Originally Posted by farnhamstj
Find another bank. Someone will loan you $$ with a signed lease and/or slightly larger downpayment. Banks typically see rent at 70% value. Someone wants to lend you money. My wife and I have had tenants for 12years. It's worth the effort. It can feel like a second job sometimes, but it's a well paying second job that can fit your schedule.
Be prepared to deal with 5-10 hours per month of BS
Some of my 'tricks'
Look how clean the car is they arrive in to see the house.
Call previous landlords & employers
Stop by to collect the rent on or before the 1st of the month for the first few months.
List late fee of $30 per day day on the lease. Paying rent on the 5th cost an extra $150. (I have never actually charged my tenants, but it sets the expectations that rent is due on time)
Always do 12 month lease.
Always Utilities transferred to tenant.
"Upgrade" a few items while they are living there and let them know before they move in you plan to do so. Replacing a p-trap on a sink, washing maching hose, change light fixture. I few inexpensive maintenance items gives you an excuse to go in the house and see how they are treating the place.
Know your HOA rules and share them with your tenant.
Contact them and discuss their intentions to move out or resign a lease 6 weeks before they plan to move out.
You might think woman are cleaner than men, they are not. Do not discriminate.
The stopping by for rent thing makes me think. You may want to set that up ahead of time w/ tenant. I say that b/c our tenant wanted to stop by our house to pay rent. At the time it seemed like no porblem, now I wish I had set that up differently. I thought it would be silly to set up a PO Box for one property, but I think I will when I get new tenants.
I put 60 day notice to not renew on the lease. My understanding is that You need to be specific in the lease if the lease renews for a full 12 month term, or if it goes month-to-month if neither party communicates non-renewal.