All Forum Posts by: Kim Meredith Hampton

Hi Ran,

I would probably ask around locally for a PM to see if they have backoffice services that they offer, other than that, there are a lot of accounting type of services available with third party vendors through the national association of residential property managers. The reason I say local, because they probably understand your state laws with regard to postings, late rents, how many days grace, eviction laws etc...

 I would file a claim an insurance claim right away. You will probably have some sort of limit regarding mold/medical, but thee things can turn into a mess, trust me, I manage a lot of units and have done so for almost 30 years. 

Make sure that you have all your notes, pictures, work orders reports etc...keeep copious notes, its one of the most important items. The PM should have dates and times that everything has been performed. 

Not sure who can see mold in the lungs?? Tenants will try anything to get money. The sadest part about these frivilious law suits and/or claims is that the insurance comapnies almost always give them something, this is why they continue to do this

@Tommy Brant I agree with you. Im in Florida and sell multi family and some JV on deals, but our rates have increased significantly over the last two years 50-100%, BUT the most recent renewals are more around the 5-10% increases as 8 new insurance companies entered the state this past year. I am one to be more cautious in my underwriting. Would much rather be over than under in my numbers!

AGREE 100%, not every deal is a good deal and move on......

@Brittany Guimond Has been the slowest summer I have seen in decades! And now the sales have slowed too, so hopefully turning the corner for a buyers market.

Don't forget its an election year and inflation isout of control. Our renewal stats this year at 82%, people are staying put! Going to have to reduce to cut down on vacancy. 

On the other hand, my short term company has done better than usual for a slow summer market. This year is just weird.

@Ross Hayes I know it’s difficult wondering what to do, as I’ve seen my fair share of pet damage, but honestly once you put some screening processes and money attached to it, you will see that majority of pet owners are pretty good. 

Actually the number of pet owners in rentals is actually north of 70%+, so they are definitely part of the family. I use a service called pet screening.com . I’m not sure they handle individual owners or just apartment and residential property managers? They take care of all the screening of the pets; vet records, ask questions etc…. then you put in place a pet fee, pet deposit or monthly pet rent or a combination thereof. 
If you can’t or don’t want to use the screening company, put a pet agreement in place, collect a pix of pet, vet records, the agreement (you can find on online) and collect the appropriate fees.

Please don’t forget about ESA or Service animals. They are each treated a little differently, and you cannot collect any fees. Please read up on this to avoid any legal issues.

@Abram Edawrd Inman Congratulations on your first property, I think you are headed in the right direction. 

I would not get applications first, you are making way too much work for yourself. Do a couple open houses to invite interested applicants and explain or ask a couple of questions or statements; rent should be 3x the rent, 3 years of rental history, 3 years of employment and no evictions. And if you accept pets, ask that too. This way you can weed out the lookie loos and people who aren’t qualified, while also cutting down on the number of times you show the property!

I also would never fill out an application before seeing the property, so many scams out there!

If you can’t get a hold of employers or landlords, maybe ask for bank statements showing payments or deposits 

This fee could definitely be passed along to the tenant. You would need to notify them prior to renting the place or when it’s time for renewal so that they are aware.

Michael

Are you referring to all utilities on one meter? submetetering?

I would call a RE Lawyer in your area that is familiar with section 8 housing. From what i’ve heard about New York, California, Washington and Seattle is that these states are very pro tenant, so be very careful about buying something before you speak with an attorney who knows what they are doing!!! 

Linda

Most statutes don’t allow you to collect double rent, the previous tenant would need to be pro-rated back for that portion of time you let the new tenants occupy. 

Once you give people the keys, they need to start paying and have a signed lease. I always say, no good deed goes unpunished; meaning “letting” tenants just move a few things in, now makes you liable for their belongings if something were to happen i.e. flood, robbery, fire etc… AND those things can and do happen, then their renters insurance probably doesn’t start until the 1st of September and you said their lease doesn’t start until the 1st of September.

Do the right thing, refund back the previous tenant IF the new tenants move in early, and also change the lease date and the new tenants need to pay from that date. OR let them move in as of September 1st and no early occupancy