All Forum Posts by: William C.

@Elizabeth C. That is a valid point. I've had a few prospect tenants that have filed BK before, but this guy just filed recently vs some people did it years ago. I also worry that this guy might not be able to pay rent timely since he is taking home substantially less than his gross income.

A tenant that applied just filed Chapter 13 Bankruptcy several months ago and has a 600 credit score. His gross income is 4.6 times rent, but he has some after tax deductions (including bankruptcy payments he just started to make) which brings down his net income to 2.5 x rent. His job seems stable (with the same company for more than 10 years).

I have always used the 3 times rent rule for income, but don't know whether the bring home pay should be used for this guy. Your comments are greatly appreciated.

Thanks everyone for your replies!

I agree that this does seem to be a red flag. Like some of you mentioned, it is very slow here to fill the vacancies now. My ads only draw people who apparently don't fit my requirements. I'll keep your responses in mind when I have the urge to lower my qualifications. Hopefully things will turn better after the holidays.

Hello all,

I am currently trying to fill a rental vacancy. Someone contacted me and asked whether the security deposit can be paid over the course of the first 3 months. If so, they can move in two weeks. If I don't allow the deposit flexibility, they would have to wait until a month later to move in.

Does it sound like a red flag to you? This is the first time I get a request like this. Your comments are greatly appreciated.

I know it is a slow season for rentals during the holidays. I have posted this house on Craig's list for several weeks with no inquiries at all, even after lowering the rent. The rent should be right since I checked with my agent and a few other investors. What marketing advice do you suggest?

The house is in a quiet cul de sac. Would a yard sign be useful in this case?

Thanks!

Can you please recommend some good insurance companies who offer good investment property insurance in north Dallas TX area, as well as where to buy them? Thanks.

Just came back from the house and I found out it was not a bone at all. It was a big candle left in the drawer. The drawer is not broiler just a storage. The heat got down to the drawer and the candle got burned on. Most likely it was put there by the tenant (maybe forgot later on). The previous owner (also my first tenant) used the oven often so I really doubt they left a candle there. I didn't take photos of the drawer and learned my lesson here...

Yes, I hired a cleaning company to clean the entire house before rental.

If I claim the loss to my insurance, will it be an insurance increase in the future?

Should I take money off tenant's deposit? I am not sure if the tenant purchased the tenant rental insurance...Assuming they did, which insurance should be claimed for, tenant's rental insurance or owner's home insurance? First time investor, really lack of knowledge...Thanks for all your answers...

Tenant accidentally burned the oven tray (the big tray/draw on the bottom of the oven). It was caused by the previous owner left a huge meat bone (undiscovered) in the bottom shelf (the tenant are all Vegetarian), and the tenant turned on the oven to cook. It is all under control now, but it was VERY traumatic. What I should do?