All Forum Posts by: Susan H.

That's an interesting idea. 

Since my town just now created a "landlord registry" I don't think we'll see security deposit alternatives being mandated anytime soon.

~Susan

I don't charge a fee for the application, but my qualification and application criteria note similar "due" dates/times. Paying the security deposit in full is (to me, anyway, in my competitive market) a demonstration of financial responsibility. There are very few SFHs on the rental market right now in my regional area and despite increased rents, they seem to come on and off the market within a few days.  

~Susan

Interesting idea here! Thanks for sharing.

~Susan

Have you used Rhino or a similar service in lieu of collecting the full security deposit at start of lease?


Quoting from https://www.nbcnews.com/news/u...
With Rhino, the platform replaces the traditional security deposit to a landlord and instead provides renters with a monthly low-rate insurance policy, simultaneously providing protection to property owners. It frees up money for the renter and provides the coverage that landlords require. For renters, this means paying a monthly rate for insurance that's scaled to their rent. For property owners or landlords, Rhino covers excessive damages or the loss of rent.

 Post deleted.

Nathan,

What type of rental are you looking at? That "surplus" of rental options" you mention tends to vary greatly, depending on type, size, location, amenities, and more. My own rentals are single-family pet-friendly homes with all appliances in established Fayetteville neighborhoods. At the moment, there are only two other rentals available in all those neighborhoods combined, and the rents of those available rentals are definitely not discounted. I'll note that rentals in these neighborhoods rarely stay on the market for long, even during Covid. 

I don't discount rents and always have a good pool of qualified applicants who are not students. 

If you're tracking local rentals via Zillow and using Rentometer to analyze rentals similar to your own, you should get a good idea of what's moving and what's not. You can also track rental rate history via Zillow. 

Are you specifically looking for students as tenants? If so, you might want to check other properties that are the same as/similar to yours.

Good luck!

As others have said, much depends on your personal goals and tolerance for risk. Two of my three single-family rentals have no mortgage, and I'm looking forward to paying off the one remaining mortgage.

I appreciate the value of having cash in the bank, and I keep sufficient funds per house (including my personal residence) to cover repairs and upgrades as needed, plus an additional amount to cover taxes and insurance for all properties. This works well for me. You should choose the approach that suits your personal comfort level.  

 That's true for much (most?) of the state. Then there's the northwest region of the state. Think Sam Walton (and all the people who bought Wal-Mart stock in the early years) and homes with multi-million-dollar price tags. And yes, many of them are natives of the state.

Chris,

I'm in Fayetteville and brought in Rid-A-Pest after finding mice in the attic of one of my rentals. Excellent service at reasonable cost, and they offer monthly and quarterly service plans. I will definitely use them for my three rentals. Google "Rid-A-Pest Little Rock AR" and you will see the local contact info.

~Susan

@Mark Keeler,

The "10 steps from Butler Creek" caught my eye and a quick Google skim suggests flooding has been a past concern. Add in that it's a seasonal business in a highly competitive area, limited tenant pool, and the need to pay employees--unless you're able to manage it by yourself--and it doesn't seem like a great deal. Then there's the likelihood of vacancies. Could you cover the mortgage, taxes, insurance, and other expenses during vacancy periods?

If this sort of investment fits your long-term plans, you might want to visit the area and see the property this month or next.  

~Susan