All Forum Posts by: Jeff Gates

There are online processes that automate and or assist in all but two tasks in the whole tenant and landlord relationship. These two tasks will be available soon. The cost of a property manager can be completely eliminated as long as you choose the right property that can attract normal stable tenants.  I know we will see the cottage property management industry shrink every year until it only represents a very small footprint. Granted this may take time. However the transition is in full swing with a huge momentum. 

I have a reason to create a lease for 12 months with a end date. I state in the lease there is no month to month option. I also have a overstay clause that charges $60 a day for over stays of dates. On the end date, they can re sign a new lease. The new lease has a new rent price. Forty days before move out day, I discuss the option to sign a new lease with the tenant. I run into many tenants who argue about rent increases. When the market bears higher rents, the tenant will look for options and soon realize that the options do not look good.

When I screen tenants I ask if they have a  bank account. My assumption is a prospect that has no bank account is hiding something bad.

I am a private landlord with two properties. My questions is for private landlords:

How many properties do you own that you manage yourself?

I am building pay rent by ACH. The money can be on your account in one day. However, there is a Federal regulation whereas there can be a NSF issue up to five days latter. So some institutions hold the transfer until they are sure there is no NSF issue.

Also, if you did get the check on the 3rd, can you get it on your bank account faster than two days?

Tenants in the lower income group have a hard time with these fees. However tenants who hope to rent a home with a rent of $2500 a month or more, do not consider these fees too much.

What is the right fee for Tenant screening?

My original question was based on a novice understanding of debit and credit. Some users want that data hidden to prevent confusion, while other users need to know they have a real accrual accounting behind the scenes for end of period balance sheets accuracy.

Most DIY landlords are not accountants; however they would like their financial data accurate. How can the software communicate debit and credit to the non accounts?

Is it terribly unusual to weed out unqualified applicants by requesting a paper application before showing them the property? There is no fee.