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  1. #51
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    Getting ready to turn my rental over to a new tenant, who happens to be an ex-gf. Reserving a spot in the thread for questions related to inappropriate landlord/tenant relationships, retaliatory damage to property, eviction notices, etc.



    Wasn't there a popcorn emoji?

  2. #52
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    Dear lord man, that seems like an extra terrible idea. You already know this, but it bears repeating.
    Live Free or Die

  3. #53
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    Quote Originally Posted by DJSapp View Post
    On selecting renters: you cannot discriminate. You can, however setup a significant set of requirements on when and how you will take applications. Here are some examples that may or may not work in your locality

    1. Hold a home viewing day and only accept applications that day. No exceptions, if they didn't show up prepared, they lose. Make people sign in to verify they were there
    2. First + Last + Security deposit (maximum amount practical, up to another month's rent or more if the market will bear it) due at lease signing. No exceptions. Yes, this is a significant amount of cash up front, in your case nearly $10k.
    3. Sealed credit report due with application provided at their expense. No significant delinquency beyond 30 days. Must be in good standing with local institutions. No application will be considered without a credit report. No exceptions.

    The should weed out 95% of the bad renters that will ultimately trash the place. You will feel like an asshole doing this, but you are not discriminating, you are simply separating the folks that come prepared from those who are not. Typically the one's who are not come complete with a sob story, drama, and bad things seem to follow them. You don't want that.

    To defend against the rest...

    You cover water/sewer/garbage and landscaping and raise the cost of rent to cover it. Hire a landscaper that will report the house condition to you when they stop by weekly. Do not accept the renter maintaining landscaping or allow them to pay for water, there is no security deposit high enough to cover this if your entire yard dries up.
    Or for the water damage if they decide to make a business out of the basement and the irrigation for their personal use goes bad.

  4. #54
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    Quote Originally Posted by HellgateBasement View Post
    Getting ready to turn my rental over to a new tenant, who happens to be an ex-gf. Reserving a spot in the thread for questions related to inappropriate landlord/tenant relationships, retaliatory damage to property, eviction notices, etc.



    Wasn't there a popcorn emoji?
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    Kindness is a bridge between all people

    Dunkin’ Donuts Worker Dances With Customer Who Has Autism

  5. #55
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    Well, we've gotten to a handshake on a beach property on an Island you'd recognize the name of in the southeast. Still some hurdles but it's looking pretty good. closing 9/3. All Shortterm Air B&B etc. This is somewhat of a greenfield as it was used as a 2nd residence and not rented previously. ALL the modeling I've done, these things are cash flow negative out of the gate. I don't see it possible to make it positive given the economics here. Whether -5k or -15k, seems to be in that range. Few rows back, 1/4 mile to the sand. I've been building a monthly model for now through 12/2020 then yearly after that. so, Gas? Electric? Cable TV? WiFi? Replacing shit that breaks? Maitence of HVAC systems? Insurance? Property tax? I've built a "suspense" line in my models for $250 monthly. Will that be the HVAC system failing? Painting? etc.

    so how hard is it working Air B&B / VRBO?
    "Can't you see..."

  6. #56
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    Quote Originally Posted by HellgateBasement View Post
    Getting ready to turn my rental over to a new tenant, who happens to be an ex-gf. Reserving a spot in the thread for questions related to inappropriate landlord/tenant relationships, retaliatory damage to property, eviction notices, etc.
    Quote Originally Posted by Captain Koons View Post
    Amirite? Am I fuckin rite? Somebody testify. Gun held sideways. You want to meet up to ski? Eat a dick, worthless scum jong.

  7. #57
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    Quote Originally Posted by Marshall Tucker View Post
    so how hard is it working Air B&B / VRBO?
    I would go the Air B&B route, as I think the platform costs you less and has a very good insurance policy for you if the people trash the place. Also, you can see reviews on previous units rented by the owners. Our reviews must be good, as people have let us bring our dogs because our other reviews said how good the dogs and we were.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  8. #58
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    Quote Originally Posted by HellgateBasement View Post
    Getting ready to turn my rental over to a new tenant, who happens to be an ex-gf. Reserving a spot in the thread for questions related to inappropriate landlord/tenant relationships, retaliatory damage to property, eviction notices, etc.



    Wasn't there a popcorn emoji?


    Quote Originally Posted by liv2ski View Post
    I would go the Air B&B route, as I think the platform costs you less and has a very good insurance policy for you if the people trash the place. Also, you can see reviews on previous units rented by the owners. Our reviews must be good, as people have let us bring our dogs because our other reviews said how good the dogs and we were.
    My next door neighbors are moving (Thank the Lort) and I'm going to do this with their house. Sooo much easier than a yearly tenant and not as much wear IMO.

    Vacationers typically wont have a pet with them.
    Last edited by Bobby Stainless; 07-21-2019 at 06:23 AM.
    "I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road

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  9. #59
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    Quote Originally Posted by bendtheski View Post
    We can go 2 storey, maybe higher, but don’t want to fuck up the view too much. The wife now pointing out that duplex would likely mean 2x the vehicles, which could suck with the inadequate parking for the apts across the street.

    Going to see what the builder suggests, but if nothing else, we’ll probably do two side by side suites.
    Not sure the layout of the lot, but would it be possible to build a one story 2 or 3 bedroom main house and a studio cottage? You'd still have two rental units (also,large families would be psyched to rent both). More room for vehicles than two duplexes. No need to go two stories and ruin the view. And your wife could do yoga or whatever in the studio cottage when it's not rented.
    I used to work in Georgetown with juvenile delinquents a long time ago. They were pretty good tenants.

  10. #60
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    Quote Originally Posted by HellgateBasement View Post
    Getting ready to turn my rental over to a new tenant, who happens to be an ex-gf. Reserving a spot in the thread for questions related to inappropriate landlord/tenant relationships, retaliatory damage to property, eviction notices, etc.



    Wasn't there a popcorn emoji?
    Update - ex GF got cold feet and backed out last minute. Kinda screwed me since the unit sat empty for a month. Kinda screwed all of you since I'm sure it would have blown up epically at some point. Anyway there's pretty short payback on the lost funds since I'll be getting market rent vs. the sweetheart deal I had offered her.

    My interest rate is in the mid 4's but I'm thinking about refinancing the place to lower the monthly nut. Will I end up paying higher rates due to the property being a rental vs. primary residence?

  11. #61
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    Quote Originally Posted by HellgateBasement View Post
    Update -

    My interest rate is in the mid 4's but I'm thinking about refinancing the place to lower the monthly nut. Will I end up paying higher rates due to the property being a rental vs. primary residence?
    Yes, non-owner-occupied rates are typically .625 percent higher than an owner-occupied rate
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  12. #62
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    Quote Originally Posted by Bobby Stainless View Post

    My next door neighbors are moving (Thank the Lort) and I'm going to do this with their house. Sooo much easier than a yearly tenant and not as much wear IMO.

    Vacationers typically wont have a pet with them. [/FONT]
    What makes short-term tenants easier than long-term tenants? The baseline physical maintenance should be the same or very similar, except now you have to go clean(or pay someone to) all the time. Dealing with a constant stream of new and unique strangers each with their own *personality* doesn't sound easy to me.

    The cash-flow may be better, in some cases much better, just curious what part exactly would be easier.

  13. #63
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    Quote Originally Posted by HellgateBasement View Post
    Update - ex GF got cold feet and backed out last minute. Kinda screwed me since the unit sat empty for a month. Kinda screwed all of you since I'm sure it would have blown up epically at some point. Anyway there's pretty short payback on the lost funds since I'll be getting market rent vs. the sweetheart deal I had offered her.
    She backed out because of the grudge fuck language in the security deposit section, didn't she?
    Fat fuck bubbas are not erosion.

  14. #64
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    Quote Originally Posted by Lexi-Bell View Post
    What makes short-term tenants easier than long-term tenants? The baseline physical maintenance should be the same or very similar, except now you have to go clean(or pay someone to) all the time. Dealing with a constant stream of new and unique strangers each with their own *personality* doesn't sound easy to me.

    The cash-flow may be better, in some cases much better, just curious what part exactly would be easier.
    I think it would depend in large part on who the long term renters are? If they're shitty, you're stuck with them for a long while. If you have a shitty short term renter, they're gone in days.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  15. #65
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    Quote Originally Posted by Lexi-Bell View Post
    What makes short-term tenants easier than long-term tenants? The baseline physical maintenance should be the same or very similar, except now you have to go clean(or pay someone to) all the time. Dealing with a constant stream of new and unique strangers each with their own *personality* doesn't sound easy to me.

    The cash-flow may be better, in some cases much better, just curious what part exactly would be easier.
    I go long term maybe less $$$ than airbnb but I've had the same tennants for almost 6 years, I didnt even go down there for 4 years but then some things needed maintenance, but I experianced no loss of revenue for 9 years
    Last edited by XXX-er; 08-30-2019 at 11:17 AM.
    Lee Lau - xxx-er is the laziest Asian canuck I know

  16. #66
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    I deal with a lot of this locally with my clients so let me know if you want get together and chat about it over a beer. We have to catch up on kids, Purgatory, etc one of these days anyway!

    Sent from my moto x4 using Tapatalk

  17. #67
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    I struggle with this question, as we have rentals with long term tenants and normally things go really well. Next summer my wife retires and we want to go to other places, ideally short term (like 3-6 months) and I can't decide whether to Air B&B our home in Coronado or rent it out long term.

    Seems like a PITA to have a new family every 28 days (per the rules in this town) but I can have a cleaner come in and go through the house (likely have them come every two weeks just because) and have a handy man on call. My adult kids can let people in and show them around if we are long gone. We should be able to get an easy $9k in July, maybe $8k in August and $7k in September. Then call it $5k the rest of the year. If I just rent it to a long term tenant it should be about $4.5k per month.

    Good news on the Air B&B is the house is available for us likely half the year or more and my wife may like that. That said, the income will likely be lower on the Air B&B, however I don't know for sure. Tough decision to decide which way to go. I guess I could list it later in the year and see what happens for summer 2020 and beyond and take it from there. WWMD?
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  18. #68
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    Quote Originally Posted by liv2ski View Post
    I struggle with this question, as we have rentals with long term tenants and normally things go really well. Next summer my wife retires and we want to go to other places, ideally short term (like 3-6 months) and I can't decide whether to Air B&B our home in Coronado or rent it out long term.

    Seems like a PITA to have a new family every 28 days (per the rules in this town) but I can have a cleaner come in and go through the house (likely have them come every two weeks just because) and have a handy man on call. My adult kids can let people in and show them around if we are long gone. We should be able to get an easy $9k in July, maybe $8k in August and $7k in September. Then call it $5k the rest of the year. If I just rent it to a long term tenant it should be about $4.5k per month.

    Good news on the Air B&B is the house is available for us likely half the year or more and my wife may like that. That said, the income will likely be lower on the Air B&B, however I don't know for sure. Tough decision to decide which way to go. I guess I could list it later in the year and see what happens for summer 2020 and beyond and take it from there. WWMD?
    Seems to me it would be wise to crank out a few spreadsheets and really crunch the numbers. I assume you already do this since you have properties with long term tenants. I've had to shit-can more ideas than I care to admit I thought were awesome and fool-proof but just didn't pencil.


    Having short term renters for 6 months, who accordinding to your local regs have a minimum 28 day stay, means 6 different tenants, seems reasonable and allows you full use of the property half the year. If you rent it out in Summer when it commands more money you still get fantastic weather in the Winter, right? Your setup with cleaner, handyman, kids sounds like you are already good to go!

  19. #69
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    Quote Originally Posted by Danno View Post
    I think it would depend in large part on who the long term renters are? If they're shitty, you're stuck with them for a long while. If you have a shitty short term renter, they're gone in days.
    Cue MD9's saga about the horrific tenant he had. Lady had some kind of experience with housing law and knew all the strings to pull. She essentially tried to blackmail him into living there for free. Evicting her was a year-long nightmare, maybe longer.

    How often do people using AirBNB trash places? I'm guessing it's rather infrequently. Owners on AirBNB rate their guests. Guests who trash places will quickly find themselves unable to rent from other AirBNB owners. For run-of-the-mill sloppy people, well, that's what the cleaning fee is for.

  20. #70
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    Quote Originally Posted by Dantheman View Post
    Cue MD9's saga about the horrific tenant he had. Lady had some kind of experience with housing law and knew all the strings to pull. She essentially tried to blackmail him into living there for free. Evicting her was a year-long nightmare, maybe longer.

    How often do people using AirBNB trash places? I'm guessing it's rather infrequently. Owners on AirBNB rate their guests. Guests who trash places will quickly find themselves unable to rent from other AirBNB owners. For run-of-the-mill sloppy people, well, that's what the cleaning fee is for.
    Airbnb and homeowner's insurance rental policies also cover damage by short termers. Deposits are collected as well.

  21. #71
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    I recently read an article that noted bad tenants get banned from air B&B

  22. #72
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    It's not that Airbnb people trash the place, it's just that it's constant work. A good long term tenant is easy money.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin

  23. #73
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    Quote Originally Posted by Danno View Post
    It's not that Airbnb people trash the place, it's just that it's constant work. A good long term tenant is easy money.
    You can actually manage it to the point of being very little actual work. However, this involves paying a cleaner, and maybe a manager if you really want to be uninvolved, so you might get less money in the end. And yes, it is still a job, however, I manage most of my stuff from my actual job though, so I'm still getting paid for it technically.

    Most of the communication with tenants is actually kind of enjoyable. I've met some really nice folks and made some good connections. Some also own their own Airbnbs and have offered to trade for ours but we have yet to make that happen yet.

  24. #74
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    Quote Originally Posted by ULLRismyco-pilot View Post

    Most of the communication with tenants is actually kind of enjoyable. I've met some really nice folks and made some good connections. Some also own their own Airbnbs and have offered to trade for ours but we have yet to make that happen yet.
    Just rented to a British ex-pat couple who live in France - they raved about our place. When I checked out their airbnb profile the idea of a swap did spring to mind

    Quote Originally Posted by Downbound Train View Post
    And there will come a day when our ancestors look back...........

  25. #75
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    Quote Originally Posted by PNWbrit View Post
    Just rented to an British ex-pat couple who live in France - they raved about our place. When I checked out their airbnb profile the idea of a swap did spring to mind

    Yeah, I'm just waiting for someone from Chamonix or Verbier to come knocking. Haven't joined Homeexchange.com yet but it is on the list.

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