All Forum Posts by: Waleep Alvi

I definitely pre-screen electronically or via phone before showing the place. Pre-screening includes: income requirements in very plain terms (annual income) as some ppl don't seem to comprehend what 3x rent really means, no smokers, pets, etc. I schedule multiple ppl at one time. Usually a Saturday morning with a short window, like 1 or 1 1/2 hrs max. I'd rather have them lined up waiting their turn instead of me waiting for no-shows. I show each party individually and the others wait outside. While showing the property, I review the requirements again and many stumble over the "how's your credit' question when you look at them head on. Some liars snuck in, but very few.

In our area it is tough to get more than a month's rent for a deposit, especially in some low end markets, unless there are pets involved. It often seems to be the norm here to provide some sort of rent concession or move in special to further attract tenants, especially for apartments, such as: half-off first month, free cable/internet, gift cards, etc.

The one rule I have always stuck to is: you must get at least one month's rent for the deposit, any less and the tenant doesn't have enough skin in the game to prevent them from packing up and leaving in the middle of the night. If you are going to run a move in special, make sure you insist on a full deposit and take any sort of tenant benefit off of the first months rent.

A move in special in my opinion might be a good option if you are trying to quickly lease up an entire apartment or multi-family building, but I think it is unnecessary for leasing SFR's unless they are in a poor school district or an undesirable area.

Cages work the majority of the time. Custom cages can require long lead times and may be cost prohibitive, The more attractive (less like bars) the cage is, the less buyers/tenants may question the neighborhood. Hedges need plenty of clearance. Fences are very easily cut, of provide a barrier to hide behind while the crime is being committed. Cameras record and alarms sound but in the second the lines are cut, damage is already done. Every option has pros and cons. I would make sure you include a physical deterrent that is designed with routine condenser maintenance in mind like an AC-Guard. I would also recommend bolt-cutter proof locks too.

In my city, there is an office that assigns "certified addresses" for all the city services, such as building permits, 911, trash pickup, etc. They even handle apartment numbers.

Apparently they constantly emit their updates which are picked up by all the utility companies, USPS etc. You get it through the city "map room". Your city likely has something similar. If the ADU is legal and already exists, it may already have been assigned an address.

@Javier Rosales You're on to great things for sure. As Nelson Mandela said, "I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid, but he who conquers that fear."

The more you do this the more comfortable you'll get. Keep us posted on how it all turns out.

It will come down to quality of asset in the beginning then of course PM will make or break your investment.. that is if you buying class B or lower... I have quite a few class A's that I can self manage even from the west coast.. I just use a broker to place tenant then handle it form there just need a really good handy man and your set.. defiantly cannot do that on B and lower though

I have grilled the post office about adding a separate mailbox for say management. They steadfastly refused to sort mail for any additional mailbox that was not a legal unit. So I suspect you are out of luck on this front.

Get a PO Box.

I let the GC take care of all construction material. Mostly it is because I don't want to hold up the job and I don't want to have to go to the store and/or haul material. That's not to say that sometimes I don't swing by a Home Depot and say to the GC "hey, need anything while I am there?" and end up picking up odds and ends. In that case I keep the receipts and periodically give him an update on what the total spent is so that he knows to deduct it from our price for that portion of the work.

This is a very common thing in the property management industry. Not all companies charge this fee, however, it should be something you discuss with your manager prior to signing the agreement. As you work through this contract, it could be a negotiating point prior to your next re-up on your contract.

I ask for a pet deposit, and I have a pet addendum that says they will keep things clean and that cat should be kept indoors (for the house w yard) and the cats claws will be trimmed and that they'll provide ample scratching posts so the cat won't want to destroy the carpet, etc.