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  #21  
Old 01-29-2014, 04:12 PM
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PabloCruise PabloCruise is offline
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Originally Posted by farnhamstj View Post
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.
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  #22  
Old 01-29-2014, 06:17 PM
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You might think woman are cleaner than men, they are not. Do not discriminate.
wait, what. so sign up the dirty ass ho's?

I watched my parents rent 3-4 places as a kid. I don't want anything to do with it unless it's my full time job. doesn't matter how much they make there is always an excuse. It's hard to find good renters. gotta go to court over the sec dep once in a while. dealin with crazy ass people make you feel normal It's a show

I'd rather put my time and $ into market investments. you know, fj40 land cruisers, lol compound interest, etc.
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  #23  
Old 02-11-2014, 01:25 PM
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Originally Posted by Inukshuk View Post
Correct. As is the 3x damages comment (plus atty fees). That is the most critical legal issue for a landlord. The other 90% are the great practical comments others have provided.

Best to take first month rent, last months rent and security deposit equal to another months rent. There are great tenants who can't pay that, but few bad tenants who can. Just first and security is ok, but not the gold standard.

The Bradford Publishing (Google it) form lease is decent. Boulder County has local leasing laws that others do not. They offer a form lease online. It is "tenant friendly". You are the Landlord so you want "Landlord friendly."

1) Pick a great tenant
2) Pick a great tenant
3) Pick a great tenant
4) Do everything everyone else said, except that property management companies are a personal preference. They vary greatly so do your research and is you use one, still be sure to see your property inside and out on a regular basis.
Does anyone use Bradford leases: http://www.bradfordpublishing.com/Le...tal-Agreements
?
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  #24  
Old 02-11-2014, 09:05 PM
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Great thread...finally took the time to catch up on it!

I've done both short term rentals with my property in Breck and long term with several homes in Colorado Springs and Denver. All of the comments above are spot on. It's a crapshoot with renters!

I had one renter that all finances checked out great, background check perfect, good job, etc etc. seemed like the perfect renter! Then, he quickly became an alcoholic, drove his car through the back of the garage into my laundry room, lost his job, stopped paying rent, and then somehow got a Rottweiler dog (not allowed in lease) that went into heat inside the house after chewing all the wood trim off the house!

As mentioned above, the best way to get someone like this out of your house is to help them move! It nearly killed me to do it, but I drove down to C-springs, rented the moving truck myself, and helped the guy move out! He was out in a week, and it cost me a day of work and a truck rental. But I was able to get in quickly to fix everything and get it rented the next month which was way cheaper than going another month without rent and another month of an alcoholic living in the house. Plus, I was able to use the moving truck to get all my construction supplies to fix the house!

I fixed it all back to perfect and had incredible renters for 7 years afterward! You just never know...even when you do your homework!

The best thing to have is close friends who still lives next door and is nosy enough to let you know when something doesn't seem right next door!

Some property managers literally just collect the rent for you and charge you for it, nothing more, so it really pays to do your research on them as well!
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  #25  
Old 02-11-2014, 09:11 PM
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Oh, I forgot that the same renter tried to kill himself in the house and stole his girlfriend's mom's checkbook and wrote bad checks! My old neighbors were calling me week after week the last month he was there! And this guy's employer spoke very highly of him...he paid first three months up front, and cleared all checks! Nightmare renter.

All of this happened in two months!

I got a court judgement against him, but it's hard to collect from someone in jail...where he ultimately ended up!
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  #26  
Old 02-12-2014, 08:32 AM
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Originally Posted by LARGEONE View Post
Oh, I forgot that the same renter tried to kill himself in the house and stole his girlfriend's mom's checkbook and wrote bad checks! My old neighbors were calling me week after week the last month he was there! And this guy's employer spoke very highly of him...he paid first three months up front, and cleared all checks! Nightmare renter.

All of this happened in two months!

I got a court judgement against him, but it's hard to collect from someone in jail...where he ultimately ended up!
These stories are terrifying because you can't predict what will happen in the future. I rented a couple of upscale houses when I was in Las Vegas, and each time I was ready to move out the owners BEGGED me to stay. They each said the house looked the same or better when I moved out and they were scared to try to find new tenants in that city. Crazy stories of renters destroying houses out there and the NV laws now lean far more towards protecting the tenant than the landlord.
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