All Forum Posts by: Stacy Levi

I have accepted 1.5 years of rent in advance and it was a nightmare. The tenant ending up doing damage to the property of $8k +++. I will never accept more than a few months in advance. When they want to pay so far ahead in advance, it's a red flag for me. It signals instability to me and I don't want to deal with it.

I've had my new tenant pay 6 months in advance each time. She works full time doing Ebay so income is not consistent and like a 9-5. She's been with us a year plus and she always pays 6 months in advance so just vet them and do background check. It's not as unusual as you think.

I'm in the Miami/FLL area and thinking about whether I should do a garage conversion or purchase a new property. 

From estimates received from contractors it might be a maximum budget of $30K to do a garage conversion where I'll rent it out as a 1bd/1ba for about $700 monthly or make it into an AirBnB that can average $2k a month.

OR use the 30K to use as a downpayment on a new property with a mortgage but I feel the profits would be less in this market along with the rising interest rates. In Miami/FLL, I would like a quad but the numbers  are not making sense.

What would you do?

-No smoking, to include cigarettes, pipes, cigars, or any other tobacco smoking material, and/or vapor like products is allowed within the structure of the building; including the rental unit, basement, or garage, either by the Tenants or their guests. Tenants agree to pay any expenses associated with the violation of this paragraph, which could include, but not limited to, replacement of drywall, repainting, and new carpet and floor installation in the entire building.

This! In my leases, I have a $400 fee to remove the slightest smell of smoke.

I will add the toilet clause. I did have one tenant who moved in 2 months prior and then calls me and says the faucet is leaking  really bad with heavy flow and would like for me to come look at it. 

Me: Was the faucet leaking when we did the walk through? Everything is brand new so not sure how that has happened and I'm sure if it was leaking so bad during the walk through, you would have addressed it.

Tenant: No, you're right. I'll take care of it. Sorry for bothering you.

Seriously, can't stand tenants sometimes.

Recently listed my apartment on Zillow and several other sites.

• I use a TextNow Temporary free number for ads. 
• I answer calls and texts but never reply to any emails without a phone number. 
• I send all numbers a generic text with info and a specific time/day to see the place
• I also pre-screen each person and tell them good luck in their search if they're not the type of people I want to rent to.
• Then schedule everyone mostly for that specific times and day. For example 5 people at 3pm Wednesday and 2 might show up.  tThe next 5 for Saturday at 1pm and 3 might show.
• When they see other people there, the competition to get the place amps up

My place was rented in 3 weeks by doing this. Some applied and were close but background and job were iffy. I always rent my places in 3 weeks max but I'm super picky on who I rent to. Never had a late payment or trouble tenant yet!

My husband has a nice match at his company. He has doubled his money .and it works for us. 401K and we also save separate from that plus have rental properties.

Recently rented one of my SFH and although I stated I did not accept Section 8, they still asked but the following were too much!

1.) Guy calls. " Hey, I need to move quick but I need to be honest. I'm getting evicted right now because a window broke in my apt and I refused to fix it because it's not my place so the owner is evicting me. Can I come for a showing to see your place?" HELL NOO!

2.) Woman comes for showing after being screened. She loved the place BUT ..." Hey, I'm a manager at a big pharmacy. Here's my business card to call my job because I only have the 1st months rent and not the first,last and security you need. If my job confirms my employment, can I move in tomorrow?". These applicants lie so much when screening otherwise I would have never shown her the home.

3. Guy calls. " Hey I love the house pics I saw online but the rent is a bit high for me. I love paying my rent on time so if you drop it by $300 I'll move in asap but I want to be honest instead of struggling to try to pay the rent". I told him Good luck in his search for other potential home and to have a good day!

RIDICULOUS!

spotcrime.com is my go to. Let's you see recent crimes around the area.

No, you're just not cut out to be a landlord. Plus bad financial planning. 

With rentals, money should always be on hand to take care of big sudden expenses. I have at least $6K for each property in the case of new ac or other unforseen expenses even though my places are all pretty new and renovated.

I literally clapped for you. Sound much like myself. They call me cheap and blah blah but I'm doing the damn thing and so are you. Love FHA financing, that's how I got started too.

Congrats!