Best way to rent out a condo?

Nigerian 419 is the largest flow of money into Nigeria only 2nd to oil. Nice job everyone catching that so fast. I had a time when I was at my bank talking about how another local business got scammed for over $ 65,000.00 by one of these guys with a phoney cashiers check. It happens so often its a major issue for Western Union and the banks. But for some reason Law Enforcement avoids it. It does not provide income for them like drugs, DUI`s, or other Court related income.



Shooby

Sell it unless you can take the negative cash flow hit for several years without hesitation. 4-5 years is my guess.
 
<p>interesting take on rents right now in OCR blog</p>

<p>"One Newport Beach financial adviser who is an expert on income properties is getting nervous about rents. Richard Crum, a certified financial planner at RS Crum Investments, said today that, just in the last two weeks, he’s seen apartment rents soften in Long Beach. It’s occurring in lower-income neighborhoods so it’s unclear if it’s a trend, but based on his nearly 40 years of experience, it gives him pause. “We don’t have a good feeling,” he said.</p>

<p>He suggested that it may be due to cash-strapped speculators who are stuck with homes and condos they can’t sell. They may be renting the units just to help pay part of their mortgage, which puts them in competition with apartment owners looking for tenants, Crum said. “I wouldn’t be (an apartment house) buyer right now,” he said. “That’s just looking for trouble.”</p>
 
I'm lowering the monthly rent to $1850 and seeing if I have any takers. I may have a negative cash flow but its all good
 
Nevermind, a lady came tonight and really liked it, so pending a credit check I'm renting it out for $1950 a month. :)
 
So I have the social security number, drivers license, name address.



Any suggestions/web sites to scout these people out and make sure they're legit?



Freecreditreport.com? public records?
 
Shooby Have you tried <a href="http://www.nail-usa.com/">http://www.nail-usa.com/.</a> It is the National Association of Independant Landlords. Lots of forms and information, rental and lease agreements, credit reports, criminal background checks. Its not free but way less expensive than getting a flaky tenant. Enjoy!
 
ohhh brother... you better read up quickly abouot beeing a private landlord, there is way more than just getting the check every months !! get on it.... stay on top of it... and don't ever raise the rent if the tenant is good !! call the landlords from the last place, how long did she stay there, how much paid ?



www.tenantverification.com you'll get surpizes how cedit checks work these days... good luck
 
Speaking of which, I got a check via UPS this morning from that guy from UK who wanted to rent my place and give me three months rent up front. He's been emailing me asking when a good time to talk is...I got a check for $9,600 from Wachovia Bank made from Wake Forest University.



Should I bother taking this to the police? I doubt they'd really do anything.
 
Total Scam. Its a forged check for sure. Another Company like mine got the same scam for Memory parts from a University check from Georgia. Not sure what school it was.

This is Nigerian in origin and is a major problem. I think Wachovia would be the first place to go or the US Secret Service. They are the leading agency against Nigerian 419.
 
The guy just called me a left me a voicemail, basically saying..."I haven't heard from you, I sent you a check and I want to make sure you got my money, call me back as you have my money" in some thick asian accent.
 
<p>Shooby - FSBO landlords are big targets for scammers and more. The scammers are less likely to contact a "realtard", eventhough, the advanced scammers might try.</p>

<p>Now that they know your phone number and address, and that they can claim you had their money, who know what they might try to do to your house. You are dealing with professional crooks. </p>

<p>The problem does not stop here either. You might have potential tenants claiming all kind of discriminations if they are not chosen. And then more problems after you rent to a scammer.</p>

<p>A "realtard" comes in handy at least as a sounding board, and assumes many liabilities. For the little fees to screen for good tenant, most "realtards" rather not touching leases.</p>
 
<p>Since you're in this far and they've got your phone number, go talk to the local police fraud department and ask for advice after explaining what happened.</p>

<p>At a minimum, I suspect they'll call verbally harass, and threaten you if they aren't on the up and up. Which is fairly likely.</p>

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<p>nirvinerealtor</p>

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<p>You are correct. Not only is the money not worth the effort for a realtor to handle a lease but the liability is certainly not worth it.</p>

<p>This scam is an example of what happens when a person puts any personal information on line. If scooby wasn't reading this blog he/she would most likely be in a major mess. How about meeting a stranger at your property without knowing anything about them? </p>

<p>This also goes for FSBOs that fail to disclose or misrepresent items in sale of property and get sued or worse yet have recission of contract awarded by a court.</p>

<p>Enjoy!</p>

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Are you seriously saying that FSBOs misrepresent themselves, their property, or conditions any more than realtors?
 
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