All Forum Posts by: Troy P.

I've done a lot of research on this topic.  Like you see now, eliminating pets also eliminates a large chuck of prospective tenants.  I settled on allowing dogs and cats under 25 pounds and no aggressive breeds.  I did have one tenant ask what is an aggressive breed, and I had to google a comprehensive list because I didn't have it readily available.  There are known "aggressive breeds" that constitute a combination of size, temperament, etc. to form this list of aggressive breeds which would theoretically be more of a liability.

I also settled on a pet deposit, not a pet fee or pet rent.  A deposit gives them an incentive to take care of the unit and potentially have the deposit returned to them.  Make sure the tenants understand this.  A pet fee or rent may give someone the impression that "they already paid for the damage" so they're unwilling to prevent it.  This is my limited experience, and it's worked out well so far.

My vote is for Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes.

Quote from @Alice Goodson:

My VOTE, proceed with caution. Do not rush to failure.

Good Luck

Alice -

I agree. This whole situation screams sketchy. It's your property. If your goal is LTR with no other strings attached, that is what you should do. If you've done the research for the area and found STR/MTR is a lucrative strategy, it may be something to pursue. Regardless, I suggest not changing your strategy for a single tenant. There are many others out there who would love to rent your empty unit.

Also, I agree with others, install a washer/dryer if it's standard for the area.  I've only been asked once if I could remove them so the prospective tenant wouldn't have to store them.  "Sorry, no I can't."

Yes, I think you're in a better spot since no money has been exchanged and hopefully that invalidates the lease.  If you send snail mail, be sure to send certified so you have proof it arrived in human hands.
Personally, it's baffling how so many people have poor communication skills when we have so many opportunities to communicate in today's world.  I have a current tenant who, at the time of showing, loved the place and was going to apply for it ASAP.  I was thrilled because she was actually the most qualified and desirable out of everyone I met.  A few days went by and I heard nothing.  I was getting ready to offer it to someone else when she finally responded with something like "oh yea, I still want it!  I was just about to take care of that."  When you need a place to live ASAP, I would think this would be the first thing on your mind.  But maybe that's just me...
In your case, it sounds like they have buyer's remorse and are ashamed to tell you after signing, but also don't be surprised if they show up on the 31st.  They could still be shopping around thinking they can just change their mind if they find something better while leaving you completely in the dark.  Who knows??
It would be worth a consult with a local attorney.  The last thing I'd want is two tenants claiming rights over a property.

This is great news for those of us that have watched LFI grow and always leaving us wanting more.  

I would have a window unit on standby and install it for them in a central area of the home.  It's mostly out of your control, but at least make 1 room comfortable.

I acquired a townhouse in 2022 on a small street of about 40 other homes. I was initially told there was an HOA but eventually found out it's not active and there's a lady who lives somewhere on the street that pays a lawn company to cut and trim everyone's yard. I don't know who this lady is and I don't know how to pay her, even if I wanted to. I'm one of the few that has a fence and enclosed backyard, and they have been cutting my entire yard for 2 years now. I have no idea who they are and have not paid anyone a dime. My question is, would you just let this ride or does it make more sense to attempt to catch them while they're working and ask them to stop?

I know there are risks: breaking my window, breaking a tenant's car window, tripping over a cypress knee and cutting off their own foot, etc.  Since I didn't hire them, I'm thinking I'm not legally responsible, is this generally accurate?  I'm not sure the best course of action here... 

Quote from @Matthew Paul:

Quote from @Nicholas L.:

so... thoughts?  should regulations target the big institutional buyers? 

 Arent big institutional buyers companies on the stock market , which are owned by stockholders , who could be you or me ?

It could be a mix of both.  I honestly haven't read the details of the proposals, but this could possibly target both private and publicly traded institutions (e.g. REITs).

A brief rundown of your numbers would help us help you.  Generally, no, 5-10 is not my cup of tea.

Quote from @Nicholas L.:

@Troy P.

"Prior to WWII, everyone lived a similar minimalist life. Afterwards, we needed jobs, and to create those jobs, we needed to make stuff."

I think that the last 80 years is maybe a little more complicated than that, yes?

I think there would be / is tremendous demand for lower cost housing, it's just not possible to build it in most markets as @Jay Hinrichs is covering.

 It's a lot more complicated than that, but important to note that we didn't get here overnight.  My comment is more about minimalism than it is affordable housing.