I met the potential renter at House #1 last night to fill out all the paperwork for leasing the house. He reiterated that his credit should be repaired in 2-3 months, and would like to buy the house as soon as he can get a loan for it. However, I have a minimum term of 6 months on my rentals, so he'll have to wait until the end of May to buy it anyway. I had to go to the house to fix the toilet, too. The fill valve was leaking where the water intake goes into the tank. It probably only needed a washer, but the whole fill valve, hose, flapper, and arm looked in bad shape, so I just replaced the whole thing with a new one for $8. Leak fixed.
I am going to meet him at the property again tonight to pick up the 1st month's rent, 1/2 the security deposit, and 1/2 the pet deposit (he has a cat). We agreed he'd split the deposits up over the first two months, so he'll give me the remaining half with next month's rent check. Of course, all that will go to pay for the taxes that are due on the house by Jan 31st.
Since we were able to rent House #1 by ourselves, my wife wants to forgo hiring an agent to market House #2 for now. I told her the traffic has been almost non-existent for that house, and I doubt I'll get any more interest doing it myself, but you know women (no offense, ladies). :-)
I figure House #2 will sit until at least after the Christmas holiday season, but you never really know about these things.
Update: Met the guy at the property last night and gave him the keys and a copy of all the paperwork. In return, he gave me a nice check. Can't beat that!
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I've got a question, you said, "We agreed he'd split the deposits up over the first two months, so he'll give me the remaining half with next month's rent check. Of course, all that will go to pay for the taxes that are due on the house by Jan 31st."
I've always thought that as landlords we have to keep the security deposit basically, "on deposit". Maybe it's only a state law, I'm in California.
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