All Forum Posts by: Frank Dimino

Normally you self manage your own properties and eventually start managing others if you are good at it.  Being new it would be very difficult to build up clients as a PM with no experience.

As was said earlier, try to be an apprentice for one, not just anyone though find a reputable PM and try to help them out, even free if need be. It's the knowledge and experience you are gaining that you really want. Try to learn the correct honest way for a reputable PM.

Check out your local REIA also there should be property managers in the area seek them out ask to take a few to lunch. There are good and bad Property Managers / Landlords try to find a good one and see if he or she will mentor you ( it may not be free ) That's the closest thing to a school you can do, without doing it yourself.

It is always preferable to have you tenants pay on time, now if "on time " is every 2 weeks ( i have one of those ) and they pay a late fee or even half a late fee is the first half is paid on time per lease then I am fine with them being late. ( even though it's on time for them ) 

Tenants who are paying late generally cause more issues between you and them, that is why on time is always preferred.

You should talk to any possible tenants about it, explain that the LL insurance does not cover renters stuff. Something  as simple as a are you getting renters insurance (we recommend that you do ) with a check one yes or no line to initialed by the tenant is fine. 

Once you have that you can always have that if something happens and state we recommended you get it and you chose not to or said you were, sorry but our insurance won't cover this for you.

Yes they should pay, but you should find the electrician and make sure any permits needed are pulled. Just need to make sure the work is done right.

Yeah I agree it's a no brainer you have guaranteed payment with a premium for 9 months. so 11 months rent over 9 months.

As long as the new tenant meets your criteria, you can always have him pay the leaving tenant back his portion of the security deposit, then have everyone sign a new lease so you have all the correct names on it. Have in writing that new tenant is repaying old one his portion of the security deposit.

It's not that way for us, it's extremely pro tenant here. more than 2 months late toss that out we'll do the most recent 2  months only go to small claims for anything else. any error in lease tosses the case or you get no legal and late fees. Even when everything is correct they may not allow late fees.

We have a large rental market and the courts protect the tenant with a passion.

If it's cash then you need to right a receipt, a check they can verify and they also have a stub from a money order. If the have  a PC just scan the receipt and email it to them.

Or tell them they can pick up a receipt each month of they want.

This is akin to them looking at other properties to see if they are in better shape, a better area, or less rent. Who's my landlord is also part of the property they may rent.

I would point out that I asked for permission ( signoff ) to check your back ground etc, I expect the same courtesy back. Let them know that it's not that you did it but that you should have said something first.