All Forum Posts by: Jennifer Rysdam

Thanks Charles :)

I sold my 8 unit and am closing the end of next month. I'm wondering if I should give the new owner the entire tenant files or just copies of the leases. Is there any reason to keep any of it? Thanks!

Well that's crappy of them. Thanks for the head's up. I use QuickBooks for my bookkeeping. I have recurring invoices set up that automatically go out to each tenant on the 24th of each month for their rent. They can click on it and pay it online or with their phones. Then QuickBooks deposits it into my account within a couple of days. They charge me 1% for that, so I pay $5.20 for each tenant, as their rent is $520. They used to not charge, so when they started that I just worked it into my rent increase for that next year. Tenants also have the option of putting a check in the rent slot or dropping checks/cash right at my bank. Then I just mark it paid in QuickBooks and there's no charge. Most people choose to pay online though.

I use Quickbooks to do my bookkeeping. I have invoices set up to automatically go out on the 24th each month. They get an email with the invoice and can just click and pay. It has worked great! However, this last year they started charging 1% for payments. In my one building the rents are $520, so I get charged $5.20 for each payment they process. That adds up for 8 units. 
The ones that don't pay online will either put cash in the bank or drop a check in the slot for my onsite guy to deposit with the laundry coin and his rent.
I'm going to look into apts.com and see if that may be a better solution. I hate to change things though because right now it works so smoothly as it is.

You have to follow the laws of your location and what's in your lease. My lease says that they forfeit their deposit if they move out early. I mentioned above how I handle people leaving early. Depending on your laws and lease, I would go by the timeline provided by your state for having to return deposits - here in MN it's 21 days. Then I deduct repairs and cleaning costs, plus in this situation any lost rent for the gap between them moving out and someone else moving in.
Just tell them to read their lease. It should be in there, and they signed it. Good luck! Use this as a learning experience, make sure your lease covers everything, and be sure to treat everyone the same. I know it can be frustrating and intimidating, but it will get easier. Good luck!

I use apartments. com for listings as they have given me the most leads. I also put them on local Facebook groups. I used TransUnion SmartMove for the credit and background checks. I just have to submit the tenant's email address and they email them, get payment from them, and process the credit and background checks. I use QuickBooks for my bookkeeping, so I just set up automatic invoices that go out to all of my tenants on the 24th of each month. Most of them just click on the email and pay right through there.
The thing I didn't like about Zillow was that they made people pay and submit the background/credit check along with the application. I don't make people pay to apply. I get the applications, check the info and references, and then send the email for the background/credit check if I have chosen them over the other applicants. Best wishes! :) 

I have told people in the past that until I can get someone in there they have to continue to pay the rent, however, if they leave it super clean and I can get it rented out right away they can avoid that. So far it has worked well. They left them clean and I was even able to rent some out before they moved out.
Otherwise, refer to your lease and what it says. Many charge a flat 2 months rent to get a early move-out date. I usually try to work with people. I've had some buy houses, and others end relationships, etc.

@Greg Scott Thanks Greg. My tenants all get Quickbooks invoices every month for their rent. I put $500 for his rent and then the next lines are the work deductions listed out separately. When I run reports they all come out independently. 

I have a tenant that gets a $200 discount on his $500 rent for taking care of the lawn and snow. I'm not sure if I should 1099 him for the work ($2400) and still count the whole rent ($6000) amount as rent, or if I should just count it as less rent and not do the 1099. I think the lower rent amount would affect the value of my property, but I also don't want to discourage him from wanting to do the work by 1099'ing him. What do the rest of you do?

Here are a few that I do:

-DIY plywood shiplap is a great way to cover a crappy wall or wallpaper! Just be sure to paint the wall the same color so you can't see a different color through the cracks. 
-Focal walls are a very popular in rentals. A simple gallon of paint can make a great statement.
-I paint my rentals Agreeable Gray instead of white. People get sick of white, especially people who have lived in apartments all of their lives.
-Change common area lighting to LED to save on electrical costs, and put plexi covers on thermostats so they don't turn them up.