All Forum Posts by: Christi Wolverton

We cap the rate for utilities and actually added about 10% above our normal average this past year due to rising utility costs in our area for gas and propane.  We have only had to collect the overage one time and honestly, it is due to having a larger family in the home than we have had in the past.  Tenants sometimes ask about it when signing, but no one has refused to sign yet.  And we usually replaced windows/storm doors and HVAC systems within a year of purchasing older units, and this has helped as well.

Here's an update: I ended up re-charging her a few days later with late fees and it went through.  So I at least got that month taken care of.  She has since moved out, and I have new tenants lined up. So all in all - it was a relatively easy learning lesson and not much loss on my end.  I am now strict about the credit score, and not negotiating any of the other terms like decreasing the pet fee or security deposit to accommodate them.  Thanks for your advice and encouragement!!

I am trying to find a software and thought the same thing - let's try RentRedi since it is free through my BP pro membership.  I poked around and entered a couple of properties.  It really did not have everything I was looking for AND it did not allow the control I want for my leases and rent collections.  I have a few companies I work with to lease units for their workers and I don't want to charge them fees - and I certainly don't want to auto email them anything.  So I will not be using RentRedi and am still looking for a better solution to manage all the pieces from rent collection to messaging to maintenance and tenant tracking.

Thanks everyone.  We have 17 properties and the long term we do on ACH, but frankly, ACH set up at our bank is so cumbersome that I stopped using it for the mid-term market.  If it isn't the same amount every month - an entirely new batch has to be setup for each "off" amount and refunding them is also a bit of a hassle.  Here's the bigger lesson I learned: If a tenant asks for special considerations, or reduction of fees - those are ALWAYS the ones who are the problem tenants.  The past 3 people who did that have either continued to be demanding or have had their contracts "canceled" and I have to work to get the money in the long run.

First time in 3 years of mid-term renting that I had a credit card denied two months after client moved in.  She notified me yesterday her contract was canceled and asked about terminating the lease.  Little did I know but she had already declined her payment.  Has anyone had experience with this - in other words - can she simply decline the charge without the credit card company reaching out for investigation into the matter?

Yes - all in Missouri.

@Jamie Banks - I agree!  I love the ability to make a list of items on Amazon and then I just order that same list every single time for the basic accessories - kitchen, bedrooms, and even coffee tables/desks, rugs, etc.  I honestly use a furniture store here for the big pieces - couch/mattresses.  I need to start hitting them up for a discount program though as we keep adding units.  I usually go to Hobby Lobby and look for their discount weeks for wall art or furniture to add cute fill in pieces.  However - we have a resale furniture store here that takes excellent care of us!  They have decently nice pieces from kitchen tables/chairs to dressers and beds and sometimes we even find couches or rugs.  

Great idea!! Thanks so much!  I do have a broker, but they do not specialize in this type of thing so I think I will ask about this and then pursue other options if he can't do this.  I appreciate it!!

Working on renewing our insurance and because we have a lease of less than 12 months, (most are 60-90 days and are often renewed into longer terms once they establish themselves here) our rentals are considered short term - so we are grouped into the more expensive and riskier categories as traditional vacation rentals where you do have significantly more risk of parties, harder use on the properties, etc.  As a result our rates are significantly higher on these properties.  We currently have 7 buildings, 8 units, and are adding at least 5 more buildings this year with an additional 9 units.  All furnished - targeting traveling professionals.

Has anyone found an insurance company who has realized traveling professionals needing a furnished rental but not for an entire year are some of the best tenants possible and offer reasonable rates?

Thanks in advance for your time and advice! ~ Christi

Bonnie - yes - it is just outside the city down by Cooper's Landing.  If you went to Mizzou, you probably hung out down there a few times in the summer listening to music and catching the sunset!