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All Forum Posts by: Vishakha Penney

Vishakha Penney has started 10 posts and replied 55 times.

Thanks Grant. I do run credit and background checks and have gotten much stricter since then about having great landlord references. I no longer buy the old “I was Renting the past 10 years from my momma, my baby-Daddy, my uncles,  or whatever.” 

Hi guys, I'm new here, and grateful for a place to process this amongst colleagues. I began renting to a young woman with serious health issues a few years ago, one of our first tenants. Her disability check was not sufficient to cover our 3x rent rule, so I allowed her father, and then after her falling out with him, her sister to co-sign on the lease. When she wanted a bigger place, I allowed it, and let her move to another unit, despite her poor care of the first place. I guess I felt sorry for her. She was a good tenant otherwise, usually paid rent on time, communicated if she couldnt. 

Then suddenly things changed, she became wheelchair bound, wanted me to build a ramp even though she also was looking for  a new place that would work better for her. I told her she could pay to have one built and I would allow it, but that I would not pay for it. That's when the rent checks stopped. Her father, who was living with her at the time, promised and promised but nothing. I offered cash for keys, they refused. So, reluctantly, I went through the eviction process with them. No rent for three months plus fees, cockroaches, and ruined carpet, beat up walls, etc.

Today, her sister called me to tell me she had passed. I feel badly for them, they have had a tough go of it. I had not planned to sue them for past rent due, figured it wasn't worth the trouble, etc, and this just confirmed my feeling about this. HOWEVER, I would like to avoid this kind of situation in the future obviously. I won't do a co-signor again. Any other sage advice from you seasoned folks out there?

Post: Rental Property Flooring

Vishakha PenneyPosted
  • Durham, NC
  • Posts 58
  • Votes 14
Originally posted by @Caleb Heimsoth:

From my understanding I would go with luxury vinyl plank. I have this in at least one of my rentals and it lasts longer compared to other types of flooring. Obviously minimize carpet as much as possible.

Of my three rentals I think only one has carpet In the bedrooms and the others have zero carpet

 Agreed. More durable than laminate, waterproof and much cheaper and warmer than tile. 

Post: Best flooring for a rental?

Vishakha PenneyPosted
  • Durham, NC
  • Posts 58
  • Votes 14

Curious what y'alls thoughts are about refinishing hardwoods vs LVP in a low end rental. This is a 4 bed 2 bath with existing hardwoods in living and bedrooms.

Hi William, its been helpful for me, both from a commission saving aspect, but also to better understand the ins and outs of real estate law from an agents perspective. I never finished the licensing process, so my license is not "active", (too much CE that i personally found irrelevant) but I kept my relationship with a broker who I split the "commission" with if the selling agent insists, and most agents are willing to decrease the commissions for investor agents. I can usually negotiate at least 2% discount off agent fees as a result.