All Forum Posts by: Darren Berg

@Darren Berg, where is the property located? Where is your entity domiciled (what state), what typed of entity is it, and what are the ownership percentages? Unfortunately, I'm run into this myself and I've seen it time and time again with clients. I would need to understand more including the above questions before I could belt out an answer. 

Ledger is of no worth. You want proof of deposited payments in a bank account.

@Darren Berg estoppels confirm lease terms deposit. Prepaid rents,and possibly ownership of things such as appliances by tenant. Intro letter includes who to send rent to.

The estoppel is a form filled out by the tenant, then confirmed by the Landlord, then accepted by the Buyer. It's supposed to ensure there are no surprises after closing. For example, I often see Buyers purchase property thinking there is a $1,000 deposit but then the tenant claims it was actually $2,000 because they paid the last month's rent. How will you know? An estoppel certificate fixes this problem.

What you want is a Landlord introduction letter. This letter introduces you as the new owner. I include written instructions for payment, reporting maintenance, and how the tenant can communicate with me. I like to hand-deliver it and set an appointment for my first inspection so I can start documenting the condition of the rental from that point forward. It's also an opportunity to get to know each other, identify maintenance needs, or answer questions.

I worry way more about IF they will pay than to what address. What proof do you have they have made the past 12 checks on time?