All Forum Posts by: Taylor McClung

@Minka Sha, while factoring in your own time (and gas) is good, that number you pay yourself is more a "phantom" accounting number than actual expense.

I would not accept tenants unless I meet them personally. This is part of my screening process that allows me to feel out a person and gain additional insight into their character based on how they interact with me. If you already have two showings, that is a good sign you can find a qualified renter in your area that you can meet in person. Sight-unseen renters may be legitimate, but I agree with @Dan Goos that there is a greater risk of them leaving after they have been there a little while and find that it's not what they really wanted. Best wishes to you. Be patient.

@Troy Bevans, thank so much! 

@Troy Bevans, couldn't help but share your excitement over a good investment in locks paying off in a quick fix. I love it when those things I do make my life much easier. How many properties do you own/manage and what software are you using to log the data? My wife and I are looking to streamline the documentation process and are looking to some sort of cloud service so we can both access it no matter where we are at. 

Also, would you mind sharing the work request form with me too? I've just been manually writing down the requests when tenants call in and placing that in their file. Thanks in advance!

@Reggie Maggard, I'm in California and I charge a flat $50 fee. I know other landlords who charge by the day to really give their tenants incentive to pay on time. I don't typically have problem tenants, so the flat fee works for me.

@Weis Sherdel, you are looking for what's called and Umbrella Policy. Do a quick search on the BP forums and you will find some great discussions already had on the topic. Hopefully that will guide you in making an informed decision.

@Mike Landry, I understand your reasoning for lower rents. And that's a good thing to remember, not getting greedy. Make what you need to, let it sit for a while, then change as needed in the future. 

Seasonality is definitely a factor in how easy things can be to rent out. With kids in school being a large part of many people's moving choices, having your leases up for renewal around the best time that works for you is a good thing. Who says you can't make a 8 month lease that ends in June? There's no law against it. 

We offer our tenants month-to-month rental agreements and tell that that if something doesn't work out on their end, it is easy for them to get out. What we don't tell them is that we screen them thoroughly and generally take very qualified applicants who PLAN to stay for at least a year. This works out for us b/c then it is easier for us to end the contract with them if something doesn't go well. 

Best wishes to you. Stay active on the forums!

Hi @Alexis Zion ,

As a landlord, I've found this book helpful, "Every Landlord's Tax Deduction Guide." They have some other legal and tax help books.

http://www.nolo.com/products/every-landlords-tax-d...

Best to you!

Hi @Mike Landry,

Some things to consider:

If he is on a lease, you have to abide by that lease agreement as the new owner.

If his lease is up now, would you consider making him sign a month-to-month rental agreement? If so, then all that would be required of you is to serve him 30 day (or 60 day in some cases) notice that you will be raising rent.

If he will be on a 6 month or 1 year lease (or whatever length of time for that matter), you can write it into the lease that the rent will be such and such until this date, and then it raises to the new rate on that date. That way, he doesn't feel like you're just trying to get rid of him through higher and higher rent raises. He will have documentation which may make him more comfortable.

Last question, why are you keeping rents below market value? Is your market lean with prospective tenants? I have high demand where I am at, so we keep our rates at or slightly above market rate. If people want to move out and not pay that, we know we can get another tenant in their quickly.

Hope this helps. Let me know if you have any other questions.

($-3156)