The INVESTMENT / RENTAL PROPERTY thread!!!!!!

Quote from batterycharger : When a tenant keeps a pigstye kitchen and then complains about infestations of ants and things that fly around how it's up to the landlord to keep the place free of pests and insects, what'da do? He's ready to call in the health department and with hold rent. I've offered to spray and bomb, but that offer has been denied because it's "toxic" and tenant is insistent I use natural means to rid the place of the bugs. I spread around a borax mix under the appliances and above the cabinets and it hasn't had much impact. It's contained to one unit. My fear is it spreading, or other unwanted pets also moving in. I should post a photo of how scummy this otherwise great place is kept. I've also accepted that it'll be vacant when he moves out as no one in their right mind would rent a place looking like it does. What would you do?

Like others have said the tent has said nothing to the effect of having health problems from the products that 99% of all apts use to contorl pests. If he or she had or have health problems with those chemicals then the dirty kitchen with flys and other bugs would have set them off in some form of allergic reaction.
they can't dictate or tell you how to keep the up keep on your rental/ home.
it seems he or she is just trying to put you into a corner in order to received free rent or to get out of their lease early or to get their deposit back in full saying you didn't keep your place maintain. Take pictures always and email the tent or send a certified letter along with just sending your self a letter so that it get post marked with a date and is sealed. This way if it ever goes the court you can open the copy that was sent the same day certified to him showing that the tent was notified of their lack of keeping the place clean. Don't even let those things side because they will only get worse with the tent and its better to get them to take care of it immediately or get them out of you place immediately. Alot of state will let you make your own lease up and let you have the renter sign some of their renter rights away. Because most of the time lease agrements and renter rights are in much more favor to the renter than the landlord especially when trying to collect aginst them in court for damages or breaking the lease early.

I own several rental properties including a building with 8, 2 bedroom apartments.
I have learned a few things over the years, I keep my rents low and only rent to older retired people.

I have one lady that has been there since the building was new 1972.
I never give them a lease it is a month to month agreement I charge them the first $50 of repairs mostly clogged drains.
Usually my tenants next stop is the nursing home or a dirt nap.
Like the OP these little old ladies try to get me to pay for light bulbs and I refuse but I will come change them if they purchase.
All my property is inherited and paid for.
You have to make them scared of you or else they nickle dime you to death.

I have also come to the conclusion all renters are stupid and can not operate a garbage disposal they never run enough water down them and it clogs.
So when the disposals go bad I take them out and do not replace them.

I have plenty of friends that are plumbers carpenters and painters usually stuff get worked on in the evenings or weekends and they give me a good deal, But I have to buy a lot of beer but I get to share it with them.

Here's a nice story

SALEM, Mass. (AP) — Police say a Salem woman has been charged with assault and battery with a dangerous weapon for allegedly trying to infect her landlord with a skin disease.
Police tell The Salem News (http://bit.ly/K4Wdu4 ) the woman argued with her landlord on Saturday morning after exterminators arrived to deal with her complaint of bugs and mice in her apartment, but refused to enter.
The woman, who admitted to having a ‘‘severe’’ case of scabies on her arms, complained that her landlord ‘‘was treating her like a leper,’’ and wiped her arms on him.
Scabies is a skin disease caused by tiny mites. The itchy rash is spread by direct contact.
The woman will be summoned to court at a later date.
Names were not released.

A tenant asks if I can enroll them in an auto debit program tied to their checking account. I'm not sure what that really is.... but it sets up an automatic payment directly to my bank account.

I have other tenants that have set up automatic monthly check payments to me and I receive those in them mail, but never had one that's linked to my account.

Is that a safe thing to do?

Quote from batterycharger : A tenant asks if I can enroll them in an auto debit program tied to their checking account. I'm not sure what that really is.... but it sets up an automatic payment directly to my bank account. I have other tenants that have set up automatic monthly check payments to me and I receive those in them mail, but never had one that's linked to my account. Is that a safe thing to do?

What about asking the tenant to sign up for the automatic monthly check payments like your other tenants? Receiving a check each monthly seems the better plan. Your account linked to your tenant's account = possible bad news

Hey everyone, need some advice/information.

I'm considering renting my current house out and buying a second home to move into, but unsure about how to prequalify for getting a second home. I have 25% equity per a recent appraisal of my current home, and would be able to rent it out for around $1400-1500/month. PITI is about $1k/month.

Questions I have. Do I need to have a rental agreement in place before closing on a second house to be considered as having rental income? One bank told me that I needed one year of rental history before I would get credit for the income, but I've also read that other lenders are not that strict. Other question is if 25% equity is enough? I've read that some/most lenders require 30%, which means I'd have to pay down another 5% out of my pocket which will be quite a stretch for me.

If I am unable to qualify for a second home through conventional financing, I am considering getting a second home through owner financing while I rent my 1st home out and then getting a traditional mortgage on the property after a year or two. A third option would be to rent until I have sufficient rental income history on the property I own, and then get financing for a second home. It feels kind of silly to be renting while I am charging rent though. Any thoughts or recommendations appreciated.

My credit is excellent and would love to get in touch with a lender who will just work with me and get me a loan for a second property. Since my income is not enough to pay for two mortgages, I'm not sure that is possible. Anyways, would love some advice on how to get into multiple home ownership. Thanks.

Quote from Final Quest : Hey everyone, need some advice/information. I'm considering renting my current house out and buying a second home to move into, but unsure about how to prequalify for getting a second home. I have 25% equity per a recent appraisal of my current home, and would be able to rent it out for around $1400-1500/month. PITI is about $1k/month. Questions I have. Do I need to have a rental agreement in place before closing on a second house to be considered as having rental income? One bank told me that I needed one year of rental history before I would get credit for the income, but I've also read that other lenders are not that strict. Other question is if 25% equity is enough? I've read that some/most lenders require 30%, which means I'd have to pay down another 5% out of my pocket which will be quite a stretch for me. If I am unable to qualify for a second home through conventional financing, I am considering getting a second home through owner financing while I rent my 1st home out and then getting a traditional mortgage on the property after a year or two. A third option would be to rent until I have sufficient rental income history on the property I own, and then get financing for a second home. It feels kind of silly to be renting while I am charging rent though. Any thoughts or recommendations appreciated. My credit is excellent and would love to get in touch with a lender who will just work with me and get me a loan for a second property. Since my income is not enough to pay for two mortgages, I'm not sure that is possible. Anyways, would love some advice on how to get into multiple home ownership. Thanks.

When we bought ourhouse 3years ago I think they said they would require a 3 or 5year lease to be in place before we could count it.

Luckily we were able to get a surprisingly big loan to just buy the other house. There are some new home builders that will work with you by agreeing to rent hour house for years so you can get around that requirement

I didn't know people signed a five year lease on a rental house. My house is in Chattanooga, TN. Perhaps larger cities have leases that long. Thanks for sharing your experience.