Posted by Rich-CA on July 20, 2008 at 08:21:56:
In Reply to: Re: You do NOT want the last month's rent posted by LeonNC on July 19, 2008 at 22:49:53:
I started with first/last/security. In the nicer suburbs of the San Francisco Bay Area (where I live and had my first two rentals), you get a better quality of tenant. We just assumed all would be well when we bought into the Phoenix market. Let me tell you, not just going from $1400 per month rent to $900 per month rent but also the location brought a whole type of tenant to us I had never even met before. We have 3 files in collections and on eviction in just 4 years and only 5 houses (not even townhouses, but single family detached in decent neighborhoods). It wasn't for want of screening, it was that the location and rents brought in people who had nothing but things you either lived with or remained vacant.
One thing about the lease. Do not use the ones from the stationary store or the one put out by the Realtors association (except if you are in TX, their Realtor lease is excellent). Put in an addendum to cover everything from how you apply a payment you receive (late fees, fines and repairs charged to tenant first, rent dead last), who is responsible for broken glass, utilities, and so on. It is important to be very clear about everything. leases are mainly for if you get in front of a judge and they are the framework around which your case lives or dies. Unless you are in an oppressive area like Berkeley, Santa Cruz, New Jersey or NYC.
- Re: Thanks, learned the hard way LeonNC 14:45:14 07/21/08 (0)