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Velvet
by swamp_fever2002. 05/02/24 06:48 PM
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Re: Question for the landlords
[Re: roadkill]
#3096807
04/11/20 11:03 PM
04/11/20 11:03 PM
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Joined: Sep 2013
Posts: 1,644 Pine Hill, Al
sluggun
8 point
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8 point
Joined: Sep 2013
Posts: 1,644
Pine Hill, Al
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No pets inside the house. I just had to replace the laminate flooring in three rooms of my rental house because the last bunch let their dogs piss all over it. I don't know how anybody could live in there. The smell was nearly unbearable. That was the nastiness bunch of people I've ever seen. And they still owe me two months rent that I'll never get. I think I'm out about $2500 but I'm just glad they're gone.
Team Rack Addicts 2016 Aldeer Deer Champions
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Re: Question for the landlords
[Re: roadkill]
#3096810
04/11/20 11:12 PM
04/11/20 11:12 PM
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Joined: Oct 2015
Posts: 6,475 Pelham Al
Tigger85
12 point
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12 point
Joined: Oct 2015
Posts: 6,475
Pelham Al
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Have to stay up on paper work if they are late. If they don't have a deposit, forget it. Check credit and backgrounds fully. Look at last place they lived. Renters insurance is a must. Use cozy.co app to collect rent. You can put late fees in it. It withdraws directly from account. If they are in a hurry to move in, there is a reason. Raise rent a little above area rents. Be picky. I use LVT tile now, no carpet or laminate.
Last edited by Tigger85; 04/11/20 11:13 PM.
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Re: Question for the landlords
[Re: roadkill]
#3096926
04/12/20 08:19 AM
04/12/20 08:19 AM
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Joined: Aug 2006
Posts: 9,800 The Boonies a.k.a. Pickens cou...
300gr
8 point
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8 point
Joined: Aug 2006
Posts: 9,800
The Boonies a.k.a. Pickens cou...
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So far I've had good luck but am picky on who rents. First one was a teacher and it was her grandparents home, she had a friend that wanted to share rent. She was a nurse, when renter one moved out renter two had a friend that wanted to share rent. She was also in medical field. Renter 3 left and renter 4 was a friend of renter 2. Renter 4 left,renter 2 left but renter 2 had friend that wanted to rent the house. She's a RN. Anyway it's worked well for me to rent to friends of previous renters with degrees and good jobs.
Last edited by 300gr; 04/12/20 08:20 AM.
Two roads diverged in the woods and I took the one with deep ruts,hills and mud.It may be bumpy but WHAT A RIDE!
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Re: Question for the landlords
[Re: Boom]
#3096948
04/12/20 08:36 AM
04/12/20 08:36 AM
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Joined: Feb 2019
Posts: 3,922 Montgomery,al,usa
Davyalabama
10 point
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10 point
Joined: Feb 2019
Posts: 3,922
Montgomery,al,usa
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Get an application, copy of identifications and run a background check thoroughly. Talk to past landlords, check credit, references, jobs references, and arrest history. I get 30 dollars and give them an application which ask everything about them. (we do $45, but that is what our system charges us). Also look at the current bills ( can they afford it). If you need and application PM me your email address and I will send you a copy. do inspections and don't let one thing slide. if they won't pay for the first thing they damage then there will be more. . (Make sure you do a preinspection with them, walk through the house together. Each of you notate on the inspection what is wrong, at the end, both of you look over the preinspection and sign it, get a copy and give to them. This preinspection has helped us at the end of the lease.) We don't have enough information to give you an answer. (location, pictures, school system, avg rents in area, etc). Yep, all that counts in the decision making. You need good tenants is easy to say, but hard to find.
Some people have what it takes to be a landlord and some don't. It's a great business for the right person and the tax benefits are good. Don't get in the business unless you plan on getting upwards of 10+ houses, and at that point you need to have a management company in place taking care of everything. For the average investor it's not worthwhile to just own one (too many headaches for the return).
Since it's paid off, I'd say yours is worth taking a shot at renting, but I say that without having enough info from you to tell you plainly what I'd do. (yep, agreed). For doing it yourself - get a bulletproof lease that gets down to the nitty gritty, then hold the tenant to it. (Here is where the rubber meets the road is this lease, but you have to stick to your end too). (Get a lawyer to draw it up for you or go to an online lawyer type app that will help you draw it up). (You have to stick to the lease too)
Try to rent to mature working class couples - no singles, especially not single moms or young people - who have a good job history and income. (unfortunately, you get single moms wanting to lease, and they want to include the child support on there, don't count that, you know how many dead beat dads there are out there ---- I'm not saying everyone is, I'm just saying, don't count that as income ---- Also, she gets married in 6 months and wants to break the lease, "We're moving in together!).
Get 2x the rent up front and make sure they understand what the expectations are. (You have to hold them to this). Tell them straight up here's what happens in the event that you don't pay. If you say the rent is late on the 5th, then that's what it is and enforce your late fees. It's a good idea to get them on auto pay with their bank. (Yep, charge the late fees, if you don't, they will be late every month after that with a story). (They have to have skin in the game to make it worth their while to pay you). When they give you trouble - don't give them an inch. Per my leases - after the 10th of the month I send the Pay or Quit notice and go to raising hell. (We haven't had that problem, yet, but we stick to our rules).
If they suck at life - GET RID OF THEM QUICK....BUT....Eventually YOU WILL get a good God-fearing tenant that does what they're supposed to do. (yep)
Treat that person like your favorite customer - like an old repeat customer who you love to see. Send them thank you notes and $40 home depot / target gift cards for sticking with you. Talk to them when you go by to check on things. Keep them happy. (Don't get to be friends with them, but treat them like a valued customer ------- Think of Norm on the show Cheers, everyone loved him, everyone knew him, Sam was friends with him, but he didn't pay his bill.) (Think of how you want to be treated. ) (That $40 and a hand-written thank you note will go a long wayyyyyyyyyyyyyy).
But the avg people - keep them on a leash and be hard on them. I mean treat them like crap, until you get the good ones. BOOM . (I wouldn't say treat them like crap, but I would say to stay on them. Raise some stink about the way the property looked when you drove by, the late fees are never waved, do inspections and raise some cane about the way the house looks and the fact they aren't changing the air filters). (Be on them about how if they yard isn't kept better, you will hire some to cut the yard, charge them for your time and the grass cutting companies expense). (Do an inspection every year they are there. Get your original inspection sheet and a new one. Walk through with them. Write it down. Both should sign the new inspection sheet.). (We put in our leases that we will hire someone to come out and trim hedges twice a year, it is up to the tenant to pay that). (Very few tenants are going to trim hedges the way you want them trimmed or at the appropriate time of the year - also, if they did, where are they going to put the stuff they cut off?). (We also charge them twice a year for weed control - this is in the areas where we have nice houses in neighborhoods and want to have a nice bermuda lawn, we don't do this with the two properties in the country) (Hopefully your place doesn't have a pool, but if it does, do one of two things ------- Fill it in. ------ Get a lawyer to draw up the lease. You are going to have to be protected from your own property, and a pool is probably the worst liability we have at one of our houses. This was our house, now, we moved and are renting it out. Also, don't count on them to take care of the pool, you will need to have in the lease you will choose a pool company to manage the pool. They will pay you that in their lease, it is just part of the lease agreement. You send the bill to them, they include that portion with the rent check.). Then, go out and get a huge insurance umbrella to cover you) (One other piece of advice, put the property and every property into a separate llc.). (This will protect you in case something happens). (The Llc can be sued, but it leaves your other properties out of the equation) Sorry this is so long, I used what other people have said along with my .01 of thoughts.
“If you do not conquer self, you will be conquered by self.” Napoleon Hill The most difficult thing to understand during conversation is silence. Thoreau
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Re: Question for the landlords
[Re: roadkill]
#3097182
04/12/20 12:52 PM
04/12/20 12:52 PM
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Joined: Jul 2005
Posts: 19,095 Chelsea, AL
straycat
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2005
Posts: 19,095
Chelsea, AL
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Lease option would be a good thing for that property. It's more than your typical rental. Buyer pays you a good down payment, they own the property but you hold the owner financing and can take the property back if they decide to not purchase or quit paying.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
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Re: Question for the landlords
[Re: straycat]
#3097218
04/12/20 01:27 PM
04/12/20 01:27 PM
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Joined: Sep 2012
Posts: 7,253 just south of the Tennesse riv...
roadkill
OP
14 point
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OP
14 point
Joined: Sep 2012
Posts: 7,253
just south of the Tennesse riv...
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Lease option would be a good thing for that property. It's more than your typical rental. Buyer pays you a good down payment, they own the property but you hold the owner financing and can take the property back if they decide to not purchase or quit paying.
Good option - hadn't considered that one.
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