All Forum Posts by: Shawn Faris

One thing I should clarify to on vacancy rate is that remember finding your first tenant may take a little longer, but depending on terms of your lease you should have 30-60 days to find a tenant before your old tenant moves out. On the appraisal for my 2nd property the appraiser used a 2.5% vacancy rate for the property.

I have 2 single family properties which I purchased this last year in Bettendorf and I am currently actively pursuing a few right now as well that are off market deals. The 2 we purchased were both FSBOs but since my wife is an agent we do follow the MLS very closely and I have seen a few decent ones over the last few months. The challenge is that due to the desirability of property in Bettendorf you will pay retail and be competing with many others on these properties. To answer your question on vacancy rate for Bettendorf I would tell you that I personally use 3%, however I think price point and time of year play a HUGE factor into this. Both of my rentals are between $1300-$1350 per month. The first one we rented within 1 week of advertising after 40 calls and 16 showings in late April. The second one rented in 3 weeks after about 20 calls and 5 showings. From all of the phone calls we get when advertising I will tell you that $1300 is towards the higher end of what most of the people are looking for so we turn a lot of people away. Another huge factor is pets or no pets. Of the 40 calls on our first propert only 2 did not have pets. We do allow pets which gives us an advantage BUT it comes with its own risks as I am currently replacing carpet in the basement of one of these properties due to cat pee. Good luck in your search and feel free to reach out if I can share any more of my insight with you on the Bettendorf market.

All, I really appreciate the information from everyone as it has been tremendously helpful. In an interesting turn of events this tenant did decide to write me an email with many excuses the majority of which I know are not true, but most importantly she has confirmed for me that she has moved out such that I can feel comfortable in my decision to take possession.

"As I’m sure you’ve probably figured out by now, I have moved out of your rental at ADDRESS. I know I did this in the worst possible way, and I feel guiltier than ever about that. It was very childish and unfair of me to “sneak” out in a way "

This to me was the biggest aspect I was concerned with handling wrong, so I feel somewhat relieved that I can begin taking things into my own hands and get this property cleaned up and back on the market.

I really wish there was something I could look back on and know that I made I mistake on in renting to her, but overall I could not find this mistake in the background, credit, references etc. I will certainly be doing my best to actually figure out where she moved to be able to make the new landlord aware.

Thanks again for all the help and support....much appreciated.

Looking for advice from others on a tenant dilemma. We are located in the Quad Cities (Bettendorf, Ia).

Situation:

- tenant late on December rent; had her physically drop off rent plus late fee on 12/10.

- 12/13 the check of course bounces due to her putting a stop payment on the check

- 12/13 I was notified that she turned off utilities on 12/12

- 12/14 I provided her email stating I would be checking on the property on 12/15 (24 HR notice)

- signed lease through August 2018

- I have $1650 ($1350 rent and 300 pet deposit) in security deposits

- upon checking on property I found that there are no items of value in my property and she had left all keys and garage door openers that I had originally provided her. I believe the manner that she locked the door that she has locked herself out.

- overall "damage" is very minor as it will involve cleaning up after her, taking out her trash, and carpet cleaning throughout ($200) to get cat puke out of carpet

- odd note was that she has a huge real Christmas tree which she left....who buys a Christmas tree if they intend to leave

- confirmed via talking to her mother (emergency contact on my pet agreement) that she has moved to a new rental property

- I have not filed the 3 days quit or cute as I'm concerned that the terminology indicates (perhaps I'm reading to far into it)that if she leaves the lease will be terminated. (Want to be able to have option to legally pursue my costs)

My questions:

1. Does anyone in Quad Cities have recommendation on attorney? We have been waiting 3 days to hear from ours, so I think we may be in need of a new attorney.

2. Is an "eviction" actually necessary given she has already left? This girl does not deserve to not have this on her records.

3. How do I know when I may take possession of the property? Is the utility shutoff and leaving of keys enough for me to take possession and begin moving forward with changing locks and re-renting?

4. Looking for people's advice on whether or not to pursue small claims court lawsuit for all my costs (rent, advertising, damages, legal minus deposits). Dead winter is not an ideal time to rent out a property so I expect it could take me 4-6 weeks or require discounting. I do know that she has a job (from her mother). I actually believe that she may work for the state of Illinois.

5. Would you work with attorney on lawsuit or file everything through small claims court yourself?

Thanks in advance for any referrals,advice, and suggestions. All of this of course happens as I am actively pursuing purchasing additional rental properties.

Shawn