All Forum Posts by: Ivan Burley

@Michaela G.  I understand your personal feeling on the matter, but I keep my feeling out or my business decisions.  I was aware that there were no deposits taken as was evident in escrow.  I believe it wouldn't be wise for anyone to allow tenants to stay in their property without a rental deposit.  

My main concern is a pet deposit.  To you point on changing terms, if a previous owner made many errors in their management practices it is my responsibility to correct these errors.  The tenant can get as upset as they'd like.  They have the option to move or stay.  I'd much rather have a tenant that agrees with my terms, which are very fair by the way, then to risk serious financial strain in order to keep a flawed program in place for a tenants comfort level.

Maybe it's because I am new to things but I can't see myself ever letting a tenant dictate terms to me through the fear of vacancy.  I believe my market is stron enough that I'll find another renter fairly quickly.  I wouldn't deliberately push a good tenant away but my terms are my terms.  The terms the tenant has were with the last owner.  When the home was sold I have the right to change them.  Their lease was on a week to week basis.  It is renewed each consecutive week as long as both parties agree.

@Andrey Y.  Those were my exact thoughts.  That's why I was saying I really don't want to allow another pet, but that would be a way of getting a pet fee.

Thanks for the input guys.  I was thinking about stretching the deposit out over a specified time period.  The thing I am sure of is that I need to charge a deposit.  I just have to find the best way to work it in.

@Eddie We're. I like the idea a an extra monthly charge for pets.  The previous owner didn't exactly have the best management skills so I'll have to do so training.

@Caroline Voelkers I see what you're saying.  I also charge a full months deposit.  I've never had to deal with pets before.  Since I'm taking over existing tenants I'm a little unclear as to how to proceed.  I'd like to have had a month deposit and a pet deposit I'm just not sure they could afford that.

Sorry, I will be the Trustee.

I plan to rent the duplex completely once allowed and I don't want to hold my property in my personal name.  

Hey guys I have a pretty complicated matter, at least for me at the moment . I recently closed on a duplex through FHA. Currently the home is in my name but I am a curious about a strategy that I saw some where in passing.

I hold my single family rental under my LLC. Isn't there a way that I can place the home in a trust and name the LLC as the trusts beneficiary? I may have some things mixed up but I thought it was something along those lines.

Please help if any one understands what I am trying to convey.  Thanks ahead of time. 

Thanks for the replies guys.  During escrow the owner signed a document stating there were no deposits taken.  The property manager, a nephew, says that they paid non refundable fees.  The tenants say that they paid a deposit but they could be mistaken as to the nature of the fees.  I am moving forward as if there are no transferable deposits.  Apparently they "haven't charged deposits in years".

I am just wonder if it would be in good taste to charge another pet fee.  Seeing as I have no security net of a rental deposit I want all of the protection that I can get.  They also mentioned getting another dog.  I don't really want to allow it but it may be a way to squeeze in a pet deposit. 

This is only my second property so I am still pretty green about these things.  Thanks for he help guys.

I recently closed on a duplex and one of the current tenants has a dog.  They paid the previous owner a non refundable pet fee.  I am wondering if I should charge another pet fee for myself as well!  

Also they have previously been on a week to week lease agreement but they have been paying bi-weekly with permission from the previous owner.  They'll be signing into my 12 month lease term this week and I want to make sure that all of my bases are covered. 

Welcome.  BP is a great place.  I tell everyone that I know is even a little interested in real estate about it .  Soak it up!  Good luck with that first one.