All Forum Posts by: Yvonne H.

I get a lot of applicants, escpecially from Zillow, that for any number of reasons--be it income, background, credit, whatever--they don't qualify. What do you tell your applicants when they don't qualify? I don't want to give reasons that are too specific and set myself up for engaging in dialogue. I don't want them responding back (why that is wrong, they've changed, they're working on improving their credit, that was their roommate...whatever, I don't care) 
How do you inform applicants when their application is denied?

TIA

Anyone have experience with an irresponsible pet owner tenant? I have a tenant whose dog is causing unhappiness with the neighbors--and rightly so. This tenant's dog has "escaped" from the home numerous times. When the neighbors go to alert the my tenant, sometimes she doesn't even answer the door. Or she will throw her hands up and act like there's just nothing she can do and he will come home when he is ready. Recently, she has put up a "dog run" outside and apparently leaves him outside unattended for long periods of time.

Last year, I was awoken by an upset neighbor at 7 am ON CHRISTMAS DAY because the dog had jumped their fence and was after their urban chickens.

Just today, the dog escaped. I received a nastigram text from a neighbor who was upset that the dog was on their porch/property (again), because they fear for their children.  This is about the 5th or 6th time the neighbors have contacted me.
Our pet addendum (which she signed) states that:

1. "Animals must be kept inside the animal owner’s house and must not be allowed to roam free or be tethered.
2. Dogs must be crated during the times when no animal caregiver is at home.
3. Animals must not be left unattended outside the house. Animals in transit must be restrained by a leash or placed in an animal carrier.
   No animal shall be allowed to become a nuisance animal. Nuisance include animals in public areas who are not under the complete physical control of a responsible human companion and on a hand-held leash of no more than six feet in length or in an animal carrier."

Looking for your advice. Thanks!!

I'm curious to see how other landlords keep & store your important papers--tenant contracts, deeds, receipts, taxes etc. I used to keep contracts in binders as shown in photos but with more properties, it's not working. Maybe I just need to split them into multiple binders. Or maybe there's an entirely different and better way. Any tips? Thanks

starting to have so many that one binder is not going to cut it anymore. 

I normally charge a non-refundable pet fee and pet rent for each pet. These are not junk fees, because there are higher costs incurred when a tenant with pets moves out. For instance, hardwood floors are more easily damaged, and there is hair in the hinter corners of the residence; in the summer, flea treatment is required. I have a tenant who has a cat and a hamster and is asking me to waive the fees/rent for the hamster.

Does anyone have concrete experience on tenants having hamsters and advice about the waiving the costs for the hamster?

TIA

ON our taxes, should the MHP be one unit for expensing purposes, or do I need to separate expenses out separately for each MH in the park? TIA!

I never thought I would advise someone to do this, but looking at all the different ways you might solve this, I think deed-in-lieu or foreclosure is the best option. Short sale will affect your credit just the same, and would take much longer. The HOA fees alone make this obstacles almost impossible to overcome. You are not going to be able to

Allowing foreclosure, or accelerating it (Deed in lieu) has negative effects, not just on your credit report, but also on  self esteem and optimism. But you're probably already dealing with the last 2. Just letting it go will allow you to get a fresh start. You have the money to start over, and sounds like you are ready for it. The sooner you let this property go, the sooner you can start fresh and better. 

Hi Kyle. First, it sounds like you can't afford a property manager. You need to handle this on your own. Also, of course you have to disclose to them you are the owner. They will figure it out soon enough and feel you are dishonest if you didn't tell them up front. I would strongly advise always having an honest relationship. 

Now, on your current home, add in maybe $200/month--for maintenance--making your payment $2700.

Next, think about if you were to sell the current house and rent something you could afford, what would your pricepoint be (i.e. what would you be able to afford), and what would that look like--an apartment, a 2/1 house, etc.? Can you afford maybe $1000? Can you find something comparable right now on Zillow in your neighborhood for that pricepoint? Let's use $1000 as your target personal payment.

If you can make that $1000 payment--the hypothetical rent payment--towards your current home, you need to rent the current place for a minimum of $1700. Try listing it at $1700 and be sure to list it as an apartment/duplex etc so people are prepared for the duplex situation. When they come to view it and see how big it is and the yard, they will be pleasantly surprised and more likely to jump, especially at that pricepoint.

Selling a mobile home (not land) in North Carolina. Does anyone know if sales taxes are paid on such a sale? What is the process, do I just create a bill of sale and hand over the title? Thanks to anyone who can help!

Mobile Home sales tax

Financing experts:

I purchased several new properties this year, most of them financed, and now I want to apply for a loan to finance the purchase of another property. I am wondering how the newly acquired properties, which are not on my 2018 tax returns, will be counted as far as income goes. I believe there is a sort of penalty--like only 75% of the income but 100% of the debt are counted. Can someone advise as to how exactly those are counted? I am wondering if it would be better to wait till I get next year's returns, which will include the new properties.

Thanks for your expertise!