All Forum Posts by: Tyson Luthy

I'm getting ready to inherit a tenant and this thread has been very helpful.  

@Tyson Luthy Have you received legal counsel of any kind to verify it is OK to change the late fee structure?  For example, if tenants are used to paying by the 3rd of each month with no late fee, can I now charge a late fee if they haven't paid by the 1st of each month?  If a late fee were $20.00 before, can I change it to $30.00? 

@Curt McClements Should I try to obtain the existing lease agreement between the current owner and tenant?  Do you think it would be of any benefit to me going forward with my new tenant?

The way it was explained to me by a judge is that a lease is a Bi-Lateral agreement between landlord and tenant.

If the tenant does not perform per the lease agreement say 'Rent is due on the first and if not in by the grace period of 11:59 of the 3rd, then on the 4th it is late and fees apply' (per the lease agreement that both parties signed.)

When the tenant does not pay and if you do not charge late fees that were in the agreement and start the eviction proceedings that are in the contract, then the owner is actually the first one in breach of contract not the tenant, and you are potentially setting a precedent for not only this tenant but for all your properties due to potential Fair Housing and Discrimination Laws.

So the point that the Judge was getting across was that if you put it in the contract you better be willing to enforce and back it up. Don't try to pick and choose what you will enforce and when you will enforce it. They are bound to the agreement just as much as you are.

Don't be so anxious to get it rented that you just take the first applicant. Screen Screen Screen the tenants. Having a great tenant will make all the difference in the world. 

Landlording on Autopilot by Mike Bulter is a great book\resource on landlording.

@MarciaMaynard did a podcast that discusses a lot about landlording. Here is a link to it...there is also an very good list tenant screening interview questions.

http://www.biggerpockets.com/renewsblog/2014/08/14...

Good Luck!!! Let us know how it goes or if we can help.

My tenants, an unmarried couple, had a domestic violence issue and the court says the guy gets to stay in the apartment. (She was the abuser.) He wants her off the lease, which is fine. But, am I required to return half the deposit to her and have him pay her half? He's the one who has a job and pays the rent and paid the deposit. It seems I should just leave the deposit as is, but I like to go 'by the book'. Neither party is asking about it, nor has the court provided any directive. It's a new one for me, so I want to be sure I'm doing this right.

Hi folks - got a few tenant screening questions to add to the dozens of similarly-titled threads:

For context, these units are C+ in a working-class neighborhood, and rent for between $650 and $750/mo.

(1)  Tenant is a bartender, so their pay stub is not reflective of their true income.  How would you vet this?

(2)  Tenant has a felony from 2007 for drug conspiracy charges.  His probation officer has to approve his apartment before he moves.  If everything else doesn't throw up any red flags, would you rent to this person?

(3)  This last one comes with a backstory - enjoy!

Woman named "Joan" calls and asks if I take section 8.  I tell her yes, but this particular unit is not approved (i.e. I inherited some section 8, and would like to do away with them through attrition).  She begs and pleads, but I tell her "no."  Another woman calls the next day, claiming to be "Joan's" daughter, whose name also happens to be "Joan."  She lives out of state and is looking to relocate back to the area.  Her mother recommended she call me because my unit sounded nice.  She is sending her husband (who lives locally) and her mother (the section 8 caller) to inspect the apartment.

Being the perpetual cynic, my antennae are up for a bait-and-switch with the younger couple qualifying for the apartment, but then the mom moves in.

Another part of the plot: that property (but not that unit) has a section 8 tenant, so the housing authority has me and the property in their system.  I am just trying to avoid getting stuck with a situation where I am duped into allowing a section 8 tenant move in.

I will go through the necessary due diligence for background checks, but that won't prevent the aforementioned situation.  As they say, "possession is 9/10th of the law."  or, more appropriately 9/10th of the cost.

It could be a total coincidence and I am just freaking myself out.  Any advice/tips/tricks to avoid a switcheroo?