Re: Next

Posted by JDseller on June 07, 2011 at 21:50:21 from (208.126.196.144):

In Reply to: Next posted by ILLEFTY on June 07, 2011 at 09:56:01:

My wife and I have five rental homes. I got two when my Grand father died and she had three left to her from her first husband.
When I first took the ones Grand Dad had over I wanted to burn them ten times over. The problem was that he had tried to go cheap. He had let the houses get out dated and they looked neglected. His solution was just to lower the rent. Well then you just had low life wanting to live in them. Good people want a good home.

So I remodeled all of them over a three year period. Then I tripled the rent we had been charging. I also demanded two months rent amount as deposit and the current month"s rent in advance. So they basically had to have three months rent to get in the house. ( that is the common amount around here now) I found that 90% of my rental problems went away. You are dealing with a better type of person. I have two people that are just getting by on income, they are upper poor or lower middle class people, BUT they know how to save their money. They are always early on the rent. Good people but just poor.

I have a written lease. I also have in that lease the right to inspect the homes with twenty-four hour notice. If you do not have that in the lease the tenant can keep you from even looking at your own property. If the rent is more than 10 days late then the renter gets the first and only warning. If it happens again I evict them, no exceptions. I evicted a nephew. So I mean it.

On the other hand I respond immediately to any problems with the houses. I make it right. I had a furnance go out this last winter on Christmas Day. It smoked a printed circut board no repairing it, had to have a new part. No one had one on hand. No problem to the renter. I told her she had two choices: 1) Pack up herself and her two kids and come to my house. We had three extra bedrooms after all of the kids where gone. 2) Pick a hotel out and I would go pay for rooms for her and the kids. They came and stayed with us. I have rented rooms twice in the twenty years we have rented. I had both of those renters until they both went into nursing homes.

I took real estate classes in the late 1980s. I sold real estate for a while as a second income. One thing that stuck with me was a coarse taught by a retired federal DA. This man was as dark as night. He told us that you CAN discriminate based on color. AS LONG as the color was GREEN!!!! What he was telling us was that you need to make sure those you are dealing with have the funds to afford what you are selling/renting. It makes life easier on you both.

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