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I'm now officially a landlord

Discussion in 'Members' Lounge' started by corvetteguy78, Sep 29, 2010.

  1. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Welp,

    Had my condo on the market since march. Had 12 showings, no offers. 16 other condos in my unit are for sale for about 25-30% less then what i can sell mine for so i put it on Craigslist and found a renter and took it off the market.

    The rent will cover about 99% of my costs so its better then nothing.

    My hope is to keep renting it and pay down the mortgage so that when i refinance it my payments will drop by half and it becomes an income property.

    i wont have to worry about much outside maintenance being a condo.

    Now i just need to sell some stuff any takers?

    Bar/Buffet server $350

    [​IMG]

    [​IMG]

    Display case $300

    [​IMG]

    3 piece leather couch set good condition $300

    [​IMG]

    [​IMG]
     
  2. reckedracing

    reckedracing TTIWWOP VIP

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    did you get contracts and all that jazz?
    first last and one months rent for security?
    1 year lease?

    id just hate for someone to move in and destroy the place and leave you holding the tab
     
  3. jamesA

    jamesA Well known pissed off telephone guy VIP

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    welcome to the club.
     
  4. Briansol

    Briansol Admins Admin VIP

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    Yeah, it's the mess that always becomes the problem. Hope they don't destory it and pay on time. GL!
     
  5. jamesA

    jamesA Well known pissed off telephone guy VIP

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    yeah, hope they aren't like my cousin... lol
     
  6. BodyDroppedNikes

    BodyDroppedNikes ...PENDEJO.... VIP

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    caught in a mosh...
    lol doesnt she owe you about $500 still?
     
  7. D16Civic

    D16Civic Matt

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    Good luck, I hope the tenant is problem-free, and I'd definitely make sure you're bases are covered legally as far as the contract and deposits, etc.
     
  8. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    I'm pretty sure in Connecticut you can't charge First, Last and one Months rent for Security Deposit. Up front you can get the first months rent and for the security deposit at a maximum 2-Months rent and that better go in an escrow account.
     
  9. Cashizslick

    Cashizslick !i!i!i!i!i!i!i!i!i!i!i!

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    Be like the landlords in the town i live in.

    Fix nothing. Never. Ever.

    Even if they move out, you can immediately re-rent the apartment. A landlord's idea of a good tenant is one who never calls and only pays the rent.

    :)
     
  10. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    contract is solid, it was my friends who used a lawyer to write it, i just made a few tweaks here and there.

    It's a single male, in management, "possibly a bent wrist kind of guy" with a small lap dog. makes allot of money almost 6 figures, verified employment and references. Very neat appearance. i have 0 worries with this particular tenant.

    Hopefully he will resign another year after the first year. we'll see.

    I will be living 4 miles away.

    Owning a condo is pretty much maintenance free. If sink or toilet clogs, his problem. But if pipe breaks my problems. Everything else is covered in the condo fees as far as other maintenance
     
  11. reckedracing

    reckedracing TTIWWOP VIP

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    first last and one month is pretty much just what you said
    the first month's rent
    the last months rent
    and a month for security deposit
    so last and one month would be 2 months rent for security deposit.
     
  12. Dustin_m

    Dustin_m Active Member

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    Same thing, but the wording matters. That last month's rent has to be part of the deposit for it to be legit.
     
  13. reckedracing

    reckedracing TTIWWOP VIP

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    looks like it really matters on state
    i see in CA you can not charge more than 3x monthly rent for move in
    in CT it looks like its 2x monthly rent
    appears to be common practice in NY, not sure on the legality of it
     
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