All Forum Posts by: Kenny Dahill

@Peter Morgan, have you asked them why they're running it?

Some thoughts:

-  Ask them why they're running it

-  Have them change the filters monthly

-  If you pay for utilities, initiate a monthly allowance that's added on their rent.  If they're under the allowance, you keep the difference.  If it goes over, they pay for that.  For example: $100 utilities allowance per month, added onto rent.

-  Buy them tank tops so they're  bod's are cooler.

@Bradley Bartlett Jr, been there, done that as a landlord-roomie.

A lease agreement is different than a roommate agreement.  Lease = paying to have access to live in the house.  Roommate = we agree that my milk is mine, not yours.

You can definitely have both and there's value there.  From my early days as a RoomLord (is that a term, if not, can I claim it?!), the biggest issues came from roommates assuming everything was at my expense.  Sink clogged because roommate put bacon grease down the drain: my cost.  Landscaping time and/or hire out: my cost.

Make it very clear and defined of your responsibilities as Landlord and Roommate.  They are different.

You can definitely use Venmo.  Skip on the cash payments, no records leads to issues.  If she's concerned it looks like a personal payment and not rent, then use landlord software so it's distinctly marked as 'rent' from a 3rd party.

@Kate Jones, yep!  Even better, video clips!

After my pre-move-in inspections, I'll walk back through the house and record a 1-2 minute video highlighting everything that was listed when the tenant was there.

You can store locally on your phone or computer.  If you use rent collection software, some platforms allow you to upload documents as well.  I'd probably throw them in a PowerPoint and then upload so it's less files.

@Grant Ginilo, I strongly agree with @Adam Martin.  Zillow's screening reports were quite underwhelming, to say the least.  I too prefer RentPrep's for the exact same reasons: trends.  Zillow reports, if I recall, don't show their recent payments.  Whereas RentPrep's shows their past 3 years of payment statuses, not 100% on the duration.  I like seeing which credit lines they've defaulted on because it paints the full story: car payments vs credit cards vs student payments.

There's better options out there than Zillow.  Zillow has the biggest brand name in real estate but I've never been impressed with their rental platform.

Reach out directly if you have questions on other solutions, I've studied and experimented on several landlord platforms.

@Kunal Lakhwani, congrats on the deal!  Any specific terms, services, etc. that you prefer; or perhaps, not prefer.

@Austin Cai, you got this.  Feel free to call or text me directly if you have any questions, I enjoy helping other landlords.

Some high level 2 cents:

Critical Path:  First step, get your mental game focused.  Identify which items/tasks are critical path vs. can wait.  This will slim your list to make it less daunting.

Lease Agreements:  You have to honor the previous lease agreements, unless they're month-to-month.  

Repair:  Depending what you're going to do, you can still start to market your units prior to completed remodeling.  Especially in today's market, tenants are more willing to accept less than ideal terms.  Make a list of upgrades and share those with interested prospects.

@Will Kenner, personally speaking, it's tough being a software company because there are an unlimited number of use case scenarios.  Perhaps you could look into Zapier to see if either of those platforms can help you connect to another app to hack a solution together.

I would be surprised if there is a software solution for your user case since it is more niche; residential and commercial.  As a Product Manager, I'd enjoy a convo if you're interested in sharing more of the exact features/functionalities that you're looking for.

@William Shea, do yourself a favor and follow the lease agreement firmly.  Afterall, both parties signed and agreed to adhere to its terms.

A few thoughts/suggestions:

-  Send all notices according to the Lease, on-time.

-  Do not accept push rent payments if it's a consistent behavior.  One-time, I'll live with it.  Monthly, too much risk.

-  If you do decide to give them a break, still follow all the legal documents and processes.  Meaning submit the late notice and potential eviction notices.  By doing so, you're in control of whether to exercise your right or not.

-  Set higher standards for how you want to collect rent.  Cash is risky: in-person, no records, etc.  I'd use electronic payments so a) there's proof, b) easier on you, and c) if you use landlord software, it'll apply the late fees for you.

@Jin Park, before looking for a new PM, have you reviewed your agreement's termination clause for how much it'll cost you to terminate early?  Or, how many days prior notice you must provide to not renew; typically 60 days from end of contract.

@Chad Chiles, consider that undermarket rent part of your investment capital.  You'll need to either a) convince the tenants to accept higher rent, or b) convince them to terminate the lease and move out early.

If you're asking to increase their rents, I would come prepared with any renovations you're considering as a validation.