Frequently Asked Questions
How
do I screen a tenant?
A: You need to ask them a series of questions to qualify your tenant.
These are some of the questions I ask “Are you employed?”,
“How long have you been employed”, “What is you gross
monthly/weekly income”, “Why are you moving”, and “Do
you have any pets?” These 5 questions alone will usually tell you
if you should proceed with setting up an appointment to view your property.
I have a form that you may want to download that I use for screening tenants
that has additional questions you may want to ask prior to setting an
appointment. Also we have a complete new tenant rental packet that has
all the forms and lease you will need for a new tenant. Also, if you by
chance select a bad tenant, check out my EBook on, “How
To Deal With Difficult Tenants”.
What
happens when I know my tenant is dealing drugs?
A: You need to contact your local law enforcement agency, and send out
a violation letter immediately. This kind of behavior is not to be tolerated
and could possibly cause you to lose other tenants in that building as
well.
Is
Section 8 Housing a good program?
A: This program has a bad reputation for being what slum lords use for
bad tenants and bad properties. Actually the Section 8 is a great program
for landlords in general. The monthly rent is sent directly to the landlord
so you are guaranteed your rent amount. The program requires annual inspections
and if the tenant has caused any damage since the last inspection the
tenant is directly responsible. Also if the tenant is disruptive or causing
any problems their assigned case worker will be able to help you correct
this. It is amazing how the threat of being eliminated from the Section
8 Housing program will straighten a tenant right up.
Should
I allow pets that are trained?
A: That is really a judgment call each individual will have to make for
themselves. I personally do not allow pets. The number one maintenance
expense that I have incurred is from pet damage. Pets that are not well
behaved or monitored can be very destructive and damaging to a property
– IE carpeting, floor coverings, walls, interior and exterior doors,
yards, and landscaping. And I will let you in on a little secret,”
they are all trained!!!!” At least that is what every tenant will
tell you, and when they move out, you will quickly discover – they
are not all trained!!!!!!!!! My advice is that if you do decide to allow
pets in your property, then I would require a significant non refundable
pet security deposit along with my normal security deposit. Pet
Agreement (form 243)
What
forms do I need to get started?
A: We have a complete new tenant rental
packet that will help get you started. The cost is only $14.99 and
you get 19 forms in that packet. It includes: Rental Application, Introduction
Letter, Rent Collection Policy, Smoke Detector, Crime Free Addendum, Monthly
Leases, Move-in and Move-out check list and many more.
How
many smoke detectors are required?
A: That varies from state to state, and city to city, I suggest you contact
your building inspector for the area that your property is located in
and they will be able to tell you the number and location of smoke detectors
and/or fire extinguishers that are required per the fire code. This is
an absolute must that you follow these guidelines and provide these. If
there is ever a loss, personal injury, or fatality and you have failed
to provide them or neglected them in any way and a civil lawsuit is filed.
Just show up at court with your checkbook, keys to your personal house
and car, as you will lose and lose big!!!!
Which
is the best membership?
A: Our best membership is our Platinum Membership. For only $49.95
you get access to all of our current forms and EBooks, plus any additional
items that we will be adding on a weekly basis. You also receive our monthly
news letter and have access to our Question and Answers section in which
you may ask me individual questions. This membership will provide you
with all the necessary forms and information that you will actually use
in managing your rentals. The next great package that we offer is our,
Gold Membership for only $39.95, this membership gives
you access to all of our current forms and EBooks. Our Standard
membership for only $24.95 will provide you with access to all
of our current forms. One other thing that we have to offer is our Complete
Rental Packet for only $14.99. This gives you all of the new tenant
forms to help you get started; it has over 19 forms in the packet. I believe
all our memberships offer great value for the price and our most comprehensive
membership is less than a $1.00 per week. I currently run my own rental
business and I personally have used all of these forms. We are here to
help you be successful as possible. You can’t go wrong with any
of our great memberships! More membership
information and easy sign-up.
What
makes your website different?
A: Our website is different from others in that we actually use these
exact forms to run my rental business, which I have been doing successfully
for 29 years. I have included in this website a complete library of rental
forms that are relevant, useful, and user friendly that don’t require
a law degree to understand and interpret. We offer practical, working
knowledge, and experience of the rental business. What we don’t
offer is 300 + useless and irrelevant forms to give you the illusion you
have actual got something of value for your membership. I have researched
our competitor’s websites and it appears to me that they all would
like to just sell you a complete library of irrelevant and useless of
forms that you will never use at almost twice the annual membership fee.
And quite honestly by the information I reviewed I don’t believe
any of them are currently or ever have been in the rental business and
have any actual experience in this business. I want you to give you useful,
actual information and knowledge that will help you in being successful
in the rental business. Believe me; I have already made all the costly
mistakes in this business you can possibly make! Learn from my experience
and save yourself thousands of dollars. I just wish when I started in
1980 that there was a place I could have received all the information
that I have on this website, it would have saved me a lot of headaches,
grief and money.
What
is an REO property?
A: REO stands for Real Estate Owned and that is property that has been
acquired back by the lender or bank either by foreclosure, or had it deeded
back to the bank by the owner in lieu of foreclosure. The bottom line
is the property is now owned and controlled by the lender or bank, and
they generally want to sell and liquidate this property.
Do
I need a rental application and lease to rent to a tenant?
A: Absolutely, never move anyone into your rental property without them
first signing a rental agreement or lease. This agreement should have
all the landlord and tenant rights and responsibilities include in it.
Verbal real estate contracts are not enforceable and legally binding in
my state and I would suspect in most states it is imperative that you
have all the terms and condition of their tenancy in writing. Click
to view rental applicaitons and leases.
Should
I accept payments on a security deposit?
A: No, make sure that you get the security deposit paid in full first
and then if you wish you can prorate the rent. In my state you cannot
evict someone for nonpayment of a security deposit but you can for nonpayment
of rent. That is the reason you should always get the security deposit
paid in full.
Do
I need a lead base paint form?
A: Yes, this is a federally mandated form and it must be completed by
both landlord and tenant(s) at the time of tenancy. This should be included
in your new tenant rental packet along with the other necessary forms.
We have provided this form and pamphlet absolutely free to you on our
site under “Free Stuff”.
How
do I know how much to rent my property for?
A: Rent is generally determined by three things: property location, property
condition and demand. I suggest that you evaluate what the current rent
is for in your area and compare with other rentals of similar location
and condition. If you have a higher vacancy rate, then you will probably
need to lower your rent to meet the market; conversely if you have a high
occupancy then you might want to raise your rent. I base my rents and
cash flow on a 5% vacancy rate.
Can
I shut utilities off if my tenant isn’t paying?
A: No, this is illegal in my state and while I know it takes great willpower
not to do this at times when tenants are not paying you should never do
this. Plus in the winter time if you have cold weather it could cause
damage to your property by not having heat in your property if it hasn’t
been properly winterized.
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