All Forum Posts by: Bruce L.

I would also want to find out more about homeowner/seller financing, too.

I keep on hearing it, but i know nothing about it. I am sure it's legal and everything, but what's the process? what's the document to do it?

Is this a free event? do you need to RSVP? is there a web site with more information? seems like a one day event, is it a whole day event?

thanks

I have always done non-refundable. for tenants who have multiple pets (i had one tenants had 4 pets total, dog and cats), we do 500 non-refundable, and 500 refundable. for the refundable part, at the end of the lease if there's no damage, deposit back.

And I request reference, and consult with insurance expert on the pets breed, making sure it's not the aggressive type, have good background/history and house trained, etc.

Also, I advertised as deposit is per pet, but if they have multiple, it's always a case by case basis, I want to get as much information as possible about the pets first, and then negotiate a agreement with the tenants.

are you thinking to sign a one year lease? can you do a one year prepaid?

@Karl Pierre,

do you manage it yourself? or hire property management? I agree that renting out by the room can increase potential cash flow, but that also means more managing and maintenance?

We have a single family house that rented out to four younger gentlemen as a group, they are friends, some were students some were not. Not the ideal scenario but we were desperate. Luckily they were the party type, and they were paying rent on time pretty consistently, and kept the place pretty clean and well maintained.

Unfortunately earlier this year two of them decided to move on and the rest can't afford to continue.

yeah, i would also agree. HOA would easily eat into your cash flow / profit, or sometimes you have no control what would happen in the decision making. they would change the rent cap, or put more restriction on you, after the face that you bought the property. These are all something to consider before making the decision.

We kind of learn the hard way that our first proprety was a townhouse with HOA

what's a SFH?

@Peter Lohmann, 0 to 170?? wow... can you tell me more about it?

I have raised rent for the two properties that I owe the last two years. I was doing some research online, and it is always a good idea to raise rent given that you are not already charging over market price. I always include a nice letter letter explaining why this is necessary, and how this is not as painful for the landlord and the tenants.

Also, it's always easier to include a tiny bit year after year, instead of a big amount every 5 years or so. Assuming everything has been going well, most people would not move for a small amount difference monthly rent, moving around and looking for housing is just too much hassle, cost and stress =)

the example letter I use is included below:

*********************

Dear Joe,

The time of the year has come when it is time to renew your lease. I want to continue to have you as residents, and appreciate how friendly and easy you are to work with. Thank you so much for paying your rent on time every month and taking such great care of the property.

As you can imagine, over the last year our expenses on the property have increased because of taxes, insurance and inflation etc (especially the HOA fee has been increased significantly).

Anyways, we are swallowing most of the fees since we enjoy having you all as resident and the good news is that your rent is only slightly increasing. We want to make the payments as low as possible and the rent is only increasing$120.00 a month. Your new monthly rent amount will be$1620.00, effective October 1, 2013. If you have any questions about this, please feel free to give me a call. We look forward to having you as resident for a long time.

Let us know what is a good time to stop by for you guys to sign the new contract (10/1/2013 to 9/20/2014), we can stop by anytime after work tomorrow or thursday. 

Warmest Regards,

Bruce

Interesting, I would want to know also. touch wood, I haven't had this issue yet. My tenants had been pretty cooperate when it came to showing for the next tenants, I contacted them stating that on so and so day, if i can show the property to potential tenants and I had no problem.

I would think that if it's stated black and white on your contract, she can't just say no and refuse it, can she?