Anonymous
06/25/2023 11:20
Subject: Re:how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Anonymous wrote:Picking tenants is tricky, some things I look for as red flags that often cause me to ghost them
Too nice of a car (if you’re renting with a 60k plus car)
More kids than adults esp teens
Single moms
More than one pet
Any public assistance
History of multiple 1 year only rentals
Stay at home spouses
Lol
We meet a few of these criteria and have perfect credit and make more than $400,000 a year. We’ve primarily rented for more than 20 years. You’re both judgmental and ignorant.
Anonymous
06/25/2023 11:13
Subject: Re:how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Anonymous wrote:Anonymous wrote:Picking tenants is tricky, some things I look for as red flags that often cause me to ghost them
Too nice of a car (if you’re renting with a 60k plus car)
More kids than adults esp teens
Single moms
More than one pet
Any public assistance
History of multiple 1 year only rentals
Stay at home spouses
I take it you're not familiar with the Fair Housing Act.
That really only applies to large landlords. If you only have a few rentals there is no enforcement schedule. Take their application fee and just never call them back or respond to follow ups. Most well priced rentals in decent areas get multiple serious offers with in days. It would be naïve not to be selective.
Anonymous
06/25/2023 10:57
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Anonymous wrote:We are buying a new house and are contemplating renting out our current house. I put together some advice that I've picked up by searching this board, but I would appreciate any other helpful input. Thank you.
1. obtain credit check, references, criminal background check, and evidence of income or funds (W2 for past two years, two most recent paystubs)
2. get a deposit equal to one month's rent
3. do not explain reasons for not accepting the application; do not deny application while showing property; always say there is other interest
4. advertise on military by owner (other good platforms to find solid leads?)
5. get a good contract (where can I find some good templates?)
6. get a handyman on speed dial
7. do I need to buy additional insurance?
8. what are some things that we should fix (e.g. fix a leaky faucet, have windows washed) and should not improve (e.g. no need to paint doors if they are decent, no need to replace windows if existing windows are functional)?
Thank you.
Learn the rules in your jurisidiction. For example, the maximum deposit is often set by statute. Also how you deny an application, and the reason.
Most places have a standard lease contract you can just copy and modify.
Anonymous
06/25/2023 10:56
Subject: Re:how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Anonymous wrote:Picking tenants is tricky, some things I look for as red flags that often cause me to ghost them
Too nice of a car (if you’re renting with a 60k plus car)
More kids than adults esp teens
Single moms
More than one pet
Any public assistance
History of multiple 1 year only rentals
Stay at home spouses
I take it you're not familiar with the Fair Housing Act.
Anonymous
06/25/2023 10:19
Subject: Re:how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Anonymous wrote:Picking tenants is tricky, some things I look for as red flags that often cause me to ghost them
Too nice of a car (if you’re renting with a 60k plus car)
More kids than adults esp teens
Single moms
More than one pet
Any public assistance
History of multiple 1 year only rentals
Stay at home spouses
You must be joking. If not you're quite twisted.
Anonymous
06/25/2023 09:48
Subject: Re:how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Picking tenants is tricky, some things I look for as red flags that often cause me to ghost them
Too nice of a car (if you’re renting with a 60k plus car)
More kids than adults esp teens
Single moms
More than one pet
Any public assistance
History of multiple 1 year only rentals
Stay at home spouses
Too nice of a car (if you’re renting with a 60k plus car)
More kids than adults esp teens
Single moms
More than one pet
Any public assistance
History of multiple 1 year only rentals
Stay at home spouses
Anonymous
06/25/2023 09:05
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
You need to be familiar with the registration and inspection requirements in your jurisdiction. If in DC, failure to follow them to the T can have dramatic consequences.
Anonymous
06/25/2023 08:57
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
$100 not $100k 🙄 I haven’t had my coffee yet.
Anonymous
06/25/2023 08:56
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Make sure they have renters insurance and if you allow pets (especially dogs) ask for additional pet insurance (it’s not that much). When I rented in grad school I had to have at least $100k insurance for my dog and ended up getting $300k for about $100k for the year.
I don’t know if it’s a thing now, but think it’s important so as the homeowner you’re not liable (look under the ice in sidewalk thread).
I don’t know if it’s a thing now, but think it’s important so as the homeowner you’re not liable (look under the ice in sidewalk thread).
Anonymous
06/25/2023 08:54
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Check with your insurance and mortgage or just read the paperwork— if we rented our home I would need to tell the insurance company and the mortgage company. My mortgage says if I rent my rate goes up a very small .something percent (we have a VERY low rate), so just double check.
Anonymous
06/25/2023 07:59
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
1) Advertise on Zillow with good descriptions and pictures.
2)I let potential tenants apply online.
3) I email more questions to potential tenants.
4) They visit the property.
5)I let them do online credit and background checks on SmartMove.
6)The earliest application that fulfills credit and income requirements get to rent.
2)I let potential tenants apply online.
3) I email more questions to potential tenants.
4) They visit the property.
5)I let them do online credit and background checks on SmartMove.
6)The earliest application that fulfills credit and income requirements get to rent.
Anonymous
06/25/2023 07:59
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
Anonymous wrote:We are buying a new house and are contemplating renting out our current house. I put together some advice that I've picked up by searching this board, but I would appreciate any other helpful input. Thank you.
1. obtain credit check, references, criminal background check, and evidence of income or funds (W2 for past two years, two most recent paystubs)
2. get a deposit equal to one month's rent
3. do not explain reasons for not accepting the application; do not deny application while showing property; always say there is other interest
4. advertise on military by owner (other good platforms to find solid leads?)
5. get a good contract (where can I find some good templates?)
6. get a handyman on speed dial
7. do I need to buy additional insurance?
8. what are some things that we should fix (e.g. fix a leaky faucet, have windows washed) and should not improve (e.g. no need to paint doors if they are decent, no need to replace windows if existing windows are functional)?
Thank you.
We are retired military and have rental units at several Army posts. One recommendation I have on the bolded, is to become familiar with Basic Allowance for Housing (BAH) rates - you can google and find them. We set our rental prices according to not only local market conditions, but to what BAH our "target" renter is. BAH is based on rank (and locality), we have a certain rank of military member (E6+ and O3+) that we want as renters and this has worked out well for us.
Anonymous
06/25/2023 07:12
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
If in MoCo near NIH, they have a list for new fellows. Not sure how to access it, but know it exists
Anonymous
06/25/2023 01:26
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
I have never given or requested two years of W-2s. A paystub or offer letter and a credit report, plus first and last month's rent and a security deposit. We find tenants on alumni networks and by word of mouth. We paint every time the place turns over, repair anything that's broken, and absolutely have a plumber, repair guy, etc., on speed dial. I do agree with not denying the application while showing the place and never giving a reason.
Anonymous
06/24/2023 23:50
Subject: how to be a successful landlord (i.e. right way to choose tenant and avoid problems)
We are buying a new house and are contemplating renting out our current house. I put together some advice that I've picked up by searching this board, but I would appreciate any other helpful input. Thank you.
1. obtain credit check, references, criminal background check, and evidence of income or funds (W2 for past two years, two most recent paystubs)
2. get a deposit equal to one month's rent
3. do not explain reasons for not accepting the application; do not deny application while showing property; always say there is other interest
4. advertise on military by owner (other good platforms to find solid leads?)
5. get a good contract (where can I find some good templates?)
6. get a handyman on speed dial
7. do I need to buy additional insurance?
8. what are some things that we should fix (e.g. fix a leaky faucet, have windows washed) and should not improve (e.g. no need to paint doors if they are decent, no need to replace windows if existing windows are functional)?
Thank you.
1. obtain credit check, references, criminal background check, and evidence of income or funds (W2 for past two years, two most recent paystubs)
2. get a deposit equal to one month's rent
3. do not explain reasons for not accepting the application; do not deny application while showing property; always say there is other interest
4. advertise on military by owner (other good platforms to find solid leads?)
5. get a good contract (where can I find some good templates?)
6. get a handyman on speed dial
7. do I need to buy additional insurance?
8. what are some things that we should fix (e.g. fix a leaky faucet, have windows washed) and should not improve (e.g. no need to paint doors if they are decent, no need to replace windows if existing windows are functional)?
Thank you.