All Forum Posts by: Danielle J.

@Michele Fischer thank you for sharing this! I think it is fair, giving them 10% per month if everything goes well.  A combination of your approach and @Curtis Bidwell approach would be great. Combining the two approaches for refunding security deposit may say: 0% for 1 month, 10% for 2 months, 20% for 3 months, 30% for 4 months, 40% for 5 months, and 50% for 6 months. Between 7-12 months they still only get 50% back, and after a year, they get the 100% back if all other factors are met. What do you guys think about this one? There seems to be so many ways to write up an agreement, however for me, it's important that it's fair on both sides.

@Marcia Maynard thanks for providing a very thorough response! Very simplistic and organized way of setting up accounts! If you don't mind me asking, what are some typical things that you may charge to your business credit card?

thanks @Amanda Porter the idea of having the best of both worlds sounds nice. I'm a visual person so I need to see some pics of wood looking tile, sounds very clever ;)

Thanks @Will Porter  for your input :)

@Curtis Bidwell I really appreciate your explanation of how you work the security deposit. It makes a lot of sense and I can totally see tenants wanting to stay longer to ensure that they get there security deposit back, especially if they are planning to move and pay yet another security deposit somewhere else.  I also agree with you on allowing tenants to utilize "free will" when deciding whether to stay or go. Freedom to choose is so important for both landlords and tenants. I have to check in with CA law to make securty deposits can be handled like this.

Curtis Bidwell sounds like a great idea! Can you elaborate on how you promote longevity using a month to month agreement?

Nice that's good to know! Sounds like laminate ain't gonna cut it then. Thanks for the heads up on that @Gregory Tran 

Hi BP! I'm purchasing my first multifamily property located in Redlands, CA. The property is nicely located near a university and the area generates a pretty decent selection of tenants. I've been reading about the pros and cons of having a rental agreement vs. a lease and I'm having difficulty determining which I prefer to use for tenants. I like the flexibility of having a rental agreement so that I can increase rents or modify the language of the agreement as needed. I also like the security provided by the lease option in reducing vacancy rates. However I believe that a tenant will leave when they want regardless of the consequence of breaking a contract.  With such a large pool of renter in the area, filling vacancies shouldn't be a problem, so I' m  leaning more towards rental agreements...what do you guys think? Which one works best in your business?

Also if anyone has suggestions for a solid rental agreement or lease form that adheres to CA law, please share. 

@Elizabeth Colegrove  Ouch! So are you saying that if you catch an additional pet other than the one you already are aware of its a $500 charge? 

John Van Uytven Bradley Bogdan I like the advice of adding a pet deposit and possibly increasing rent for allowing pets. Honestly I think I would sleep better at night knowing I didn't have to fight about pets. I prefer to capitalize on the opportunity via rents and deposits....

Elizabeth C. I definitely want to attract families and higher quality tenants. I'm happy to hear success stories with allowing pets. I think there is just automatically a negative perception of allowing pets due to odors and stains. But as everyone is mentioning, allowing pets can actually be an excellent strategy for staying competitive in the market so I'm definitely going to consider!