All Forum Posts by: Dana Dunford

@Neil Whitney - Interesting proposal! I like the general concept, but unfortunately have not heard of this type of solution. Property managers have fairly traditional fee structures. 

However, some managers will agree to not collecting their percentage of rent if they cannot collect from the tenant. And, you can negotiate where 100% of the late fee goes to you. While the screening process is used to assess the quality of the tenant, there is no guarantee. The class of the rental (C vs A), unforeseen tenant circumstances (e.g. losing a job), etc. can factor into it. Hope that helps! 

@Rod Borges - 

I have not heard of an online "complete" tenant screening service for Massachusetts. You will be ok on the full credit report and score, but the background check will not be instantaneous. 

Services like TransUnion MySmart Move will not include a background search for MA. However, the Smart Move Team recommends looking at PDA Investigations (takes ~3 business days) to access the non-instant criminal records.

I hope that is helpful. You can also perform checks with the past landlord. 

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@James Masotti - Thanks.

@Thomas Kwan - @David Roberson recommends this guy: 

http://www.rhrc.net/Attorney-Profiles/Richard-Gull...

@Account Closed -- Quick question -- what do you mean by 1.5x deposit? 

If it's just two days away, then I'd recommend receiving the security deposit, all of February's rent (aka pre-paid rent), and a signed lease right now. 

For utilities, they transfer on the possession day (aka Feb 1st), but the tenant should be able to call and get them put into their name in advance. 

@Account Closed For your process:

(1) Why are you holding 1.5x the deposit? You should just receive the security deposit + pre-paid rent (one month's rent), along with the lease signing.

(2) Great - they should sign the lease with the start date + pay the deposit + pay pre-paid rent before you take the property off the market. You wouldn't believe how many tenants flake out of the lease if you don't receive all of that.

(3) I would perform the inspection myself (or with them).

(4) See comment #2.

(5) Pro-rated rent is only if the lease does not start on the day that rent is due. For example, if the lease starts on Feb 5th but the rent is due on the 1st of the month, then February is pro-rated for the # of days that the tenant is there (versus making them pay the full month).

Hope that helps with your process.

@James Conaway - Did you mention to the tenants (beforehand) that they would be responsible if x, y, and z? I always try to mitigate the risk up front.

For example, "If the issue is related to the soap you are using, then I will charge you for the service call. Are we still ok to move forward with the vendor, who has an $80 service call rate? He will let us know the issue when he assesses the problem." 

This type of up front disclaimer is especially useful with:

1. Items stuck down the disposal
2. Lightbulbs burnt out
3. Forgot to switch the breaker

Hope that helps for future cases. For this case, you may want to go with the recommendation above or just foot the cost until next time.

@Evan Trang - Thanks for clarifying. I would definitely ask a lawyer if there is a way around it (or your LLC may just need ownership interest in the property).

Best regards,

Dana

@Evan Trang -- As far as I know (I'd be surprised if Georgia is different than any States that I am in) ... if it's your LLC, then you can manage it yourself.

@Amy Bates - You can list an LLC as the owner. I also recommend setting up a different email account associated with your LLC.