OT: Today’s funny landlord story

[flyer]

Via other connections who refer to us on a regular basis, and we do also have some fairly large complexes in various locations. We’re very diversified.

However, I’m sure your idea of keeping an ad up on your chosen platform would work also, especially if you know you’re going to have a vacancy in the near future. Make sure potential tenants understand it’s an interest list only, with no guarantees.

[Coronita]

So… update to the landlording/rental situation.

I posted a for rent listing in one of the websites which *cough* is no longer free. I guess that public company had a few bad quarters over overpaying for homes on MLS and now actually has to try to make money, so they started to charge for listings.. Go figure! Anyway still good service, and it’s $30 for 90 days, so why not…

And lurking around Craiglist, I basically see no rental inventory in MM, and the starting price for the smallest is well over $2k/month for AND the status is “waitlist” taking backup tenants

I thought this was a scam from the large complexes like IMT etc to get people like there is a shortage.

Well, so far my listing slightly lower has 36+ respondents in 1 week, and that’s not including the ones I haven’t opened from craiglist. Unlike before, people contacting me are pretty content with my list price and aren’t trying to haggle over it.

So far, I got candidates that are engineers (mostly) around $100k-120k, nurses that make around $100k, a PA that makes $150k, and a few bites from parents of students from UCSD that want find their kid a place. And there’s a boatload of other applicants I haven’t had time to review, I’m hoping I can pick one out of the first 10 and not deal with scheduling showing for the rest.

The parents of UCSD student looking for student housing is kinda interesting… I have a colleague that just bought a 1/1 condo in UTC, and on the chinese network, she was able to get that condo filled within 1 week. $3300/month for a 1/1 paid by a parent that paid for the entire year of rent upfront. So add UCSD student housing shortage to the issue too.

Meanwhile, the funny part is my tenant moved out on 11/30. The day before he moved out, he texted me asking if he could stay an additional 3 days (for free of course!) because the friend he was going to stay came down with the flu and he didn’t want to risk him and his wife and kid getting sick. I was like, I’m sorry to hear about your situation, but buddy, you decided you wanted to end the lease 11/30 so you wouldn’t have to pay for rent for december and save 2-3 months of rent while you returned home overseas. You specifically wanted the last day to be 11/30. I’ve already scheduled cleaning, repairs, etc people to come over starting 12/1 and already scheduled to show over the next few days… I’m sorry, but if you’re concerned about getting sick, I’d suggest you find a hotel nearby to stay in…
I think right now, a hotel room in MM is running about $220-250/night…So if he stayed in a hotel for 4 nights, that’s like $1000 right there….Not to mention the $300 cleaning fee my cleaner is going to charge him for leaving the kitchen and place a mess.

Pennywise, pound foolish… And not my problem..

I’m hoping to fill the condo over the weekend. Some of the tenant prospects is asking me if this is going to turn into a bidding war, and I said no….First come first serve with rental application and credit/income that passes my test. Then the applications, and pre-credit reports pay stubs came rolling in…See, I’m a nice guy. Not going to do this bidding war thing…

Man… $2000+/month starting in mira mesa.
The rent cashflow is starting to get really close to replacing my salary. It was only just a few years ago when the rent price was $1200/month and these were selling for $160k (and then that was considered a ripoff)…Wish I listened to people more and picked up more.

[gzz]

I gave the tenant in my 5-bedroom house 65 days notice that I was moving in early next year.

I currently live in a smaller house and have a baby coming in a couple months, and also would like more space for everyone and guests and art projects.

Their response was to offer to pay more rent if they can stay another year. We worked out a 1,133/month rent increase. While I want more space, $13,600 a year provides a lot of compensation and I am happy not to disrupt my tenant’s life.

It’s 4200/mo now going to 5333. They pointed out they paid for a lot of minor things themselves like new interior paint and doors, and also did the leg work of arranging other things that I paid for. They also claimed to have scraped 6 layers of wallpaper from one of the bedrooms.

5333 is still a great deal on a 5/3 with big yard garage and 3 car non tandem parking near the beach, so maybe we will have a similar conversation next year. It is not a crazy deal however because only the kitchen and 2 of the baths have been renovated, parts of it haven’t been updated in 60+ years. The bedrooms are also all small in line with normal prewar housing. If I ever move in as planned, we’ll likely use the jack and jill bedrooms as a single master suite.

[Coronita]

Interesting. I’m getting $5k for 2600sqft in Carmel Valley right now. I guess rent probably has gone up considerably since then. I allowed the current tenant to extend the lease for another year under the same terms…
I think I’m leaving $1000/month on the table. Oh well

[Coronita]

So I did the first showing today, and the tenant prospect wants to sign and move in this Sunday. I sent him the rental agreement just now, and hoping he signs and Zelle me the money tomorrow and I can hand him the keys.

If this happens, it will be the fastest lease I’ve done. 5 days turnaround, including 3 days to clean and do minor repairs. And there won’t be any gap in cashflow since even with the prorated month, it’s still more than my previous tenant’s rent. So I will come out ahead immediately by the previous tenant leaving to save 2 months of rent while he is overseas.

Fingers crossed….stay tuned.

There’s going to be 31 other disappointed applicants..

[gzz]

6k for 2600sf in CV sounds very possible. Mine is about 2100sf, but the yard is huge and makes it feel bigger, 2 floors on 7k sf lot. I would price mine at 5500 if empty and see if there are good prospects.

Higher end like that has worse rent to price.

The market of people who are good tenants, have 72k a year for rent, and want to stay 12+ months is tiny. Buying makes much more sense.

[Coronita]

[quote=gzz]6k for 2600sf in CV sounds very possible. Mine is about 2100sf, but the yard is huge and makes it feel bigger, 2 floors on 7k sf lot. I would price mine at 5500 if empty and see if there are good prospects.

Higher end like that has worse rent to price.

The market of people who are good tenants, have 72k a year for rent, and want to stay 12+ months is tiny. Buying makes much more sense.[/quote]

Two young professionals, double income with student loan with a kid or two that wants to go to a decent school district…that’s usually this submarket

[Coronita]

It is done. My new tenant has paid me the security deposit and this month’s pro-rated rent.. He moves in tomorrow. Fastest lease so far @ 5 days turnaround.

Did not lose $$$ due to vacancy, since it was only a 5 day gap, and the prorated new rent is still more than the last tenant’s full month rent.

[sdrealtor]

[quote=gzz]6k for 2600sf in CV sounds very possible. Mine is about 2100sf, but the yard is huge and makes it feel bigger, 2 floors on 7k sf lot. I would price mine at 5500 if empty and see if there are good prospects.

Higher end like that has worse rent to price.

The market of people who are good tenants, have 72k a year for rent, and want to stay 12+ months is tiny. Buying makes much more sense.[/quote]

Not up here. Loads that fit that profile

[sdrealtor]

[quote=Coronita]It is done. My new tenant has paid me the security deposit and this month’s pro-rated rent.. He moves in tomorrow. Fastest lease so far @ 5 days turnaround.

Did not lose $$$ due to vacancy, since it was only a 5 day gap, and the prorated new rent is still more than the last tenant’s full month rent.[/quote]

congrats. That’s a win

[Coronita]

Of course the easy button wouldn’t be complete with something totally screwed up…

So my contractor left the lid on the gallon of paint I gave him half closed…I put the gallon of paint into my trunk yesterday…This morning when I was about to go to the gym, I smelled strong latex paint odor in my car…Yep, you know where this is going.

Fortunately, it’s my old Audi, it’s latex paint, and it’s limited to the trunk floor liner , two removal panels the rear plastic panel , and a lot of paint that ran into the spare tire wheel well. Fun fun…
I think I got most of it off except the rear panel which I’ll need to replace or I was planning to coat.with s truck bed liner epoxy anyway since.it gets beat up from wear and tear.

too bad it wasn’t my old white Miata. I would have gotten out the roller and called it day for repainting the trunk I was planning on doing…

Always check the lid of paint cans…. Always…..

[XBoxBoy]

[quote=gzz]The market of people who are good tenants, have 72k a year for rent, and want to stay 12+ months is tiny. Buying makes much more sense.[/quote]

I always thought that, but watching the la jolla market I gotta tell you there are a lot of 6k (or more) a month rentals. In truth, 6k is nothing around here! What shocks me is the number of places around here that rent for more than 15k a month. Just boggles my mind. I mean seriously, who pays 20k or even 30k a month in rent? I don’t know, but it seems people really do pay that.

[Coronita]

[quote=XBoxBoy][quote=gzz]The market of people who are good tenants, have 72k a year for rent, and want to stay 12+ months is tiny. Buying makes much more sense.[/quote]

I always thought that, but watching the la jolla market I gotta tell you there are a lot of 6k (or more) a month rentals. In truth, 6k is nothing around here! What shocks me is the number of places around here that rent for more than 15k a month. Just boggles my mind. I mean seriously, who pays 20k or even 30k a month in rent? I don’t know, but it seems people really do pay that.[/quote]

Crypto baby

[gzz]

La Jolla is fairly unique for its huge concentration of older high net worth seniors from around the world, they do not want the hassle of ownership.

[sdrealtor]

La Jolla ain’t that unique. It’s the same up here all along the north county coast. No problem renting out properties 6k and a lot higher. Don’t extrapolate what you see where you live to other places your less familiar with

I’ve got a friend from back east that will be renting her soon. Looking for 2-3 bedroom place. When I told him 6k plus he said no problem. He’s far from a senior. I’ve rented houses out for people up here. Lots of folks making $300k – 500k and more around here

Here’s a dumpy twin home

https://www.zillow.com/homedetails/2416-Sacada-Cir-Carlsbad-CA-92009/2068672471_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

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