All Forum Posts by: Greg Meyer

I am pursuing my first owner financed investment; I will put down a good chunk of $$ (15%). His agent says, I will need to also pay the closing attorney's fees. Who usually pay this?

You are right; if he goes bankrupt it would be a huge concern.
I always keep security deposit separate; I am not sure of what the law require here in VA.
Thanks

I keep the records of everything including how much we have in security deposit. So, I trust that he would not abuse. However, isn't it a better idea to keep it in an account we both have access to?

I am an out of town investor. As such, I depend on a property manager (PM) to sign up new tenants, collect rents etc. Some security deposit $$ are in my bank,with a dedicated account and some have been kept with the property manager. I want to consolidate the funds, and wonder where I should keep the money.

Possible solutions I am looking at:

1.  Bring it all to my bank, within a dedicated account and give my PM access to account, in case we have to return money

2. Transfer the deposits I have to the property manager, so I can delegate the task of managing the deposits.

My PM thinks its a better idea that he keeps the $$, but he cant say why. I want to hear what this community thinks.

Thanks everyone for the input and insights. Our prior PM had an office far away from our properties.Late payments were ours. He used phone calls, text messages and onsite appointments to collect rents. As a results, late payments were rare.  I like the idea of paying a bonus, based on efficiency in collecting rents on time.

I am negotiating with a property manager to maintain a 30 door investment. Recently, It came to my attention that the manager is charging a $50 application fee, and he would like to keep late fees.

In your area: How much do tenants usually pay for application processing? Who gets to keep late fees? owner or property manager?

Thank you