All Forum Posts by: Uwe K.

I do accept cash, as well, although I am not necessarily advertising it. But I don't mind, even though most of my places are in the "less preferred neighborhoods", though not the area where police only goes with backup. :)

I always carry a receipt book with me in the car. I also use it for application fees etc. If a receipt for cash payments is requested, you are legally required to provide one (although it does not have to be a pre-printed one, a paper napkin would do, albeit not recommended).
If the tenant claims they paid (but haven't) they need to provide a receipt for it as proof.

Re. the sec. deposit: Sounds like your property wasn't bank-owned. In WI you sec. deposit responsibility goes over to the new owner. The amounts should have been taken off the sales price, which equates to the seller transferring the deposit to the buyer. Same with an existing lease that the buyer takes over. So your tenant would have the right to request the deposit from the current building owner and could sue your for double if they don't get it.

[b]About 1 or 2 months ago I was looking into opening a true business checking account. I also couldn't find any good comparison and I had to look at the banks websites, often to no avail.
Could nor find any online offers. Credit unions seem to offer the best packages, depending on your needs of course.
Forget PNC Bank- it will be faster to found your own bank then to open a checking acc with them. 3 branch visits and I am still waiting on their call back. Not for me if I have to force thwm to take my money...

Just yesterday I found out about TripLog, although it might only be available for Android. Basic functionality is free, and a few bucks for auto-start and stop once plugged in the car charger, multiple vehicles, multiple trip types (biz, moving...), and reports that are supposedly IRS-proof.
I haven't had a chance to test it yet, though.

I realize it's an old post, but I wanted to add my 2 cents for anyone researching the topic.
The free offers all more or less require a signup for a membership, as Tom said.
Because you pay eventually, they will give you an accurate record, exactly what's in your file, and the proper score, if ordered.
Use annualcreditreport.com for free (for real) as James said. Also true reports, you actually have to login with all three reporting bureaus.

Creditkarma gives you a real free score, no membership, but also no report, just a score. Big BUT: The score is just an estimate, not your actual score! And I think it is just based on one reporting agency's info. I've used it for some time now and whenever I get a real score (e.g. from a lender after credit application) and compare, the real score in my case is generally 20-30 point higher than the creditkarma estimate, surprisingly consistent.

You could also check with the city and see what they say. This looks really bad and just an invitation for something to happen.
Snow is probably an oddity where you are, but I am just thinking of the plows that would rip it off without anybody noticing it.

I would also officially notify the gas company with pictures and certified letter, requesting a fix. Then if something happens, you can at least prove "I told you so".

Theoretical question and an actual situation:

Assume a text book case:
Tenant is collectible, moves out, leaves damaged property behind.
You have $500 deposit. All rent is paid, but you charged $100 in late fees that have not been paid. You also have $1000 in damage and could prove it and the judge would agree.
Your lease also clearly states that any unpaid late fees can be deducted from the deposit and it would hold up in court (or your state law allows it already).

if your court is generally fine with late fees, no issues.
But if late fees are generally thrown out despite what your lease says, you would simply deduct the $100 form the deposit, keep the remaining $400 for damage and sue for the remainder of the damage ($600).

How do you write your statements to the tenant regarding the security deposit deductions to clearly show that the late fees have been deducted, and not something else (damages).

Here is basically how I've done it so far (with more detail, of course):
Rent owed: $0
Fees owed: $100
Damages: $1000

Total owed: $1200

Deposit paid by tenant: $500

Due by tenant: $600 within 15 days

If you bring that to the hearing, you couldn't clearly define what the deposit has been kept for and it could become an argument.
Do you state it in a particular way so it is clear which portion is deducted and what you are still suing for.

Again, just a theoretical discussion, I was just thinking of it while writing a statement. I am not able to collect from most my tenants (incl. this one) anyway.

I am 99.9% certain that the laws apply in any case, no matter if you rent a 1000-unit complex or just a hay bed in your barn. If you rent, they apply.
The only time they do not quite apply is if you have an owner occupied property, I believe up to a 4-unit building. Then you are technically allowed to "discriminate", so you can just pick and choose based on someone's curry consumption or ethnicity etc.
However, I think it still does not mean you can advertise "whites only", but you can choose not to accept Russians without consequences.

Do you then keep a stack of older keys on hand that you rotate FIFO when you re-key? The new keys they sell are pricey.
Also, have you ever had the problem of a lock "forgetting" the new key and it can't be opened anymore? Seems to be more common than I am willing to risk.

I am considering getting a pin kit and re-key myself. Easy to do, though it takes more time than Smartkey. But I want to avoid having to go out, drill the lock open and replace it when the tenant comes back home and is locked out.

Bienes: Good point, but it is as easy for them to replace the whole lock themselves. Happened before.

Wondering if anyone is re-keying or changing locks when a new tenant moves in.
Are you never doing it, or always doing it, or only if not all keys are being returned. Which then begs the question: How do you know all keys are being returned since there might have been copies made.
What of common area doors, like the back exterior door leading to a hallway of a duplex.
If a new tenant requests a change, do you charge them?

Geez Rob, do you even still call your realtor when you want to see a house or you just don't bother anymore and go in as you please, using one of your methods, carefully honed and improved over the years? :)