All Forum Posts by: Tess Tari

First of all, let me say that everyone here has been my rock since we started this whole process!  I appreciate all of the helpful comments!!!

I was having issues getting applications on my rental.  We have had quite a few people come and look at it, and everyone loves it - but have had only one application so far.

The application has 4 adults.  3 look good/great, and the income/rent ratio is great.  However, one of the applicants has an eviction 21 months ago.  This is my only issue on paper.  

I'm trying to be smart, not desperate.  They also want a shorter term, which has me more questionable than I'd like to be.  

They seem to be couples, so I don't think I can choose only three - I would have to give in on all four or deny all four.

How do you else feel about one out of four people being a denial? Would you approve? Would you deny?

Hi Sean!

We purchased a home last year, and my husband had only been employed for 4 months.  He had graduated college in January, and our closing was in April.  Because he had gotten a job in his field of study, they "gave him credit" towards his time on-the-job.

Hope this helps!  

Hi Mathew! 

I can't help you with the contract, but we did buy a home that was already rented.  The seller gave us credit for the deposit in the closing - he didn't actually give us the cash.  

I will say that I wouldn't do it again.  We knew both the landlord and the tenants, but didn't realize that he was far too flexible with them, they wouldn't have qualified under our terms, and we ended up in an eviction.  If I ever considered buying an occupied home, I would first vet the tenants, or I would ask that they vacate before closing, if they didn't qualify under my terms.

Good luck!

Thanks everyone!  I think there are a lot of good ideas here.  We had been discussing an open house but I didn't want to do that until everything was finished.  We just have silly stuff to do now, like painting the garage (inside) and putting the vent covers back on...  But we'll push for it. 

@Linda Weygant - yes!  It's in Lakewood!  It's GOT to be the application thing - as we're definitely on the lower end of the rent spectrum for Applewood.

I can see the not wanting to apply if you haven't seen it, although I have, as a previous renter!

Open house is set and advertised!  Fingers crossed!!

Every single email?  Invite ten groups of people to come to the property every day?  I was trying to follow the lead, which I've heard on BP, that you should qualify before you walk through - so you're not constantly showing the property.  I also recently redid the hardwoods and am trying to keep them pretty for qualified tenants!

Hi Everyone!

We are finally finishing our turnover - what a nightmare! It cost me a fortune, aside from not having rent for two months (they didn't pay April, and we had to evict)

Here is my current issue: we are listed all over the place: Craigslist, Zillow, Realtor.com, etc.  I have had a ton of emails about it, but not one application.  I set the application up on Cozy.co

We are close to the lower end of rent for our neighborhood - but not the lowest, and the house is looking pretty good now!  I didn't get good pictures up until last week, and will add more today, to all of our listings... So I understand why I wasn't getting interest before pictures went up.

Has anyone else dealt with this?  I don't know if it's the screening that is turning people off, or if they are having trouble with the application.  I have asked every single person to let me know if they've had issues- no one has emailed a second time.  

Are people just being flaky?  Are they ALL unqualified? I'm not willing to NOT screen, but I would really feel better if I had at least one application!!

Thoughts?

@Linda Weygant - wow!  I use the same service, and never even thought of this.  I suppose that every single service has this issue.  But so does taking a check.  A check can be canceled long after it has passed through the system...  The only way to never have to deal with this is to only accept money orders or certified check, which is a major hassle for the tenant.  It's a good thing that you had enough money to cover your account!

We have a unit that will be available for rent in about a month and a half (hopefully) - I hope she finds somewhere else before our unit becomes available! lol

But to be serious - I sure hope this pans out for you and I hope you'll update us on this! Scary!

Oh!  did you get a chance to talk with her?  Or did you just have to post the 3 day?  We also posted our 3 day today.  Ugh.

@Max James - I disagree about cash flow.  Perhaps you won't touch the golden 2%, but our rents are so high that you can support a decent cash flow over mortgage, if you get a good price, even in the Denver metro.

@Chelsey Hamill - be aware that while Co Springs purchase price IS cheaper, so is the rent.  That's definitely something to take into consideration when looking at this area.  Also - be aware that you probably want to avoid the Pueblo area (sorry - not meant to offend), as this whole area is considered low income and renting there can be challenging, from what I've heard.  I would highly suggest the Westminster/Arvada/Broomfield area for a newbie.  This is not technically very close to Denver, but it is more affordable and much easier to get into than the city proper.

I would avoid Aurora, Sheridan (city, not street), Commerce City, and Denver proper until you are more familiar with the city and metro area.  If at all possible, visit the area that you're looking to purchase in, during the day and during the night, on Monday night (yes, for some reason Monday night can be hoppin' in the bad 'hoods) and on the weekends.  You will quickly find out where you want to be, and where you might not want to be.

There are good finds, you just have to work harder to find them! Duplexes, though, are very rare. If I were starting out here, I would find a nice condo with a very low HOA payment, and that doesn't preclude renters, and move in while I'm getting situated. Then I would look for a duplex.

@Nate Wightman - if you find a 3/2 duplex in the Denver metro for $350k - let me know!!!  I would expect it to be more like $400 - 450.  It's hard to find a duplex at all here, right now, but less for a great price.  

I would go for it, at $400k in Denver at the 1/% rule.  It's not that difficult to get $2000 / side in the Denver area.

I would attempt to purchase it as a seller finance.  You can avoid the loan while you're updating it, and paying your grandma a "mortgage" along the way.  I would be very fair on the price, so as to not offend the rest of the family.  That would be my biggest issue.  Also, I would highly recommend consulting a lawyer about the paperwork, in case something happens to her while you're in the middle of it - the last thing that you would want is for the home to go into probate and nullify your purchase!

If the intention is to buy and hold as a rental, be cautious with your screening, and don't over-improve. I would suspect that a median price for a MLS listing in that neighborhood for a 3/1 would be around $280ish, depending on sq footage. There are a lot of details that would make a difference: does it have off-street parking, does it have a garage, does it have a large yard/back yard, does it have a basement? Has it been tested for Radon? How about lead paint inside? These can mean a difference in price and possibly majorly in the remodel.

Be aware - I have a 4/2 rental, and for some reason, it really appeals to extra large families, who really tend to take a toll on the property.  My advice, having just been at this for about a year : screen screen screen.

There's a lot to learn! There are a lot of people on here who have a lot more experience than I do!  

Good luck!