All Forum Posts by: Jim Shepard

It's not any of your agent's business how many dollars you have in an account! Proof of funds when making an offer is another thing. I'd find another realtor that was working for me and not against me. As far as altering a bank statement goes I wouldn't do it. My reputation means too much to me to do that.

I always put the utilities in my name temporarily. Then require that the new tenant to put the utilities in their name on the day their lease starts. Make sure your old tenant pays the last water bill in full before returning their security deposit. Many municipalities will tag the landlord for outstanding bills - learned that one the hard way!

You need to send both a letter with the damages that you are charging them for with dollar amounts. Make sure that you follow your state's guidelines for getting them the letter in a timely matter. Tell them that they are jointly and severely responsible for the damages and any amount over and above the security deposit is due immediately. If they don't pay, take them to small claims court. If you get a judgement in your favor, you may not get paid immediately. A judgement is good for a number of years (check your state). Take LOTS of pictures for the judge!

Wow! I can't believe how the forum has grown. Congrats to the team!

I agree with John Thedford on not having the tenant there for your inspection because I like to take my time and thoroughly inspect the unit. I never rush to get them their deposit back within state guidelines. This way I may find additional damage that the first inspection overlooked. You also may need to make sure that the water bill and other utilities are paid or you might be responsible for them.

You can only charge them for the time it is vacant.

It looks like a commercial type of ceiling that was used in the late 50's early 60's. I would try painting them with Kilz's stain blocker and then a coat of flat ceiling paint.

Michael Gibson you need to first off learn your State's landlord / tenant laws. In most states you need to mitigate your damages. So when they move out, the tenant is still responsible for paying the rent. You, as the landlord, are suppose to try and rent the place. Once the unit is rented their obligation ends. I actually have a $500 "break the lease" fee plus reasonable advertising expenses in addition to them being responsible for the rent. Realistically you probably won't get rent from your tenant after they move out. Yes you can take them to small claims court but good luck collecting a judgement. Hopefully you are charging them a late fee every month. One last thing and I hope you take this the right way. The tenant is threatening you with a lawsuit if you don't let them break the lease and give their security deposit back? I would explain to them in shall we say, not so nice of terms that you are the boss of the rental. Tell them you will not take their threats - this is a business and not a hobby! It's tough at first to take this type of attitude with a tenant but after you get screwed enough, you'll get your authoritative face on. Good luck!

Congrats Steve! May be strange but I dance a little "jig" every time I pay one off...another one bites the dust!

Luke H. I try and start the lease right away if there is competition for the unit. So if there are 15 days left in the month, I will write the lease for one year 15 days so it ends on the end of the month. I will take 15 days rent plus the security deposit. If there isn't competition for the unit, I will hold the unit for iup to 2 weeks but I get a signed lease with the rent upfront and security deposit. They don't get the key until the first of the month. Hope this helps!