All Forum Posts by: Paul Brockmann

in MA, when collecting a security deposit, you must place it in its own security deposit and provide proof.  Otherwise, the tenant can get 3X the amount.  

a quick and easy thing to do is make a post on Craigslist.  If someone is looking for an apartment or a new home, they probably would start there.  

Rich is right.  Boston is a tough rental market because of all of the students constantly flowing in and out of the city.  Every broker charges 1 month fee upfront, unless if it is currently vacant.  Some of them charge it before the lease is even signed.

My suggestion would be to slightly increase the rent to divide the fee within the rent of the first year, and charge them that amount.  After the first year, the rent would be just made up of just the rent.  Maybe you can have a breakdown in the rental ad information and definitely in the lease.  People might like that.

Another suggestion, you cover the fee and just have a charge a higher rent overall.  It seems like the no-broker-fee listings on craigslist always charge higher rents.  

I have never thought of putting solar on rentals.  I guess the most fair way (does not mean the best) would be to have the solar panels go directly to the grid and the house still being fed by the grid.  You would get the check from the utility company for the solar generated, and the renter still pays the ulitilty bill.  The pros: you are getting paid for your investment directly and reliably.  The cons: the tenant doesn't have an interest in the upkeep of the solar panels.  They could accidentally block them or damage them without really caring.  

I think unless, you want to have solar panels as a selling point for your rental.  You could charge a higher price for it since it's about being green and saving the hassle of a large electric bills.

What's your mortgage status on the other properties?

Craigslist is the best way in my area.  I have used the Zillow Rental Manger as well, which combines craigslist and all of the Zillow properties under one major listing that you control.  

I would take one at a time.  

I would see if you could group them somehow to breakthrough down. Maybe by state, county, or age.  

There seems to be some quick, easy, and free mortgage amortization excel worksheets out there.   I think you should find a good one that you or the client likes and select that one.  Make a new tab for each mortgage of a particular group.  Maybe ten per worksheet.  If you grouped them well, you should be able to find a mortgage quickly.   

I think the next level of complication would be to build a software version made specifically for him.  With 70+ mortgages, there's money there and it's complex enough to track it.  I have a couple of ideas for that if you want to go down that route.  

yes.  Look into local laws.  You can also walk into a bank and ask them for help.  They might be able to help you or explain to you what you might need to do.  

To add, I think a website could be additional marketing value.  A potential tenant can look up other comparable units if the one they were drawn to was unavailable, for example.  also, you can explain some policies or what not as well.  

Good idea, but once you have a job lined up, then worry about all of this. Of course, if you want this to be you job, go to a local REIA and introduce yourself to them. They might have some errands you could do since you don't have a day job.