All Forum Posts by: Alex Smith

Sorry you're having to go through that. 

There's the BBB and of course Google reviews that you can submit "complaints" through. Is the previous PM registered throug NARPM? If/when you decide to look for a new PM that would be a good place to start.

Have them both sign. Like it's been mentioned, it's worth it for you to have two responsible parties instead of just one. 

Why bother accepting cash at all? Is that the absolute only way they can pay? Seems like a lot to do for just two tenants. 

Not sure if it's been mentioned here already, I didn't see it mentioned in the replies I read. He's proposing a value added tax (VAT) on huge companies like Amazon, Apple, etc, that (according to him) move most of their money out of our country to avoid paying taxes. I don't remember the numbers he mentions, but the VAT would pay for most, if not all of it. He goes into detail on Joe Rogan's podcast ep1245. I don't remember the numbers myself. His argument is that most developed countries have something like this that helps them pay for infrastructure. 

We've used rently for a few years. It certainly has its strengths and has saved us a ton a time, but it's not so great with agent showing houses, at least in our experience. We used Tenant Turner before that and switched because TT did not offer auto showings at the time. Not sure if they do now. 

Something to keep in mind with credit score: it's a direct correlation of how likely someone is to pay their bills on time and in full. Cash in the bank ≠ a good tenant. To be fair, a bad credit score does not always equate to a bad tenant, but generally a bad credit score should cause you to at least raise eyebrows. Also to be fair, a good credit score does not always equate to a good tenant. 

Down here we do self showings. The system that we use requires a debit/credit card, a picture of the front and back of their license and answering some pre-qual questions. We've been doing this for several years without any major incidents. If you're wanting to stop self-showings, open houses are a good alternative as mentioned. 

1. I would recommend to have the security deposit be at least one month's rent. You can write in your lease that the security deposit cannot be used for payment of rent. Security deposit is a safety net for you, and while ti may not always cover tenant damages, it's better than not having one, or having a meager one. 

2. We've always kept the same security deposit and not asked the tenant to contribute any more towards the SD. Both you and the tenant are still bound by the original lease, so I'm not sure that you can ask for more SD money without sending a new lease altogether. Others may have more insight into that. 

3. Are yous saying the tenant didn't pay the full security deposit, or the owner didn't return the full security deposit to the tenant?

4. Not much insight here. I'd be curious what others have to say. As an individual owner, you could walk the units with the current tenants to establish the current state as the standard if/when they move out...?

Brian, if you're local to the Chattanooga area, I would definitely recommend attending the local REIA meetings every first Thursday. A ton of connections to be made at each meeting

http://chattanoogareia.com/

If you're looking to scale, this sounds like a headache to remember and hard to process out. If you're going to do it, charge the same move-in fee and security deposit for everyone. This is most scalable and will help you avoid potential discrimination suits. 

We charge a $100 admin fee that covers the cost of the leasing process, and a one month security deposit, potentially double depending on their application. We have had very little pushback of any kind from 99% of potential tenants. 

Birmingham, AL is a great city to invest in. Lots of deals to be had. Like others have said, nowhere is too far if you have a solid boots on the ground team. 

I might be biased, but another city I would add to the list is Chattanooga, TN. Volkswagen is investing heavily in this area, and the population has been steadily increasing for the past several years. I'm seeing OOS/OOT investors increasingly interested in the city. We're a few hours drive from Atlanta, Nashville, Birmingham, Asheville, and Knoxville.