 My lease ends in October but landlord says I have to pay an extra month.? |
| My landlord is telling me I have to pay an extra month because I didn't give him a 30 day notice that I was moving out. But I did refuse to sign another lease months ago. Can he legally do this?... |
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 Negligent landlords rental house across the street from mine needs it's front lawn mowed badly.? |
| Long story short - I live in a new California community and the house across from mine is a rental property. The tenants were evicted and there have been no new people living there for weeks. The ... |
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 Ex girfreind wants money for leaving my home?? |
| my question is i own my home name is on everything, but my girl is moving out and she wants money for leaving, been together for 8 months in the home and she gives me a check for "rent" ... |
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 What would be the best possible Home Loan I could get buying a co-op? |
| I heard that you cant use the nothing down or 3% mortgages on a co-op purchase. Is this true I live in NY. WOuld I hav eto put down 10% no matter what. Also FYI Most one bedroom co-op go for atleast $... |
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 Can some one help me,with this i have live in my apartment for seven years? |
| i had a rental agreement from the old owner. but when thay sold this place the new owner never gave me one,it was sold in 99, and i never got aggessmet from the new one,i have ask from 2000 but never ... |
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 Should I pay rent? We live together and I clean? |
| My fiance and I live together and he wants me to give him $400 a month for rent. I told him that if I am going to give him money for rent then he can do his own cleaning, laundry, etc. He considers ... |
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 Changing Mortgage? |
| If I think my mortgage is much more that what the house is currently worth, how can I get my mortgage amount adjusted?... |
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 A real estate appraiser is coming to our house tomorrow - anything special I need to know? |
We are refinancing our house and an appraiser will be out in the morning. Besides cleaning, is there anything I should do to make our house look great?
Thanks!... |
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 Problems with our tenancy agreement? |
| My tenancy agreement states that i have 2 give 2 months notice before i leave. however, my landlord hasn't rectified the following problems that we have advised of: 4 heaters not working (hence ... |
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 I live in las vegas and with the market's turn the house that i'm buying that was worth 350 last year is now |
| appraised for 300! the appraiser just came last week and that's what he appraised it for. it will go back up again, right? here in vegas so many houses are in foreclosure and people and i'... |
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 Landlord issue? Heat issue? |
| When I moved into my apartment, I was told that we had no air conditioning and I wasn't allowed to have a window unit because the building couldnt handle the voltage. But my landlord told me it &... |
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 IS this legal? |
| My friend and his family moved into a house here in our small town in missouri,but maybe getting evicted because the landlord does not allow visitors of anykind,ever. No family,no friends, no nothing?... |
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 How can i get an estate agent to sell my house quicker ? |
| My house has been on the market for about 6 weeks , how can iget it to sell quicker , without selling it for nothing , we are emigrating so i need to get as much as possible for it but it seems not ... |
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| First time homebuying? |
| can anyone help me how do I know if I qualify for a home loan?... |
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 Can this old lady sell her house? |
| An old lady neighbour has gone into a care home. She wants to sell her house to pay for her 'rent' at the home when her savings eventually run out. She has appointed her niece (she has no ... |
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 My husband and I bought a house and we need to terminate our lease. our landlord is being a jerk! Help!? |
| I entered into a twelve month lease while my husband was deployed. Once he got home we decided that we wanted to buy a house. Therefore, at the beginning of August we found a house that we really ... |
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 Would $50,000 annually be enough to live in San Diego? |
...right on the beach?
Additional Details
I'm single. I would move there for the constant beach activities. I love partying. I would have a moderate car, like a Civic (stock).... |
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 Landlord Question!!! My tenants ruined the carpet, shouldn't I use the deposit to replace the entire carpet? |
| I collected a $600 deposit on a home I rent. The carpet has some major stains that I know were not there before, and it won't clean up by steam cleaning it. You can't just put a new piece ... |
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mommad | What are things I neede to know about being a Landlord? |
My husband and I are being given a 3 flat rental property in Chicago. We will live in one unit and have two units rented. Prior to this transaction I would like to know from you professional investor/ landlords what are some things I need to know before we take over this property?
Additional Details
Given: My Mother In Law has a lot of properties and is giving this one to us as a means of a good start. |
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smedrik
 |
Run a rigorous screening process on your tenants. Get references and do a credit check.
Have a lawyer draft you standard lease.
Do quarterly inspections of the property, and make sure you are on top of all maintenance and repairs.
A small issue if fixed incorrectly or not at all can be very costly to your investment. |
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Real Estate Guy
|
Be firm. Don't be a push over. No hard luck stories. Everyone has them, but you have your own. The rent is due the first. PERIOD. PERIOD PERIOD. Be firm. If this means being a a**hole. So be it. You have a mortgage to pay and kids to feed.
You are NOT the bad person when your renter falls on hard times.
Get a large deposit everytime. If they don't have money to give you for the deposit, this means that they are living month to month and one bad month of expenses for them will mean they can't pay the rent.
Also, make sure that you count ONLY 25% of their gross income towards the rent. This at least shows that they can afford the place.
I make all my renters pay the first $50 of repairs. This keeps them from bugging me for the very minor items.
Remember, just because they are renting doesn't mean that they have no responsiblities. They need to have the furnace cleaned with a plan 2x a year. They need to maintain the yard, etc.
Think of a house like a car lease. Under a car lease, they have to maintain the car with items like new tires, oil changes, etc. A house should be the same.
Have a very good lease written by a lawyer.
Make sure that everything is in writing by you and them.
Have a pre-move-in inspection and one after they move out. Use pictures, etc for records. In other words, DOCUMENT everything. |
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abbignome
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All of the above, plus:
Never rent to anyone you have a personal relationship with, unless you're willing to make it an unfriendly one. (Relatives, friends, co-workers are all no-nos) They'll take advantage, or you won't get something fixed to their standards, or something else will happen that'll be a strain on your relationship otherwise.
With you being right there, you probably should establish rules on when it's all right and when it's not to come over to discuss apartment-related issues. We're the contact people for our landlords, and these people have no problem coming to wake us at 3 a.m. to tell us that they need us to let the landlord know they're going to be late paying their rent.
Always be firm, but polite. People have a harder time skipping out on a landlord they like over one they see as a jerk. But at the same time, don't let yourself be taken advantage of. Everyone will have some sad story when their rent is late.
Background checks are essential. Drug offenders are the worst renters, as a rule, even if they appear to have cleaned up their acts. They'll still have people who haven't who come over, hang around in hallways waiting for the person to come home, and in our experience, the police are called many more times to their apartments than others. |
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SuperCactus
 |
You need the book you will find at amazon:
http://www.amazon.com/Landlording-Scrupulous-Landlords-Landladies-Themselves/dp/0932956254 |
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chatsplas
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Be fair. It never pays to be nice. When tenants don't pay, you can't cut them some slack (more than a day or two), or you will be the loser. They make a habit of paying late, they have one problem after another preventing them from paying, etc.
Be very careful in who you get in your units. It is always easier to get some one in than to get them out. Check with several prior landlords before renting to some one. Have a detailed application, check employment. Consider a credit check. Make sure they have sufficient income to pay rent. Preferably only 1/4 of income, not more than 1/3 of income.
Consider renting as nonsomoking, no pet apartments. If you allow pets, take an extra large deposit. Limit # of people in an apartment, and list everyone on lease. No others permitted. Consider whether you will give them access to basement, laundry, storage.
USE a standard lease--you can buy at stationery store, office store. Make a sheet of Additional Covenants, specific to you and your building. Have that also signed. Stuff like NO barbequing on porches, no smoking in apartment, on porches, use of laundry, use of storage (I give no basement storage to tenants except for bikes in winter), use of parking, snow removal, trash and recycling, NO occupants other than those named on lease, and guests who stay less than 14 days total in year. Big problem is getting people staying who aren't on lease--don't permit it!! Two weeks yes, Two months NO.
Pesonally I don't accept Section 8. I feel that they aren't using their money to rent and have little incentive to take care of my property. They have made some poor choices to get where they are--I don't want to deal with problems cause by their poor choices.Always tell them that our premises have not been approved for that program. If they want to get it approved because it's so nice,say no, we don't want government interference in our lives. |
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devil dogs
 |
You need to be know, comprehend, and able to explain to tenants Rental Law of your state. You need to know and understand how to screen prospects and qualify them to the specific needs of your property.
Do they have verifiable income? Do they have verifiable and good credit? Have they been evicted? Do they have repossessions? Do they have criminal histories? HIgh amount of medical bills? Will they adhere to your rules?
These background checks are possible by paying for an account with credit reporting agencies to access prospects histories as a Landlord. |
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Ron Berue
|
IF flat rents for $500/month, You want gross income to be at least $1,800 per month - before taxes.
Credit score: 550 & UP!
AND HERE'S what you should do:
- Charge each applicant to investigate each person who decides to fill-out an app. Applicants must be 18 r older.
-Money for the credit investigatioon is for the following aspects:
- Getting a legitimate credit report from a credit reporting agency.
- Verify Income AND employment.
-Check w/ present landlords and agents and previous landlords and agents:
Was rent rceived on-time? How did the tenant care for and leave the property.
-An investigation withj the local district court/Justice of the Peace/Magistrate & the County court house in the county where the applicant is currently residing. Other than minor traffic violations or citations, you want a clean record.
- YOU should pay a visit to inspect where the applicant is currently living. Insect the outside & inside of that property.
- YOU DO NOT listen to sob stories or down on their luck stories. IF you do, you'll soon find out the tenant will be YOUR boss!.
YOU ARE THE BOSS! If you don't have the intestinal fortitude, get a qualified real estate agent or broker to find the tenant and manage the property for you!
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name! |
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IN_Houston
|
State renter rights, tenant responsibilities and property laws. Check on the HUD.GOV website. |
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frak1a12345
 |
There are so many things to know that I would suggest that you go online and search for sites that could help you(especially legal sites). There are a few general guidelines that I would offer. The first and most important is don't try to be a nice person when insisting on your legal rights. People will take advantage of you--after all you are a rich, fat cat landlord with lots of money and can afford to subsidize your tenants. That's the rationale tenants use when they want something--like paying their rent late(which sometimes morphs into not paying rent at all). Somebody bounces a check? Never, ever accept another personal check from that person again--insist on money orders or cashier's checks. The legal aspect of being a landlord can be daunting. There are times when just one little mistake can cost you thousands of dollars. Believe me, a decent lawyer is cheap insurance.
Good luck!! |
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ladyrenegade81
|
First of all, depending on the situation, I would be worried at being "given" a 3 flat rental property. But if no strings attatched then here is a checklist. Have the property appraised and find out exactly what needs to be done in order to rent. As in, plumbing, windows, carpeting, etc. Decide on how much money you are going to invest in the property to know how much rent would be appropriate. Make sure you have everything in writing, verbal agreements will never hold up in court. Always make sure that any disagreements on what the property looks like to you and the tenent are writen in the lease/rental agreement. In any situation of uncertainty, check the local rent laws and ordinances for Chicago. There will be information there to help you protect yourself and your tenants. And last, but not least, always do a background check. Even if it is just calling the employer, past employer, friends, relatives, and or past resident landlords. You will find out everything you need to know and more through them. Paying a fee for a computer background check does not always work and you will be upset about paying for nothing. Have fun and good luck! |
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