All Forum Posts by: Curtis Mears

Not for me at those numbers. at $150 per month, a single month vacancy (which you will have) will cost you most your profit for the year. Then what happens when the fridge or stove goes, another 6 months of profit. Unless you have been crazy conservative on your numbers, or there will be massive appreciation (which I personally never count on for my numbers) this will probably be a losing investment.

1 Vote

Quote from @Thomas Balielan:

Hi, fellow rental owners,

Recently got a disabled rental applicant who applied for my house on Zillow. I specifically mentioned on my listing no pets. They also wrote no pets on their application. They are a marine veteran couple who moved from the east coast to California. They were very eager to rent my house. Even though we never meet each other. They only send a relative to my open house to a video showing my house. They have 600+ credit scores and a decent income. They claimed that they can work remotely and live close to their family. So their company on file is in Maryland. Once I send them the lease contract to sign, the guy finally told me he actually has a service dog because he is disabled at the last moment before he sign the lease, and asked if I can change my contract since I wrote no pets on my contract.

I have a bad feeling. It is very obvious that they used a trick to set me up. Because both my listing and their application indicate no pets. I declined their application and canceled the lease signing. He got mad right away. He said I discriminate against a disabled veteran. His service dog is not a pet and he doesn't have to mention that. Now he is threatening me with a fair housing lawsuit.

Does anyone have a similar experience? The fair housing department can't just take his word for this. They need to have evidence to prove that. I didn't even ask about his disability and gave him the lease to sign after he shows me his disability income from the military. I just don't like that he hid the dog's information till the last moment. He planned this and clearly knows what he is doing.

Now I rented my rental to another family with no animals and a better credit score.

What should I prepare if the fair housing department reaches out to me later?

Thank you all.

If you had rejected him on the grounds he has a service animal, you may have difficulty fighting this as you can not reject someone because of service animals. However, as he did not list the animal on the application, I would say you rejected him because of lying on the application. if he does bring suit against you, definitely consult an attorney though.

0 Votes

Riverside, California

Quote from @Suzanne Laird:

I've been debating this for so long and I just can't decide what's best. I live in Greater Vancouver, Canada.. Would it be best to invest in a non-appreciating duplex that cashflows well (in Saskatoon or Edmonton- compare to midwest for US folks) or a non-cashflowing detached home in the coastal region of Vancouver area (think Seattle!) where there is tons of appreciation but NO cashflow. We would have to supplement the rent for a few years, but these properties are million dollar homes with great value. I'm so torn. what would you do? We have a decent amount to put in for a down payment (200k) but would stay with the 20% downpayment if going with a cheaper property (400-600k). We want to maximize our money to go as far as possible. Help please!! thank you so much for any responses!!!

Cash flow is king. If you cash flow, then you can withstand a downturn in the market. If not, then what happens when the market tanks (2007/08)? You are losing money every month and also lost money in the downturn. IMO People buying for appreciation are the ones who lose everything in the bad market. It's easy to survive a good market, but what happens in the bad market?

1 Vote

Vancouver, British Columbia

Follow the steps your state allows. For me, I give notice to pay within 10 days after grace period(5 days). After the 10, I inform them of pending eviction. I have not had to evict as they have all paid after the 10 day notice. Once you know your states process, follow it every time.

0 Votes

What is your purpose for contacting tenant? If it is to only introduce yourself, consider it done as she does not want contact. Probably she knows the unit is trashed and does not want you to realize this. I recommend sending her a notice that you will not real lease the unit. Maybe then she will reach out to you.

1 Vote

First thing is to live like a miser and save up everything you can. Having cash opens up a whole world of possibilities. Then, start looking at deals and see if anything looks promising. You can start doing this before having cash just to learn the ropes and what makes a good deal.

0 Votes

Milwaukee, Wisconsin

Absolutely. I include all requirements in the ad. Also, when I get any communication from a potential tenant, I always text or email the requirements again as many people tend to ignore requirements in the ads.

4 Votes

Raleigh, North Carolina

Quote from @Emily Hammer:

Hi Bigger Pockets team~ I’m looking to buy my first investment property in the Raleigh area and would love to speak with other investors about their strategies. With all of the tech & manufacturing, I can see mid-term working well although long term rental seems to be the best way to jump in to my first property. I look forward to hearing from you!

My personal belief is it really depends on your level of effort. LTR require minimal landlord involvement. Sure you need to acquire new tenants and fix issues, but beyond that, not much involvement. STR require much more hands on work. You need to manage guests, clean the property in between, and provide a fully furnished property. Of course, your financial return will be greater with the STR.

Also, be wary of HOA as many do not allow STR.

2 Votes

Raleigh, North Carolina

Lisa, here is an example of my return response. I simply cut and paste it into text or email. I do not answer the phone as I had said as it is to easy to forget the requirements. Also, it wastes time to talk to tenants who are not qualified. Hope this helps.

Thank you for contacting me regarding the (enter address). We do have some minimum requirements for tenants. They are: verifiable income of $5,850 per month, good reference for previous housing history, pass credit check over 635, no outstanding past due obligations, no recent (10 years) bankruptcies, a clean criminal record, and no previous evictions. If you meet these requirements, then please contact me for an appointment. The home is available to view beginning March 11th. The earliest move in date is May 1st.

1 Vote

Quote from @NA Gav:

Hi all,

I have a condo in a high rise building in Chicago where the current tenants are moving out. For the prior lease I used an agent. This time I am using Zillow to reduce on agent commissions. I have 1 interested person in the rental (lives in a smaller apartment in the same building and looking to move into a bigger apartment).

She is single, has a 800+ credit score and is a lawyer at a big Fortune 500 company. Since I am screening tenants all through Zillow had a couple of questions for this community (would be great to get insights from folks who have done this many times) -

1. Is it fine for me to directly call her current landlord (she provided the contact #) and ask for rent payments on time and if there were any issues (without letting the applicant know)?

2. Should I confirm the validity of the paystub by calling her employer / supervisor? Is that standard or will it be viewed poorly by her?

3. Since she is a lawyer - anything to check on ? I am not a lawyer and relocated to Texas so dont want have to deal with unnecessary legal stuff. The building is well maintained with new appliances and AC purchased in last 2-3 years.

4. Lease agreement - Should I use Zillow itself for creating the lease agreement? Any advice on it would be great.

I always verify employment and past rental history. Call the current landlord and past landlords as well as calling hr at current employer. You should also have a waver that she signed allowing you to do this as part of the application process.

0 Votes

Chicago, Illinois

All Forum Posts by: Curtis Mears

Curtis Mears has started 21 posts and replied 704 times.

Post: Duplex with small cash flow advice

Post: Disabled rental applicant sues landlord for discrimination

Post: Invest in Cashflow or Appreciating property?

Post: First eviction ..

Post: Weirdest teanent ever.

Post: College Student Eager to Start Investing

Post: Add screening criteria to rental listing

Post: To LTR, STR or MTR in Raleigh area…that is the question!

Post: Is my rent too low?

Post: Tenant Screening without Agent