All Forum Posts by: Matt Kieffer

Thanks everyone, I've adjusted my verbage on my ads.  Hopefully it will make the responses more qualified.

My townhome is getting lots of interest with prospective renters, but almost everyone's first question is "What are your qualifications?"  This translates in my head as "How crummy of a tenant are you willing to take?"  I'm considering putting minimum qualifications in my ads to weed out the low credit / recent conviction / low verified income types.  What's your experience? Are there any legal considerations I should be wary of?

I don't usually put so much importance on the 1st of the month.  It's very common for me to have a lease start mid-month or a the last week in the month.  This allows the tenant some time to get their stuff moved over and in.  I simply take the full deposit on the date of move-in and pro-rate the remaining month's rent.

But yes, hustle to get it looking great (especially since you've just closed on it and you'll be highly motivated to get into it).  Just don't worry about hitting a July 1st date.  Double your estimate for time spent on the painting and flooring and you'll be close to real time spent.  

And you're also right in considering a relaxed demeanor when vetting your tenants.  You don't want to be rushed into accepting a poor tenant.  Every time I've chosen a poor tenant, I had done so because I was getting antsy to get the property rented out.

Yes, always charge a pet fee.  I consider it as an addition to the deposit.

1. $300 per pet.  Only 2 pets allowed, so a total of $600.

2. I take it just at the beginning.

My pet deposit is fully refundable at the end of the lease if the property comes back clean as a whistle.  I believe this provides incentive to the tenant to control their pets.

I will usually do an inspection at the time that the tenant gives me a 30 day notice to vacate.  That way I can identify and spot things that need to be fix/replaced and tell the tenant to take care of these things prior to move out.  If they take care of them beforehand, that's less that the pet deposit may have to cover, and they are appreciative in getting more of their deposit back.

Also, here in AZ I am allowed to take 150% of a month's rent as a security deposit.  So I calculate my security deposit as 150% of rent minus the $600.  That way if I have a tenant that has 2 pets, I still abide by the law.