tenants sign. That would have solved this problem.

I got mine last December and paid $1300 before a $300 tax credit. Some states/energy suppliers have additional rebates. Mine is an AO Smith and its only 50 gallons, but I can take 3 back to back showers and it still doesn't kick on the resistance heat or run out of hot water. It's a beast. Just logged into my energy app and I'm down 32% since this time last year. 

This style water heater is new, but people have been running heat pumps for years so I hope it runs for a while before needing service. Hope this helps. You'd also be tightening up your building envelope too assuming you are already running gas and can seal up the vent. 

I put my first electric hybrid heat pump in almost a year ago and it's already saved me over $250 in electric costs this year. Still runs on the same 220V as my old unit, but much more efficiently. Also dehumidifies the basement. Not sure if you have them in the Philippines but I would highly recommend this style water heater as it would work even more efficiently in your climate.

I shopped many independent agents that offered Foremost, State Farm, Hanover/Citizens, REI Guard, and Progressive.

Everyone came in around $2200 for a 1,600 sf duplex built in 1922 but completely updated in 2004 and again in 2016 except for REI Guard and Progressive. I ended up getting the same coverage for just over $1200/year. REI Guard came in close but wouldn't provide water damage where Progressive did.

As far as preliminary screening before I schedule a showing, this is what I ask:

Hi (applicant name),

Thank you for your interest in (rental address). I am available to schedule a showing but before I do, please reply with the following information;

1) What is your Total Monthly Gross Income?

2) How long have you worked at your current job?

3) What is your current credit score?

4) Why are you leaving your current living situation?

5) Have you ever been evicted?

6) Have you ever been convicted of a felony?

7) Names of all those who would live in the unit.

8) Do you smoke?

9) When are you looking to move?

Believe it or not this weeds out about 50% or more of people who didn't read my entire listing that has income and credit score requirements on it. I value my time, so the more people I can weed out just by sending an email is time saved from traveling to the home, showing the place, etc. 

I used to think I had to show my place to as many people as possible to ensure it got rented to a great tenant, now my goal is the exact opposite. Show it to 3-5 of the most qualified people and get it rented.

Doorbells are pretty outdated in my opinion. Who rings your doorbell more, people you are waiting for, or people coming to solicit you? I just put a keypad lock on the door and let tenants manage who has access to the code.