All Forum Posts by: Courtney Duong

I start by sending them a bill for the remaining balance, certified mail. I demand payment in full within 14 days or they can set up a payment plan. 99% of the time they won't even respond. If they set up a payment plan, I don't let it go more than six months and it includes penalties for late payments. 

If they don't respond and don't pay, I send them to collections and assume I'll never see a dime of it. At least it sits on their credit and hurts them in other ways.

Nathan.  But they didn't give me their forwarding address so I now don't know where they are.  I did ask for forwarding address when they moved out but they went quiet since then.

I manage 400 rentals and have learned something. Many tenants pay on time and never complain because they don't want to attract attention. In fact, some of my worst tenants paid on time and were very, very quiet.

Inspect at least once a year. If they are higher risk, maybe every quarter. For example, two young guys renting together for the first time may need an inspection within 3-4 months to ensure they're keeping it in good condition. Pet owners generally need more inspections, at least starting out. Tenants that barely passed screening should be inspected more often. 

Meanwhile, the 72-year-old single lady with no pets can probably get away with one inspection a year.

Even if a tenant has rented from you for multiple years and always passed inspection, you should still inspect once a year just to see if anything has changed. I've had Tenants that were great for 5+ years then something happens with their mental health, they lose a job, they get a divorce, or something else changes that turns them into awful renters.

If you have any concerns, contact the agent on the certificate directly and ask them to send you a current certificate.  You can also request the contactor to name you as an additional insured and require his carrier give you 30 days notice of cancellation.  The additional insured status normally will not cost him but adding the 30 day notice could result in a charge.  

You always need to verify with third party. Licensed contractors will be listed on a city or county website. Get the phone number of their insurance company and have the agent send you proof of insurance or bonding. Some cities required all licensed contractors to be insured or bonded. 

Richard, when it comes to Landlord/STR, there are several commercial insurance options out there to group rentals onto a Master policy. These programs typically handle 1-4 units, and allow Vacant, Renovations, STR and Annual rentals to be on the same policy.

I will send you some of the programs our client currently use.

Umbrella coverage is usually a separate policy.

Earth Quake and Flood can be added if the properties are in lower risk areas.  If they are in higher risk areas, then it's likely you will end up with a stand alone policy. 

Jason.  Please send it to me too.  Thanks.

My husband and I are currently looking into some commercial real estate. This would be our first commercial property if it works out. It is an approximate 40k sq ft property, all of of which is retail(café, medical and professional offices, no residential) have reached out to the agent. She is requiring we sign an NDA before viewing any particulars, which I assume is the usual for a large commercial property? I know looking at financials is a given but my question is what other documents should I request in-order to cover all my bases (leases, occupancy history, etc.)? How far back should I go(5-10years)? I appreciate all of the information and look forward to discussion>

Heads up! I've been digging into Rental Hero after 20 years of managing properties with various accounting programs, plus spreadsheets and file folders. I'm so relieved to see there's something specific to real estate and accessible to a small scale real estate investor. I only have a handful of properties, but at the end of the year, dealing with expenses and taxes has become way too time consuming. I'm looking forward to the ease Rental Hero will provide me in the future!

I've searched high and low for a program like this. What are you using?