All Forum Posts by: Sylvia H.

Thank you so much. I appreciate your response. I am thinking of terminating her lease because it is nothing but problems with this person and she doesn't take responsibility for anything. 

I would let them all move out. It will be a great time to start new, update the apartment and start collecting market rents. There are plenty of good tenants who pay their rent, you just have to properly screen them. Remember this is a business for you. Keeping someone there at a rent that is 400 dollars below market does not make sense and you are losing a ton of money, 4800 a year. 

Regarding the security deposit, you really need to collect a new one from the son if you choose to let him stay.  That way you have a paper trail that you gave the security deposit back to them with a statement of deductions that you are charging them. In my state it's required within 30 days of move out or you are subject to a fine of up to 2 months security deposit. If the mother wants to give the money to the son she can do that but you need a paper trail otherwise she could later say you never gave her the security deposit back. 

I would suggest you contact your local consumer credit division with regard to the security deposits. Each state has different guidelines and you will want to be sure you are doing everything correctly. You could also google security deposits in your state and it should direct you to the proper agency that handles them. Best of luck

Have a question for all you landlords out there. I have in my lease a clause which states that the tenant is responsible for keeping the sinks and toilets working. Barring a leak or a gut replacement which happens, I hold the tenant responsible for anything the kids throw in there that's not supposed to be there.  Had a tenant who threw a toy down the toilet, got the toy stuck in the elbow of the toilet and it could not be snaked out. Toilet had to be replaced. Tenant is thinking this is not her responsibility.  I feel it is. Curious as to how other landlords deal with such items. Thanks

I would contact an attorney and start the eviction process. Don't try to do it yourself you will lose time and money. We are not attorneys and cannot advise you on the laws in your state. 

Quote from @Michael Leo:

Hello,

I'm kind of new to real estate investing and first time posting on bigger pockets! I have been trying to self manage a couple of properties for the last 2 years. Haven't had many issues except I run into things I'm not sure how to handle when looking at prospective tenants. Currently trying to rent a 4 BD/2 BA in Lakewood, OH area.

I have a man and his girlfriend applying with the man's mother. They would also be moving in with his 2 kids. I did a rental application through Zillow Property Manager. The income they reported is enough but the man and his girlfriend both have bad credit (530-545) but the mother has good credit (628). I'm also having trouble figuring out how to confirm rental history because they have been living in their grandmother's house and she passed away recently. She was the rental manager they put down. Just wondering if anyone had any advice on how they might handle this situation? Think I'm going to try to find some other service to at lease find/screen tenants in the future.

Thanks!

 I would ask them how much they paid each month and then I would ask them to provide the bank statements that show the "cash" going out. Let me guess they told you they paid in cash and have no canceled checks right? Hard pass on this one. Bad credit, no way to verify proof of rent payment.  There are some tenants who pay in cash and those people should have no problem providing you with the last 12 months bank statements showing the same money coming out each month. Next check with town to make sure the person they said owns the property actually owns the property. Many people will give you their friends number and say they are the landlord. W2's for the past two years to verify employment. A little groundwork now will save you a ton of money tomorrow. Good luck

Tenants often like to bring the landlord into petty things that have nothing at all to do with the landlord. Tell the tenant that although you understand their position he is not doing anything illegal so you are unable to force him to put a shirt on. 

Quote from @Neil Butterfield:

So, I am in the Colorado Springs area, is anyone else finding it  very hard to locate deals that make sense nowadays? With the high interest rates and house prices it seems almost impossible to find deals that cash flow. Is this the same in other markets?

 It's definitely the case in Connecticut. I find that foreclosures are a good bet but many need a rehab loan to get them repaired. 

Quote from @Jasmine Pickney:

Quote from @Sylvia H.:

Need more info

Should PMI be paid in advance of closing? 

Definitely not. Private lenders shouldn’t even charge PMI because the whole purpose of pmi is to insure lender against default when borrowers put down less than 20 percent. It should never be paid up front. 

Please don't go with this company. They are scamming you big time. There are plenty of non traditional lenders out there that can write your loan without all the high fees. Please contact me to discuss.  Im a mortgage broker and would be happy to discuss your options at no cost. Never pay upfront fees to anyone unless it's for the appraisal.  Best of luck 👍