All Tucked In

I have a book review planned for next week, but wanted to do one more week of property updates.

We have a friend in real estate who compares having all the properties rented to having her kids all tucked into bed. I am happy to report that all of our properties are tucked in, we may enjoy another period of settled peace and quiet again.

Our four bedroom got rented, by our property manager. Previously we were getting $1,055/month in rent and a $1,275 refundable deposit. Our new property manager is getting us $1,085 and the deposit is $315 refundable and $1,685 non-refundable. The $30 more in rent partially offsets the $70 management fee, and the upfront fee is great. We liked that the unit was vacant only 6 days, almost all of that painting and flooring time. We also got more paperwork this time, including a copy of the rental agreement.

Her rental agreement is 4 pages compared to our 11 pages. It seems to cover the important things. I like the statement “Management reserves the right to trespass any guest or family member which is not on the rental agreement, at any time.” Plus a $25 per person per day charge. I also like that the first page is a summary of the rent and deposits, addendums initialed, and a Yes/No section or appliances and other amenities. Late fees are $30 on the 6th, $50 on the 10th, plus $3/day thereafter. Tenants forfeit their deposit with less than 11 months tenancy, and the first $300 of maintenance is covered by landlord. Thinking this may be a way to ease tenants into handling their own issues after that.