All Forum Posts by: Andrew Millard

Ive searched and searched but can only find old topics for this subject.

Im looking to revamp rent payment policy, specifically how tenants are allowed to pay.

Currently Im about 30 units, about 15 pay online no issues via apartments dot com. another 10 or so mail a check mostly on time. Then theres a few that like to drop off money orders or checks on the 4th or 5th. I have a locked mailbox for them to drop off in and only gave them that as a option because they were late once. Well poor tenants being poor tenants have made a habit out of that, and as I continue to grow Im not wanting that to continue. My lawyer told me I can make pretty much any payment policy (within certain legal perimeters) for them to agree to and stick to it. So im considering making it mandatory to mail to PO Box if not paying online. The issue I've run into in the past is then say its the last day of a 5 day notice and then tenant wants to pay (as they always wait to the end). I dont want payment online if its late as it can take several days or weeks to find out the payment didn't go through. Tenants always then want to drop off at my house (even if that was never an option) What's everyone else doing for collecting payments, especially late? 

What insurance company and rate did you end up with?

@Mike Cumbie

Exactly my thought

Never ran into this issue before. I have a mom and daughter and that are moving out not on good terms with each other. Mom paid the security deposit and thinks she’s entitled to it I said we would normally split it in half if I didn’t have agreement from both parties, daughter wants it split. Both are equal on the lease, I don’t care who gets the security deposit and they will be getting one back. Just curious how anyone would handle this in the future I would probably have them sign off who is owed the security deposit

Im betting the second many tenants see that they think they don't have to pay their rent. So how does one handle this? let it happen then need to evict once its allowed again? Offer discounted rent for a couple months to stay on good terms?

@Elena Koyun

I’m a landlord and exterior contractor. Everyone wants to cya, save money, and deny responsibility. However most of the time it’s simpler to just accommodate. If this has been a good tennant without a history of complaints here’s what I would say.

“Thanks for reaching out to me, some small damage and dust is to be expected when updating your home however this is concerning to me. I will contact the contractor about this, what can we do to make this right?”

Maybe they want a hundred bucks, maybe they want nothing and just need to express frustration, or want you to know they had issues in case other people were complaining as well. You don’t know what they want until you ask in this case. By asking what you can do to make it right is not an admission of guilt or accepting responsibility, it’s just asking what would make them happy. If they say they want $10,000 for their trouble then you have some questions to solve.

@Crystal C.

90 year old system likely at end of life. As mentioned above grading and drainage is main thing to fix. I have one that we solved 90% of the issue just by changing some downspouts. but with a several inch rain storm there’s a lot of water in the basement, so we are getting interior drain tile and sump installed. Grading is poor and can’t be easily fixed due to proximity to other buildings.

@Maurice Stewart

I have split water meters at the main twice. Works nice, however had to buy new softener for second unit and pay for the plumbing work. All in $1600.

I have another place that has just one water meter and I pay it “included in rent” it sucks because people don’t really see the included in rent as a savings. It has that and one boiler for heat. So heat and water are included in rent. I figure that’s worth about $125 a month to each unit but the rents don’t always reflect it. But the place cash flows good so it’s not a huge deal. I think just paying it and including in rent or tacking on $30-50 a month as a separate flat water service charge would be the best if you can’t easily separate. One meter will cost less per month than two anyway

5% would be the max discount to even consider. Even then I don’t see how it’s worth it.

I have rented small warehouse space for years. Used to pay quarterly just because I hated writing checks or would forget. My landlord actually prefers getting checks every month instead of up front for 3 months so he “doesn’t spend money I don’t have”

If you can drop your interest rate significantly enough its a no brainer. If your wanting to take cash out I personally wouldn't go past 80% of the homes value. Keep 20% equity if you want to stay somewhat safe