91 votes

As a landlord, should I refuse a rental reference for a tenant who damaged the unit? (Fixing the damage was covered by the deposit.)

If the damage done is covered by the deposit, then I wouldn't give the tenant a bad reference, that's the point of the deposit. Even if it wasn't covered by the deposit, if they willingly covered the ...
Hart CO's user avatar
  • 70.5k
72 votes
Accepted

Why invest in becoming a landlord?

why does it make sense financially to buy property and become a landlord? Because then your investment generates cash instead of just sitting idle. All taxes, fees and repairs aside it would take ...
D Stanley's user avatar
  • 135k
63 votes

Should tenants pay for repairs if it's their fault?

As a landlord, I would always prefer for you to call me whenever there is an issue. It is possible they might tell you to handle yourself, but they need to be in on the decision. Botched repairs can ...
JohnFx's user avatar
  • 53k
53 votes
Accepted

Letting Agent proposes relative to rent my house

I agree with your instinct, and I think in your shoes I'd make it an "either / or". In other words, say to the letting agent "I am happy to rent the house to your family member, but on ...
Vicky's user avatar
  • 24k
47 votes

Can I raise the listed rent on a rental property due to high demand?

Not a lawyer but this seems like a very bad plan. What you're hoping to do here looks very much like a classic bait-and-switch scam. Advertising a low price to attract customers and then declining to ...
Justin Cave's user avatar
  • 27.3k
43 votes

When leasing/renting out an owned property, is there a standard ratio between monthly rent and the mortgage?

No. The starting point is what other rentals are going for in the area. Supply and demand dictates a fair starting price. From there, you can adjust up/down for the fact that you know this person. (...
JTP - Apologise to Monica's user avatar
40 votes

My tenant wants to pay rent through their company: Should this raise a red flag?

I disagree with the other respondents. If your tenant is an individual, renting in their individual capacity, there is no reason they need your SSN. They will not be sending a 1099 to you. If your ...
littleadv's user avatar
  • 174k
36 votes

Can I raise the listed rent on a rental property due to high demand?

Small time landlord here. I would say don't count your chickens before they hatch. "expressing an interest" is not the same thing as putting down a security deposit and signing a lease. I'...
Daniel K's user avatar
  • 645
36 votes

Landlord making up charges

The carpet seems suspect too unless you trashed it. The $177 feels illegal to me. I might go as far as leaning that way even if the rental agreement included the rule! (Just because something's in an ...
TTT's user avatar
  • 47.2k
35 votes

As a landlord, should I refuse a rental reference for a tenant who damaged the unit? (Fixing the damage was covered by the deposit.)

Generally when providing reference it would be best to refrain from matters of opinion. Did the tenant pay as agreed and on time and covered all the damage caused? That's all you can answer without ...
littleadv's user avatar
  • 174k
34 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

The idea you present is not uncommon, many have tried it before. It would be a great step to find landlords in your area and talk to them about lessons learned. It might cost you a lunch or cup of ...
Pete B.'s user avatar
  • 76.5k
34 votes

Should tenants pay for repairs if it's their fault?

This is typically spelled out in the lease. Our leases say that tenant must call us (the landlords) if something needs to be repaired. tenants are responsible for the costs associated with damage ...
Lou's user avatar
  • 511
31 votes

Long Distance Landlording

The main work that a property management company does is finding you a tenant. After that, they may provide handyman services at a decent rate, but for the most part they'll just be making the same ...
Hart CO's user avatar
  • 70.5k
26 votes

Why invest in becoming a landlord?

The value of getting into the landlord business -- or any other business -- depends on circumstances at the time. How much will it cost you to buy the property? How much can you reasonably expect to ...
Jay's user avatar
  • 22.7k
24 votes
Accepted

How to return a security deposit to a tenant

Traditionally in my leases I specify that it will be returned within 30 days of move-out via check (and therefore they must provide forwarding address). I send via certified mail so that receipt is ...
Hart CO's user avatar
  • 70.5k
22 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

A lot of people do this. For example, in my area nice townhouses go for about $400K, so if you have $80,000 you can buy one and rent it. Here are the typical numbers: Monthly Payment 30-year loan at ...
Five Bagger's user avatar
  • 9,785
21 votes

Why would my tenant want me, landlord, to buy his leasehold interest in my own property?

Ask your tenant what he wants to get out of this arrangement - NOT the legalese - but: What end result the tenant wants in plain English (it sounds like free money). Why does the tenant think he ...
Secret squirrel's user avatar
21 votes

As a landlord, should I refuse a rental reference for a tenant who damaged the unit? (Fixing the damage was covered by the deposit.)

You must amortize damage to the carpet What is the normal interval of replacement for that quality of carpet, given normal wear and tear for normal tenants? How old was the carpet when the tenant ...
Harper - Reinstate Monica's user avatar
18 votes

Is being a landlord a good idea? Is there a lot of risk?

I have been a landlord in Texas for just over 3 years now. I still feel like a novice, but I will give you the benefit of my experience. If you are relying on rental properties for current income ...
JohnFx's user avatar
  • 53k
18 votes

As a landlord, should I refuse a rental reference for a tenant who damaged the unit? (Fixing the damage was covered by the deposit.)

"I had to pay to have the carpet entirely replaced" is not quite accurate. You charged your tenant (by withholding money from her deposit) to have the carpet replaced. The difference is that ...
spuck's user avatar
  • 853
17 votes
Accepted

Can I raise the listed rent on a rental property due to high demand?

Withdraw it from the market. If anyone asks, apologize and say that you severely mis-priced it, and you can't afford to rent it out for the original price. Most of them will say "I'm not ...
Harper - Reinstate Monica's user avatar
17 votes

Landlord making up charges

Check with the town/city/county/state regarding landlord-tenant help. They usually have a website or document that discusses what steps are supposed to happen, and when those steps must occur. ...
mhoran_psprep's user avatar
16 votes

Why would my tenant want me, landlord, to buy his leasehold interest in my own property?

What does he mean exactly? How the heck does it make sense for a landlord to "buy" a "lease" from his own tenant? It sounds like they're hoping you might pay them to vacate/end their lease. It ...
Hart CO's user avatar
  • 70.5k
16 votes

How much should I, as a landlord, save up for property renovations?

The answer to the question how much you need to save is: It depends. You need to do an analysis of each property. Roof, appliances, heating/AC, water heater, sump pump, repaving of the driveway. Your ...
mhoran_psprep's user avatar
14 votes

Long Distance Landlording

It would appear that people have different experiences with the management companies, and that's to be expected. For what it's worth, in some areas of the world (Australia, probably others), it's ...
Mark Henderson's user avatar
12 votes

The cost of cleaning the house that we rented far exceeds the security deposit. Should we bother?

Confer with the landlord I am surprised at the amount of work this contract wants done. I'd question if it's even legal given the high costs. I suspect it's only there to remind abusive tenants of ...
Harper - Reinstate Monica's user avatar
12 votes

Does this sound like a great idea regarding being a landlord and starting a real estate empire?

This is a reasonable idea and many people have done it. But there are some risks that you need to mitigate. Overleverage. If mandatory payments are more than you can handle, you could lose your ...
zeta-band's user avatar
  • 3,987
12 votes

Letting Agent proposes relative to rent my house

It is possible that the company they work for won't allow this. Taking money from the property owner to represent them, but then potentially helping the tenant could be against their employment ...
mhoran_psprep's user avatar
11 votes

Why invest in becoming a landlord?

with 150K € to invest to "become a landlord" you have several options: Pay for 100% of one property, and you then will make a significant percentage of the monthly rent as profit each month. That ...
mhoran_psprep's user avatar

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