All Forum Posts by: Tim Marshall

@Joel B.

Thank you it is a dirt floor garage and I have some interest in it for working on cars in there. Was thinking maybe a full mo rent was too much but wondering what others do. Rent for the 4 car garage is 1k in CT

What is an average security deposit for a garage rental?

Thank you these posts are very helpful. I did give a letter to them when I did the final walkthrough and gave them payment and contact info so on the same page there. I also included a page for them to give me their info and got phone numbers from the agent so it sounds like we are all on the same page there. 

The rents are super low in the other two units and I was thinking of moving them out, but because if is so difficult to evict right now I am thinking of giving them a shot. If they are paying maybe just let them stay till the covid fiasco calms down. If they aren't paying I was going to just start the eviction process since I would have nothing to lose at that point.

Just closed two duplex' yesterday that are fully occupied. I don't know much about the tenants except what the disclosures stated. I want to put all tenants in the best situation to succeed in the property. Two are month to month and two are under lease till October. My question for all of you is three fold.

1. What are your procedures for taking over a property with tenants in place? 

2. What should I do with the tenants that are month to month?

3. Any things I might be overlooking?

@JD Martin

Thank you I will take a look at those and see if I want to upgrade

What are all of your thoughts on leases and who to use. I have used an ez landlord lease in the past and it has been fine but also never contested. I was talking to my lawyer and he said it is most likely fine but I would love to hear from all of you as to what or who you use. 

@Mike Miller

I have applied for a mortgage using a Heloc as down payment and while my situation is not the same as yours what I can tell you is that they are going to use the payment of the entire loans interest in the equation of your dti so if you take it out for 100k at 3% they will figure a monthly payment on that loan for the full amount even if you have not used any of it.

Thanks John,

I love Zillow for listing and was just curious why everyone uses something else when this seems so simple for background checking and collecting in one place with your ad. 

Has anyone used Zillow for screening tenants and collecting rent? I noticed that they are doing everything at no cost and it seems like it would be one stop shopping. Has anyone used it and what are your thoughts

@Jerry Padilla

Thank you jerry that’s great info