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Property 2 – Vacancy filled after 14 days.

April 17, 2011

Property 2 was vacant 14 days before I got it rented out again.  I picked up the deposit last week and just exchanged keys for the first months rent yesterday.  I hope they pay as good as my last tenants.  I am a bit concerned about the size of this family – 4 adults and one small child. Three of the adults work, the other one collects unemployment and babysits on the side.  I pulled credit, got copies of drivers licenses and paystubs, verified employment, checked with landlords, etc.  They are not perfect, but there are multiple incomes coming in and they have ties with the neighborhood and have other family living in the area.

My biggest fear with all of these adults living in the house is collecting rent.  They paid the deposit with 2 money orders.  This is not a problem as I collected them both at the exact same time.  However, I made it very clear to them that I expect to collect the rent one time each month.  Not half of it on Friday from this guy and the other half from someone else on Saturday.  We have made this mistake before, but not again.

I put together a receipt for the deposit and first months rent and made this clear as my lease is silent on this area.  My other area of concern was the number or adults in my home.  I wanted to make it clear that no one else should be living in the property so I added more verbiage to the receipt.  Attached is this receipt:

Receipt for deposit, rent, pet fee 2011 v1

Considering the lack of notice my last tenants gave me this vacancy went quite smooth.  They did leave the place in good condition which really helps.  My total out of pocket expenses was $396. I was also able to raise the rent from $750 to $795. I received 35 calls on the house and had 4 completed applications. Of course Murphy’s Law occurred – I had a great sounding candidate call just as I was pulling my sign out of the yard.

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From → Landlord

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