All Forum Posts by: Mags S.

call around a few local rental mgt firms and find out what the norm is for your area. 

@Tyler Porter  FYI. There was a very good recent article/blog here on newbies getting started.  Seriously consider the strategy given.

It's a business so treat it like it is. 

Don't rent to family and/or friends and expect to receive rent monies every month.

my questions are

1 - do you collect electronically or in person?

2 - if electronically what service are you using?

3 - why this method pros - cons based on your experiences.

fyi - this is for single family properties, not multi.
any feedback is greatly appreciated!!

Thanks,

Nick

1 - I collect rent electronically

2 - service used is mine.  Tenant transfers the rent monies from their account into my account.  Local bank.

3.  Pros. The money goes into my account as cash and is available to me immediately; no waiting. A 3rd party, the bank, time stamps the transfer so no disputes with tenants on when rent was actually paid.  It doesn't cost tenant or me any fees to make this work. Win-win.  Cons. I did have to set up an acct with that bank; I put tenant security deposit there as well, 

@Daphne Barber - I'm going to take a different approach. We were in a similar situation with a breadwinner job loss in 2009. We lived off our savings (remember you can't withdraw  retirement money before 59.5,other than some Roth monies).  We are now in our mid/60s. Seek the advise of an independent professional financial planner (for a fee).  Let them give you realistic options for your specific situation.

I also hope to buy something more in real estate at my age. Age is just a number. 

try from a pc/laptop that uses windows

Stay focused on your goal. Don't get caught up in inspector drama.  You'll be flipping in the area, so your paths may often cross. Inspector will eventually get the message that you are here to stay.  Stay focused.

@Mandy Liu  do not stop advertising until you have a signed lease with deposit and first months rent paid.  Try not to pre-judge prospective tenants. (It's hard not to do if at first blush they don't seem to be ideal).  Agree that your criteria should be put in writing.  Due to my background with risk, I attach the list to the application (check the files section here) and at the bottom of the list, they need to sign an acknowledgment.  I'be never heard, 'you didn't tell me that'. It also avoids any fair housing issues.

For the first time, I went with a tenant who had been living with family for a couple of years.  I just required a co-signer with both going thru all the credit, background, etc checks.  Although the tenant had an 'acceptable credit history' (as per my written criteria), the co-signer had a stellar credit history. So you never know.  I did have one unwritten rule that I was hoping to have - tenant who paid their bills electronically; transferring rent to my rental acct has been icing on the cake.

 Added: To reject a prospective tenant, just let them know they did not meet your qualifications.  

Most tenants do not want to take care of a lawn.  As the owner/landlord, you shld be maintaining the property.  Who is responsible for what is spelled out in the lease.  My tenants are responsible for yard and snow removal.  My lease states tenants are not permitted to 'fix' anything and shld follow the procedures on getting things fixed.  Other than which appliances are required by law for my area, my lease states that every other appliance is there as-is and I can remove and not replace them. As you become more experienced, your rules/policy will become enhanced. 

1. Windows

2. Siding

3. Paint 

Thanks