All Forum Posts by: Dave Donahue

I closed on a property with a tenant that vacated two days before closing.  The security deposit was transferred to me at closing.  I do not have contact information or a new address for the prior tenant to forward the deposit to.  The tenant left a pile of trash, a dresser and a bed om the curb.  There are also broken blinds and a hole in the wall along with what I would consider a few areas of excessive wear.  The deposit is only $750.  

Am I in a position to keep the deposit to cover the dumpster and repairs?  I am in Pennsylvania.

I purchased my 1st rental property in July and my 2nd is under contract.  We use Avail for marketing the unit, tenant screening, document signing, collecting rent and maintenance.  It has been smooth so far and works great for us.  They have an accounting function that recently launched, but we use quickbooks for accounting because it's easier to collaborate with our CPA.

Hope this helps!

I think now is still a great time to buy.  Prices may come down a bit but the FED has already stated that the prime rate will increase another .75 - 1.25% before the end of 2023 and likely .50% in 2024.   In 2025 the "experts" are "expecting" the prime rate to drop again.  This all said... As rates increase, yes prices may fall a little over the next 6-9 months but you may end up with a higher rate as a result of waiting.  My two cents is to buy now if the numbers are right for you and refinance in a few years when it makes sense to do so.  While underwriting I tend to forecast my expenses high and my income low along with .5% higher on the interest rate than I am quoted.  This is very conservative but if my numbers still shake out after that underwriting process then my risks are almost always covered.

Thanks for all of the feedback.  My agent reached out to me today and informed me that the tenant has actually just purchased a home and will vacate the property prior to closing.  The strategy is now shifting towards cleaning and minor rehab which will all take > 1 month.  Units typically rent out very quickly in this area so I expect that the unit will only be vacant for 1 month after closing.  

I have a property under contract that is tenant occupied.  Their lease is currently month to month and they are paying about 25% under market value.  Should/can I require them to complete my tenant screening process if they agree to a rent increase and want to stay?  If they do not qualify under my policy then give them a 30 day notice and move on?  Can I start the discussion with the tenant prior to closing?

 Thanks Randy.  After spending the past two weeks watching every YouTube video I could find on all of the platforms,  Rentec Direct does look like the best bang for the buck.  I registered tonight and am stoked to get everything set up.  Just in time for a closing next week!

I'm trying to figure out the best route going forward regarding accounting software a d tenant/property management software.  I'd like to choose the best solution that allows for scalability.  So far it's looking like Quickbooks Online is a great accounting option but it doesn't do much for property and tenant management.  

What services do you all use?