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  #11  
Old 01-27-2014, 06:46 PM
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baja1d baja1d is offline
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Originally Posted by FJCDan View Post
I have heard good things about a tenant when they move in and 8 months later they are being evicted for growing pot or they have 12 people living in the house. I have some PM's if you would like to talk to them. Maybe Carlton [CBone] will chime in.

Aside from my Dad, are best tenants have been "growers". They were legit with all the proper certs rather then the typical backyard stoner.
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  #12  
Old 01-27-2014, 07:20 PM
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Thanks for all the input. I just talked to the bank and this isn't going to work for us as we don't have 2 years of previous rental income on our taxes. To get the new loan, my income would have to be enough to cover both mortgages. The rental income is not counted. It would've been nice to have something to build a little nest egg but it was a long shot anyway. On to the next idea...
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  #13  
Old 01-27-2014, 08:16 PM
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Thanks for all the input. I just talked to the bank and this isn't going to work for us as we don't have 2 years of previous rental income on our taxes. To get the new loan, my income would have to be enough to cover both mortgages. The rental income is not counted. It would've been nice to have something to build a little nest egg but it was a long shot anyway. On to the next idea...

TBH, might of been a blessing in disguise. Sometimes being a Landlord is a lot like having a second job
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  #14  
Old 01-27-2014, 11:17 PM
Ray 2014 Ray 2014 is offline
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Renters have the law on there side, Land Lords HAVE to play by the law.

I had one customer go take the front door off the rental house until either they moved out or got currant on there rent...Boy he got in trouble...
---------------------------------
Can't turn the water off
Can't shut off the heat
Can't take there stuff out of the house.
A renter can stay in a rental house for a long time until all legal papers are filed and eviction notices are put into action.
---------------------------------
Had one Landlord ( Customer ) loose a battle in court, before the renter moved out, pulled all kitchen cabinet doors off, holes in the drywall and other STUFF.

In court, the landlord could NOT prove the house was not like this when the renter moved in, landlord lost,.. $10.000 in damage, Landlord now takes pictures before and after any tenant moves in and has a solid contract.
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  #15  
Old 01-28-2014, 12:49 AM
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Inukshuk Inukshuk is offline
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Originally Posted by Ray 2014 View Post
Renters have the law on there side, Land Lords HAVE to play by the law.
Colorado is considered a Landlord friendly state. I can have someone out in 2-3 weeks if they violate their lease. In NY or CA, forget it.

However, Landlords need to play by the rules, document everything, and not be lenient with tenants or it becomes more difficult. You do get punished for being the "nice guy."

Moral: get a good tenant, big deposit, and run it by the book.
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  #16  
Old 01-28-2014, 11:51 AM
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I've been a landlord for 4 years now. It's great with good renters, the trick is to weed out the bad applicants. Remember it's your investment you can not rent out to people you don't think will be a good fit. X2 on credit and criminal background checks. It's only $40-50 online and will cover your backside. I've just used craigslist to advertise and will get all kinds of responses. The biggest thing is to change your mindset. Your rental is no longer your house. People generally won't treat it as nice as you did. If you make this shift your stress level won't be as high. My first renters I had, I nit picked everything. And all's it did was stress me out.
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  #17  
Old 01-28-2014, 02:12 PM
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PabloCruise PabloCruise is offline
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Quote:
Originally Posted by baja1d View Post
TBH, might of been a blessing in disguise. Sometimes being a Landlord is a lot like having a second job
Absolutely. There is some good stuff in this thread.
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  #18  
Old 01-28-2014, 05:24 PM
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Start an llc and place your rental under it for financial protection.....didn't see it mentioned anywhere else.
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  #19  
Old 01-28-2014, 09:41 PM
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farnhamstj farnhamstj is offline
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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.
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  #20  
Old 01-28-2014, 10:01 PM
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Make sure that you have the water company send you a duplicate copy of the water bill so that you know it's being paid. If it's not paid they'll put a lien on the house which ultimate falls on the owners shoulders
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